摘要
企业全要素生产率影响了企业的最终价值。为促进企业持续健康发展、实现价值最大化,必须提高企业全要素生产率。作为企业的决策者,CEO的背景特征是否会影响企业的全要素生产率成为了一个值得探究的热点问题。基于此,本文选用2010~2019年沪、深A股非金融上市公司作为研究样本,采用实证分析探究CEO的金融背景对企业全要素生产率的影响。研究发现:1) CEO的金融背景会显著降低企业全要素生产率,且在非国有企业中金融背景抑制作用更加明显。2) 有金融背景的CEO通过抑制企业的投资效率进而造成企业的全要素生产率降低。
The total factor productivity of the enterprise determines the final value of the enterprise. In order to promote the development of the enterprise and maximize the value of the enterprise, the total factor productivity of the enterprise must be improved. As the decision maker of the enterprise, whether the background of the CEO will affect the total factor productivity of the enterprise through various decisions of the enterprise has become a question worth exploring. Based on this, we select the 2010~2019 A-share non-financial listed companies in Shanghai and Shenzhen as the research sample and adopt empirical analysis to explore the relationship between the CEO’s financial background and the total factor productivity of enterprises. The re-search conclusions are shown as follows: 1) The CEO’s financial background has a significant negative effect on the total factor productivity of enterprises, and it is more obvious in non-state-owned enterprises. 2) The CEO’s financial background inhibits the enterprise's investment efficiency by making decisions, thereby reducing the total factor productivity of the enterprise.
出处
《运筹与模糊学》
2023年第6期6377-6390,共14页
Operations Research and Fuzziology
