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本文以上市公司2008~2013年数据为样本,对CEO年龄与公司风险承担的关系进行系统的理论分析和实证检验。研究发现,CEO年龄与公司风险承担水平负相关,年长CEO更倾向于削减研发投入强度和进行多元化并购。此外,本文发现年长CEO更关注职业和收入安全,更为着力缓解代理冲突,更愿意迎合股东利益,从而持有更少现金和更高财务杠杆。
Based on the data of listed companies from 2008 to 2013, this paper conducts a systematic theoretical analysis and empirical test on the relationship between CEO age and corporate risk taking. The study found that the CEO age is negatively correlated with the level of corporate risk-taking. Older CEOs are more likely to cut R & D investment intensity and conduct diversified M & A. In addition, the paper finds that older CEOs are more concerned about occupation and income security, and are more focused on alleviating agency conflicts and are more willing to cater to shareholders’ interests, thus holding less cash and higher financial leverage.