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高管管理才能是企业经营不可或缺的专用性资产。公司治理目标不仅在于解决管理者道德风险,还在于挑选出优秀的管理者。文章考察管理才能专用性和经理人市场发育对企业外聘高管规模的影响,以及经理人市场发育是否会弱化管理才能专用性对外聘高管规模的影响程度。以2007-2013年间民营上市公司为样本的研究发现:管理才能专用性越强,企业更愿意聘用内部人为公司高管;经理人市场发育越好,企业聘用外部高管的比例越高;在经理人市场发育良好的地区,管理才能专用性对外聘高管规模的影响较弱;研究还发现,经理人市场发育对企业外聘高管规模的影响比对外部董事规模的影响更显著。文章丰富了资产专用性和高管聘用方面的研究成果。
Executive management talent is indispensable to business-specific assets. The goal of corporate governance is not only to solve the moral hazard of managers, but also to select excellent managers. This article examines the impact of management expertise and market development of managers on the scale of external executives, and whether the market development of managers will weaken the impact of management expertise on the size of external executives. Based on the sample of private listed companies in 2007-2013, we find that the stronger the managerial expertise is, the more willing the company is to hire insiders as senior executives. The better the manager’s market develops, the higher the proportion of companies hiring external executives. In areas with well-developed human markets, the effect of management expertise on the scale of external executives is weaker. The study also found that the impact of the market development of managers on the scale of external executives is more significant than that of external directors. The article enriches the research on asset specificity and senior management engagement.