Executive Characteristics,Risk Management And Enterprise Value

With the rapid development of China's capital market,modern enterprises pay more and more attention to risk management,and human capital is an important source of value creation in enterprises,especially the senior managers,who lead the business decision-making and development direction.However,in different risk management situations,there are differences in enterprise value,and different executives have different roles in promoting enterprise value,and there may be mutual adjustment between the characteristics of executives and risk management in the process of influencing enterprise value.Therefore,it is of great theoretical and practical significance to explore the relationship between the characteristics of senior managers and the role of risk management in enterprise value.Therefore,this paper comprehensively uses the theoretical research and empirical research methods,through the regression analysis of the relevant data of listed companies from 2009 to 2018,to explore the relationship between the characteristics of senior managers and enterprise value,the relationship between risk management and enterprise value,and the synergistic regulatory effect of the characteristics of senior managers and risk management on enterprise value.The main results and conclusions are as follows:(1)This paper empirically tests the impact of executive characteristics on corporate value.Through the empirical study,we find that the age,tenure,education and salary characteristics of executives in listed companies are positively correlated with corporate value,that is,the four characteristics of executives have a positive impact on corporate value.The conclusion shows that the different characteristics of Chinese executives have an obvious impact on the value of enterprises,which promotes the reform of the system of executives which is in urgent need.(2)Empirical test of the impact of risk management on enterprise value.Through empirical research,we find that the effectiveness of risk management is positively related to the enterprise value,that is to say,the more effective the risk management system is,the greater the promotion of enterprise value is.The conclusion shows the necessity of establishing the risk management system in enterprises,and enhances the understanding of risk management in enterprises in China.(3)This paper empirically tests the synergistic regulatory effect of executive characteristics and risk management on corporate value.Through the empirical study,we find that both executive characteristics and enterprise risk management have a positive impact on enterprise value,and after adding the interaction between executive characteristics and risk management,their impact on enterprise value is more significant.The conclusion shows that the characteristics of executives and corporate value have a synergistic effect on corporate value.The results of this study not only enrich the relevant research content of risk management,make enterprises pay more attention to the construction of risk management system,but also have a certain practical significance for enterprises to hire talents and further increase the value of enterprises.