CEO欧亿·体育（中国）有限公司专业背景对企业绩效的影响研究
摘
要
随着我国市场经济的不断发展，股份制公司逐渐涌现，企业的资产所有权属于股东，
管理运作权则属于公司经理层。在这种情形下，CEO作为企业主要的经营管理者便拥有
了更多的决策自由权和自主经营权，不仅在聘任、考核其他的高管方面有着举足轻重的
话语权，而且还肩负着统领全局、协调各个部门的责任等，在企业发展壮大与经营绩效
提升中扮演着不可替代的角色。此外，我国经历过两千多年的封建社会时期，受各种封
建思想的影响，在很多企业中依然存在着独裁主义的现象，导致 CEO相比于高管团队
中的其他高管往往能够对公司管理以及发展产生更为显著的影响。同时，根据高层梯队
理论，CEO的专业背景经历会影响到其性格特征、思维方式、行为表现等各个方面，特
别是其对技术层面的看法与认知、在发展中对竞争优势的把握等，而这些进而会影响到
企业经营决策以及最终的经济产出和表现。因此，为了避免高管团队内部由于各管理者
的权限、职责不同导致研究结果可能出现矛盾，并且深入研究 CEO专业背景经历对企
业绩效的影响，本文将研究的重点聚焦于 CEO，希望能够为公司选聘 CEO以及未来的
长远发展提供更为直接、更具参考性的研究成果。
基于数据的重要性、可比性、可获取性以及完整性等，本文对 2009—2019年我国
创业板市场的上市公司展开了研究。经过从国泰安经济数据库获取主要的企业财务和
CEO个人特征数据等，并从各大搜索引擎手工搜集整理缺失的 CEO专业背景数据，本
文最终得到了 1592个有效样本值。在实证分析部分，本文首先从描述性统计以及相关
性分析两方面对整理好的数据进行探究，并在此基础上进一步运用中介效应以及多维固
定效应模型，通过 Stata15.0对数据进行回归。其次，本文一方面变更了核心变量的测度
方法来验证所得结论是否稳健，另一方面还借助倾向性得分匹配法进行了内生性检验，
以使结果更加可信和具有说服力。在研究的最后，本文还对研究所得出的结果进行了进
一步的细化研究，具体包括薪酬激励在两者之间的调节作用、不同产权性质以及主板市
场中 CEO专业背景与欧亿·体育（中国）有限公司匹配对企业绩效的影响效果。
本文研究结果表明：（1）在创业板市场上，拥有欧亿·体育（中国）有限公司专业背景的 CEO，其所在企
业的绩效会更好。（2）拥有欧亿·体育（中国）有限公司专业背景的 CEO会更倾向于增加企业的研发投入。（3）
研发投入对 CEO欧亿·体育（中国）有限公司专业背景影响企业绩效起中介作用。（ 4）薪酬水平正向调节了
CEO专业背景与欧亿·体育（中国）有限公司匹配对企业绩效的促进作用。（5）在国企中，CEO专业背景与行
业匹配对企业绩效的影响不如在非国企中效果显著。（6）在主板市场上，CEO专业背
景与欧亿·体育（中国）有限公司匹配对企业绩效的影响不显著。针对以上研究成果，本文进一步提出如下几点
建议：（1）重视 CEO专业背景与欧亿·体育（中国）有限公司匹配特征，健全 CEO的选聘程序。（2）提高
CEO的薪酬水平，健全 CEO的激励制度。（3）去行政化，给国有企业松绑。
I

摘要
关键词：CEO；欧亿·体育（中国）有限公司专业背景；研发投入；薪酬激励；企业绩效
II

CEO欧亿·体育（中国）有限公司专业背景对企业绩效的影响研究
Abstract
With the continuous development of China's market economy, joint-stock enterprises
gradually emerge. The asset ownership of the enterprise belongs to the shareholders, and the
management and operation right belongs to the managers. In this case, the CEO, as the main
business manager of the enterprise, has more decision-making freedom and independent
management rights. Not only does the CEO has a decisive voice in the appointment and
assessment of other executives, but also shoulders the responsibility of commanding the
overall situation and coordinating various departments, etc., thereby playing an irreplaceable
role in the development and growth of enterprises and business performance. In addition,
China has been in a feudal society for more than 2000 years. Under the influence of various
feudal ideas, authoritarianism still exists in many enterprises. Compared with other executives
in the senior management team, the CEO can often have a more significant impact on the
management and development of the enterprise. At the same time, according to the high-level
echelon theory, the experience of professional background will affect the CEO's personality,
thinking, behavior and other aspects, especially the CEO's views and cognition on the
technical level, and the grasp of competitive advantage in development, which in turn will
affect the business decisions and the final economic output and performance of the enterprise.
Therefore, in order to avoid possible contradictions in the research results due to the different
rights and responsibilities of managers within the senior management team, and to deeply
study the impact of CEO's professional background experience on enterprise performance,
this thesis will focus on the CEO, hoping to provide more direct and reference research results
for the enterprise's selection of CEOs and long-term development in the future.
Based on the importance, comparability, availability and integrity of data, this thesis
studies the listed companies in China's growth enterprise market from 2009 to 2019. After
obtaining the main enterprise financial and CEO personal characteristic data from CSMAR,
and manually collecting and sorting out the missing CEO's professional background data from
major search engines, this thesis finally obtains 1592 valid sample values. In the empirical
analysis part, this thesis firstly explores the sorted data from the two aspects of descriptive
statistics and correlation analysis, and further uses the intermediary effect and
multi-dimensional fixed effect model to regress the data through Stata15.0. Secondly, on the
one hand, this thesis changes the measurement method of core variables to verify whether the
conclusion is robust. On the other hand, it also carries out endogenous test by means of
propensity score matching method to make the result more credible and persuasive. At the end
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