| The risk-taking of enterprise not only indicates the uncertainty existing in the investment,but also means that the enterprise faces potential benefits while taking risks.Enterprise risk exists objectively.It is an important path for enterprises to obtain excess income and a driving force for innovation and development.There are many factors that affect the risk-taking,among which managers are one of the important factors.A large number of academic researches have proved that managers'behaviors are significantly correlated with salary incentives.Equity options have been introduced in corporate governance to provide salary incentives to managers,hoping to reduce the information asymmetry between internal control and risk management of the company.However,this compensation system has its own limitation.Scholars have found that equity incentive may lead to wealth transfer.Jensen and Meckling put forward debt compensation.This paper mainly focuses on the analysis of the correlation between delayed executive compensation and enterprise risk-taking,and further analyzes the moderating effect of CEO's own background characteristics on the negative relationship.The research objects were selected from Shanghai and Shenzhen A shares.The research data come from Wind,CSMAR and the public disclosure of annual accounting reports.The research models and methods are least square multiple regression model and correlation analysis method.The research and analysis found that there is a significant negative correlation between delayed executive compensation and corporate risk-taking.The Top Echelon Theory holds that top managers'characters will affect their personal cognitive judgment,thinking mode and risk-preference.It's necessary to study the influence of the top managers' characteristics on enterprise management decisions.Therefore,after studying the relationship between delayed executive compensation and corporate risk-taking,this paper further studies the possible moderating effect of CEO's personal background characteristics on the negative relationship between delayed executive compensation and corporate risk-taking.The results show that the elder CEO's age can enhance this negative correlation.Female CEOs will also show more risk-averse behavior.CEOs with financial and financial experience will also promote this negative correlation.In particular,it is worth noting that the educational level of the CEO plays a different role in regulating risks of different natures.The higher the educational level of the CEO,the lower the effect of deferred executive compensation on the operating risks of the enterprise.However,it will increase the investment in investment and research and development projects such as research and development expenditure.At present,deferred executive compensation is still a new concept in domestic academic research field.Until now,the domestic empirical research literature on the topic of "deferred executive compensation" is only limited to the banking.This article changed the objects into general listed enterprises.This innovation has improved the universality of deferred executive compensation.Therefore,the research is not only the expansion of academic concepts,but also the innovation of compensation contract management in the process of corporate governance.As far as domestic research is concerned,the research is an exploratory research to fill the research gap. |
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