Manager Background Characteristics,investor Protection And Corporate Risk Taking

In recent years,the research on corporate risk-taking has aroused widespread concern in the academic community and related policy departments.However,from the domestic and foreign present research results,the academic circles mostly concentrated in the macro perspective of firm risk factors,namely,corporate governance and external economic and other macroeconomic factors,while less from micro perspective,such as the influence of managers’ background characteristics such as investigation of the company bear the risk.Hambrick and Mason put forward the "high echelon theory",which suggests that managers’ heterogeneity has an important impact on corporate strategic decisions.Based on this,this paper combines the study of corporate risk commitment with the "high echelon theory",from the perspective of managers’ background characteristics,to explore its impact on corporate risk taking and the mechanism of action.First of all,this paper reviews the relevant literature about the background of managers,enterprise risk taking and investor protection.And on this basis,this paperexpounds the main contents ofthe principal-agent theory,high-level echelon theory and human capital theory and other related theories.Secondly,this paper defines the relevant concepts of management background,corporate risk taking,investor protection and property property,and puts forward five research hypotheses in this paper.Thirdly,this paper builds an empirical regression model,andUsing the data of all A-share listed companies in Shanghai and Shenzhen from 2010 to 2016 as samples,the influence of the background characteristics of managers on the risk taking of enterprises is examined.The author further added the investor protection variable and distinguishing the property,comparative research,in-depth analysis of the investor protection mechanism and the different nature of property right of investor protection regulation effect on the relationship between managerial background characteristics and corporate risk.Finally,the author draws relevant conclusions and puts forward relevant policy recommendations.The main conclusions of this paper are as follows:First,managers’ age is positively related to the level of enterprise risk taking,that is,the greater the average age of managers,the higher the risk taking level of enterprises.Second,the higher the proportion of male managers in enterprises,the higher the risk taking level of enterprises.Third,managers’ level of education is positively related to the level of enterprise risk taking,that is,the higher the average educational level of managers,the higher the risk taking level of enterprises.Fourth,after introducing investor protection regulation variables,this paper finds that investor protection will weaken the influence of managers’ background characteristics on enterprise risk taking under the condition that other conditions remain unchanged.Namely,the higher the investor protection degree,the lower the influence of the background characteristic of the manager on the risk of the enterprise.Fifth,after passing to distinguish the different nature of property rights,this paper found that compared with the state-owned enterprises,in non-state enterprises,investors protection further weaken the background characteristics effects on the enterprise risk bearing.That is,in the non-state-owned enterprises,the moderating effect of this weakening is more obvious.Finally,the research conclusion of this article,the author respectively from improving the level of enterprise risk,improving the employment and selection of managers,strengthening enterprise management of their own professional quality training,improving the level of investor protection,perfecting the governance mechanism reform of state-owned enterprises,puts forward the corresponding policy recommendations.