| Senior managers are the most embeddedness resource of enterprise and the highest level composition of human capital. In enterprises’ business activities, each member takes different functions through sharing power of decision-making of enterprises. After the Upper Echelons Theory have been proposed, the discussion on the hypothesis that managers are the homogeneous, undifferentiated and rational men begins to be questioned. This topic of the senior managers’ characteristics gradually has further discussion in academia. They are from the perspective of the overall characteristics of managers such as average age, gender, education level, educational background, tenure and so on. However, the discussion on the influence of a single core manager on enterprises’ decision is comparatively insufficient, especially in the factor of working experience. As a top management of enterprise, CEO usually is responsible for the daily affairs. He has the right to decide major issues and the final executive power of enterprise. As top management of enterprise, CEO usually is responsible for the daily affairs, has the right to decide major issues and the final executive power of enterprise.The facts show that more and more enterprises begin to hire talents with the experience of financial working as the CEO. Because they think that these talents can not only apply the financial professional knowledge to the actual enterprise financial operation,but also can reduce the problem of overinvestment and underinvestment caused by the individual behavior such as overconfidence or excessive risk aversion, and make strategy decision suit for enterprise’s development. But, at present the study on enterprises’ risk-taking that is influenced by CEO’s financial working experience is lacking in academic circles. In this reality and research background, this paper tries to discuss whether CEO’s financial working experience has impact on corporate risk-taking, the impact is positive or reversed and the difference of the impact of enterprises with different nature of property rights.In order to determine the relationship between the CEO’s financial working experience and corporate risk-taking and the different performance of that under different nature of property rights, this paper takes the enterprises of A-share companies which occurred CEO change during 2009 to 2012 as samples, and analyzes the financial data by sieving respective sample dates from 2006 to 2014. Through empirical researchmethods, using the DID model, the paper take a lengthways look for the risk-taking before and after CEO’s change in eligible enterprises; Meanwhile, in order to further demonstrate that CEO with financial working experience has different impact on the risk-taking of enterprises in different nature of property rights, the paper also do classified analyze for different nature of property rights.The research shows the following results: Firstly, compared with the enterprises whose CEO without financial working experience, the new CEO with financial experience will enhance the level of corporate risk-taking. Secondly, compared to state-owned enterprises, CEO’s financial working experience can better increase the level of corporate risk-taking in the non state-owned enterprises. This paper expands the depth of the study on the managers’ characteristics and enriched literature of Upper Echelons Theory, Behavioral Finance Theory, Cognitive Psychology and the influence factors of corporate risk-taking. At the same time, the conclusion provides a theoretical basis for improving the investment efficiency of non-state enterprises and governance mechanism of the state-owned enterprises; What’s more, the conclusion has profound guiding significance for professional quality training of CEO, the appointment of executives and the selection of enterprises’ managers. |
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