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ceo quan li wai hui feng xian dui chong jue ce yu qi ye zong he ji xiao
Author(s): 
Pages: 11-17
Year: Issue:  14
Journal: Finance and Accounting Monthly

Keyword:  CEO权力风险对冲决策企业综合绩效中介效应模型;
Abstract: 以北京上市跨境投资企业为样本,采用主成分分析法测度了CEO权力强度和企业综合绩效,并基于Baron-Kenny的中介效应模型检验了CEO权力、风险对冲决策与企业综合绩效之间的关系。研究发现:CEO权力与企业综合绩效显著正相关,与外汇风险对冲决策正相关,外汇风险对冲决策在CEO权力对企业综合绩效的影响中产生了中介效应,即CEO权力越大,越倾向于及时为企业做出外汇风险对冲决策,进而提高企业综合绩效。进一步将CEO权力区分为四种分维度权力时,发现只有CEO组织权力与企业绩效显著正相关,而CEO的所有权权力、专家权力和声誉权力与企业绩效之间并不存在显著的相关关系。
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