文献类型：期刊文献

中文题名：经营风险、劳动力市场与外聘高管规模——基于中国民营上市公司的证据

英文题名：Operational Risks,Labor Market,and the Size of External Executives:Evidence from Private Listed Companies in China

作者：袁春生[1];曾碧蓉[1];唐松莲[2]

机构：[1]江西师范大学财政金融学院,江西南昌330022;[2]华东理工大学商学院,上海200237

年份：2015

卷号：29

期号：1

起止页码：55

中文期刊名：会计与经济研究

外文期刊名：Accounting and Economics Research

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】；

基金：国家自然科学基金项目(71262025;71002052);江西省社会科学规划项目(14GL52)

语种：中文

中文关键词：外聘高管;劳动力市场;经营风险;公司治理

外文关键词：external executives ; labor market ; operational risk ; corporate governance

摘要：以2008-2012年中国民营上市公司为样本,研究发现:经营风险较高的民营企业对管理才能的需求较大,更愿意从外部聘用高管以补充管理才能;内部管理才能供给越丰富,民营企业越不愿意从外部聘用高管;经理人市场发育程度与外聘高管比例显著正相关,与外聘CEO比例弱正相关,而与外聘董事比例的正相关关系不显著。进一步研究发现,在经理人市场发育程度较低的地区,经营风险、内部管理才能供给对外聘高管规模的影响更加显著;经理人市场发育程度对民营企业外聘高管规模的显著正向影响仅在经理人市场发育程度较高的地区发挥作用。
Using the sample of Chinese private listed companies from 2008 to 2012, the paper finds that ： （ 1 ） companies with higher operational risk employ more external ex- ecutives because of the greater demand for management talent; （2） companies are less willing to hire executives from outside labor markets when their internal managers supply are abundant; （3） the degree of managerial labor market development is significantly and positively correlated with the proportion of the companies＇ external executives, but the positive relationship is very weak between the degree of managerial labor market development and the percentage of outside CEO, and the positive relationship is not significant between the degree of managerial labor market development and the percentage of outside directors. Further study finds that the effects of operational risk and the talent supplied by internal managers on the size of external executives are more prominent in areas with poorly developed managerial labor markets. And what＇s more, only in a better developed managerial labor market, the degree of managerial labor market development significantly affects the size of external executives.