JOURNAL OF CORPORATE FINANCE, VOL 47，DECEMBER 2017

职业生涯问题和年轻CEO的忙碌生活

作者：Xiaoyang Li (Shanghai Jiao Tong University)

Angie Low (Nanyang Technological University)

Anil K. Makhija (The Ohio State University)

摘要：我们研究企业的真实投资决策如何受到CEO职业生涯的影响。与年长的CEO相比，年轻的CEO更有可能进入新的商业线，退出现有的商业线。年轻的CEO偏向进行更大胆的扩张和撤资，导致企业规模相应地显著增加和减少。年轻的CEO也喜欢通过收购来获得增长，而不是进行新创投资。然而，年轻CEO们这种繁忙的投资风格似乎不会损害公司的效率。 另外的结果也说明了CEO的不同偏好如何扭曲公司内部的资本配置。

关键词：职业生涯问题，CEO年龄，真实投资，重组，普查数据

Career Concerns and the Busy Life of the Young CEO

Xiaoyang Li(Shanghai Jiao Tong University), Angie Low(Nanyang Technological University), Anil K. Makhija(The Ohio State University)

ABSTRACT

We examine how real investment decisions of firms are affected by their CEOs' career concerns. Relative to their older counterparts, younger CEOs are more likely to enter new lines of businesses and exit from existing ones. Younger CEOs undertake bolder expansions and divestments, which lead to significant increases and decreases in firm size, respectively. Younger CEOs also prefer to grow through acquisitions than de novo investments. However, such busier investment style of the younger CEOs appears not to hurt firm efficiency. Additional results also shed light on how CEO favoritism distorts capital allocation within firms.

Keywords: Career Concerns, CEO Age, Real Investments, Restructuring, Census Data

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119917305321#!

翻译：王秭越