高管从军经历影响公司治理吗?--来自中国上市公司的经验证据

从军经历影响高管行为选择和管理风格,对于公司治理具有重要的价值。采用2004-2014年上市公司数据样本,以盈余管理程度以及审计意见类型作为反映公司治理的代理变量,本文实证分析了高管从军经历对公司治理的影响。研究发现,有过从军经历的高管所在民营上市公司被出具非标审计意见的可能性以及实施盈余管理的程度相对更低,国有企业则不显著;制度环境影响高管从军经历的治理效应,表现为所在地区政府干预越弱时,高管从军经历对于完善民营企业公司治理的作用越大;高管从军经历与MBA教育在影响民营企业公司治理方面具有替代效应,且从军经历具有更为重要的稳定影响;管制行业民营企业高管从军经历的治理效应更为显著。本文的研究对理解我国企业高管从军经历对于公司治理的重要性以及拓展高管异质性影响公司决策的相关研究具有重要的价值。

Does Military Experience of Managers Affect Corporate Governance?--Evidence from China’s Listed Companies

Military experience affects managerial behaviors and management styles,and is valuable for corporate governance.This paper uses the data samples of listed companies from 2004 to 2014 to empirically analyze the influence of military experience of managers on corporate governance,in which corporate governance is proxied by audit opinions and earning management.The results suggest that private companies in which the manager has military experience would involve less earning management and be less likely to receive modified audit opinions.The institutional environment affects the relationship between military experience and corporate governance of private companies.To be specific,the weaker the government intervention is,the more significant role the military experience will play in improving corporate governance.Moreover,the role of military experience can be substituted by MBA background,while the effects of military experience are more stable;The effects of military experience on corporate governance is more critical for private companies in regulated industry.The conclusion could provide some insights into the importance of military experience for corporate governance and contribute to the literature regarding the effects of managerial heterogeneity on corporate policies.