【作者】 曾涛；

【导师】 周浩明；

【作者基本信息】 中南大学 ， 应用经济学， 2013， 硕士

【摘要】 摘要：本文以年龄这个自然属性为研究对象,在前面文献以及理论的基础上,不同年龄段的人会有不同的风险决策的偏好。重点研究CEO年龄与其所在公司的风险决策行为的相关性。文章首先通过理论的梳理以及机理分析,从生物学和心理学的角度分析年龄这个自然属性对人的身心和其行为方式的影响,再到行为公司金融的框架中,以管理者的个人特征影响CEO的行为决策、年龄影响CEO的决策行为。得出CEO年龄影响其所领导的公司的决策的路径,不同年龄段的CEO由于其出生的时代背景、生活经历以及价值观等不同,因此对其后所领导的公司的决策偏好不同。以2007-2012之间A股上市公司的董事长为CEO为研究样本,根据世界卫生组织最新的对人口年龄进行分段,将其CEO年龄分为三段,即44岁以下的为青年、45-59岁为中年、60岁以上为老年CEO。通过简单的实证发现,CEO年龄与其公司的股票收益波动率呈现负相关关系。如果CEO要影响公司风险,他们必须要通过他们拥有控制权的方式去做。这些方式中的两个就是对于投资和金融政策的选择。选择三个指标为R&D、经营杠杆率、过度投资分别代表其公司发展风险、经营风险、投资风险。采用多元线性回归的方法,对我国上市公司CEO年龄对其公司风险决策的影响做了进一步分析,发现：(1)发展风险上,不同年龄段的CEO其公司对R&D的投入会显然不同,年长的CEO们在研发方面投资越少；(2)经营风险上,CEO年龄与其公司的经营杠杆率为显著负相关关系,年龄越大的CEO们在经营策略上偏好保持较低的经营杠杆比率；(3)在投资风险上,CEO年龄与其公司过度投资的程度是呈显著负相关,青年的CEO其投资更加激进、对未来的收益更加乐观,过度投资的程度明显高于其他年龄段的CEO。所有的研究结论都说明,CEO的年龄与其公司的风险行为是呈现负相关的关系,年龄越大的CEO其公司的风险偏好越偏向于谨慎和保守,总的来说,CEO的年龄对其公司的风险决策有重要影响。更多还原

【Abstract】 Abstract:This thesis take the nature age as the research object, On the basis of the previous literature and theory. People with different ages have different risk-decision preferences. Focus on the correlation of CEO age and the corporate decisions.Firstly, based on theory research and mechanism analysis, From the perspective of the biology and psychology to analyze age affect Physical and mental and behavior decision-making. Under the framework of Behavioral Corporate Finance Theory, Managers’personal characteristics and age affect CEO behavior decision-making. Figure out the path of CEO age affect the Corporate policies. Because of CEO of different ages have different born background、experience、values and so on, All of this differences have cause the different Corporate decisions preferences.Take2007～2012A-share listed company’s chairman as CEO as samples. According to the latest World Health Organization classify age segment of the population, have classified three segements, namely, under44age for young,45～59age for middle,over60for old CEOs. Through a simple empirical findings, CEO age and the company’s stock return volatility are negatively related.If CEOs are to affect firm risk, they must do so through channels that they have control over. Two of these channels are choices in the riskiness of investment and financial policies.this thesis selected three indicators R&D、 operating leverage、over-investment represent its corporate development risk, operational risk, investment risk. We use multiple linear regression method to examine Our country listed company CEO age influence on its risk of corporate policies.We find that:(1) On development risk, CEO of different ages on their companies in R&D investment will be distinctly different, Older CEO who invest less in R&D;(2)On operational risk, CEO age and the company’s operating leverage is a significant negative correlation. Older CEO maintain lower operating leverage;(3)On investment risk, CEO age and the degree of excessive investment company is a significant negative correlation. Young CEOs have more aggressive investment,more optimistic about the future, over investment was significantly higher than that of other age groups of the CEO.All the research conclusion illustrate,CEO age and the risk decision of corporate is a significant negative correlation.Older CEOs of the corporate take more cautious and conservative bias in risk preference. Overall, my results imply that a CEO’s age can have a significant impact on risk-taking behavior.更多还原