| Since the information age of 21st century,large data,Internet of things and cloud computing came into being.As the market competition becomes more and more intense,the traditional resource-intensive,labor-intensive enterprises are gradually being replaced by technology-intensive,talent-intensive enterprises.When it comes to the risk,most people are likely to first think of the dangers of it,lacking of knowledge about the potential benefits of it.However,enterprises are developing in the environment of market economy,if they are excessively resistant to the risks from new technology and new projects,and unwilling to bear the uncertainties caused by innovation and changes,the companies will miss many developing opportunities,and will finally head to serious damage to corporate value and even face bankruptcy crisis.When it refers to corporate risk,on the one hand,most of the previous studies are focused on financial fields such as banks,lacking of researches about risk and corporate value of Chinese listed companies.On the other hand,despite Chinese enterprises are putting increasing emphasis on comprehensive risk control,there is still more "control" than "manage" of the risk,where they tend to avoid risks rather than facing the risks and trying to innovate.In fact,as corporate strategy makers and major decision makers,senior managers directly determine the level of corporate risk.The background characteristics of the senior management team will influence the psychological characteristics and risk tendency in their decision-making.Choosing the right senior managers is an effective way to enhance the competitiveness of the company and the value of the enterprise.Therefore,this paper takes the data of Chinese A-share listed companies from 2010 to 2014 as samples to study the mechanism of executive background to corporate risk and enterprise value,and further explore whether the enterprises'risk-taking have the mediating effect.And also provide targeted recommendations about appointing suitable senior managers for Chinese enterprises to take appropriate risk level,for achieving the goal of maximizing the firm value.This article is divided into six parts to write about the relationship between the background characteristics of executives,corporate risk and enterprise value.Part I:Introduction.This part mainly elaborates the research background,research significance and research method,also points out the innovation area.Part II:Literature review.This paper summarizes the related research literatures in three aspects:the background characteristics of the executives,the enterprise risk and the enterprise value,and comments on the literatures to point out the existing research results and weakness,and finally leads to the research topic.Part III:Theoretical analysis and assumptions.Based on the upper echelon theory,the behavioral finance theory and the principal-agent theory,this paper analyzes the influence of the executives' background characteristics on the corporate risk and the enterprise value,and also takes the intermediary effect of the enterprise risk into account,to put forward the hypothesis of this paper.Part IV:Empirical Study Design.Firstly,this paper introduces the sample selection and data source.In this paper,the initial samples are the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2014,which are screened and sorted.Then introduce the definition and measurement of variables in this paper,including the dependent variables,independent variables,a mediation variable and control variables.Finally,introduce the four multivariate linear regression models.Part V:Empirical Test and Results Analysis.First,carry out the descriptive statistical analysis and correlation analysis of the data.Then,analyze the selected samples by the help of the Stata13.0 software for the theoretical hypothesis and model design,and analyze the regression results.Finally,in order to improve the reliability of the empirical results,this paper will also conduct a robustness test.Part VI:Findings and recommendations.The paper analyzes and summarizes the main conclusions of the article,and provides recommendations about choosing the appropriate senior management,taking appropriate risk level in order to improving the value of enterprises.At the same time,the paper points out the limitations of this study and the places which can be further studied.The empirical results of this paper are as follows:(1)The average academic qualifications of executives,the financial background of executives and overseas background of executives have significant positive impact on corporate value.The proportion of male executives and the average term of senior management have significant negative impact on corporate value.The average age of executives has no significant effect on enterprise value.(2)The proportion of male executives,the average academic qualifications of executives and executives' financial background have significant positive impact on the level of corporate risk.The average age of senior executives and the average term of senior management have significant negative impact on the level of corporate risk.The overseas background of executives has no significant effect on the level of corporate risk.(3)The enterprise risk commitment has significant positive impact on enterprise value,so improve the level of corporate risk can effectively promote the enterprise value.(4)Through Casual Steps Approach,Sobel test and Bootstrap test,we draw the conclusion that enterprise risk taking has an intermediary effect between firm value and the four characteristics of senior management,including the average academic qualifications of senior executives,the average terms of senior management,executives' financial background and executives' overseas background.The innovations of this paper are mainly as follows:In the past,the researches on corporate risk taking are mostly focused on the financial field,while there are few researches in corporate risk taking and the background characteristics of executives.This paper takes the A-share listed companies in China as research object,studies the relationship between the background characteristics of executives,corporate risk and enterprise value.The paper explores the mechanism of the background characteristics of the executives on the enterprise value,enriches the research on the A-share listed companies in the enterprise risk-taking field,at the same time provides a more innovative perspective on the influence path of firm value. |
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