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本文利用2010~2015年间中国上市公司数据,分析核心高管的参军经历对企业风险承担的影响。实证结果发现,具有参军经历的核心高管在决策中更加激进,企业聘请参军经历核心高管可以提升经营业绩、增加企业风险承担水平,这种现象更容易发生在竞争性行业企业,在非竞争性行业企业中并不明显。进一步研究发现,具有参军经历的创始人在风险选择中却更加保守,在保持业绩增长的同时会寻求降低业绩波动性。
Based on the data of Chinese listed companies from 2010 to 2015, this article analyzes the impact of core executives’ participation in the military on corporate risk taking. The empirical results show that core executives with experience of joining the army are more radical in decision-making. Enterprises hired to join the army to experience core executives can improve business performance and increase the level of corporate risk-taking. This phenomenon is more likely to occur in competitive industry enterprises, Sex industry companies are not obvious. Further research found that founders with military experience are more conservative in risk choices and seek to reduce performance volatility while maintaining performance growth.