JOURNAL OF CORPORATE FINANCE, VOL 48，FEBRUARY 2018

专业型CEO与IPO存活率

作者：Dimitrios Gounopoulos (University of Bath)

Hang Pham (University of Essex)

摘要：本文考察了专业首席执行官对IPO公司存活或失败的可能性的影响。我们根据CEO的过去就业经历构建了一个综合技能指数，以便将CEO分为专业型和综合型。专业型CEO会在特定的企业和行业从事特定职务，而综合型CEO多是通过各种公司、行业和职位来积累工作经验。强有力的证据表明，专业型CEO的公司IPO失败率更低，并且在IPO之后存活时间更长。研究结果表明，专业管理能力对新上市公司的后期表现具有重大的影响。此外，专业型CEO可能会有与公司及其股东更为一致的激励。因此，他们更有可能在较长一段时间内提高IPO公司的生存能力。

关键词：IPO,IPO生存,专业型CEO,CEO的工作经验

Specialist CEOs and IPO Survival

Dimitrios Gounopoulos (University of Bath), Hang Pham (University of Essex)

ABSTRACT

This study examines the influence of specialist CEOs on the probability of failure and survivability of initial public offering (IPO) firms. We construct a generalist skills index based on CEOs' past employment history in order to classify CEOs into specialist and generalist ones. Specialist CEOs pursue a career in particular functional roles, firms and industry sectors, as opposed to generalist CEOs who accumulate their work experience through various positions, firms and industries. We uncover strong evidence that IPO firms with a specialist CEO have a lower probability of failure and a longer time to survive in subsequent periods following the offering. The findings suggest that specialist managerial ability has significant implications for post-issue performance of newly listed firms. Additionally, specialist CEOs may have incentives that are more aligned with those of the firm and its shareholders; thus, they are more likely to enhance the viability of IPO firms for a longer period of time.

Keywords: IPOs, IPO Survival, Specialist CEOs, CEO's Work Experience

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119916303455

翻译：王秭越