中文摘要：

本文利用2010～2015年间中国上市公司数据，分析核心高管的参军经历对企业风险承担的影响。实证结果发现，具有参军经历的核心高管在决策中更加激进，企业聘请参军经历核心高管可以提升经营业绩、增加企业风险承担水平，这种现象更容易发生在竞争性行业企业，在非竞争性行业企业中并不明显。进一步研究发现，具有参军经历的创始人在风险选择中却更加保守，在保持业绩增长的同时会寻求降低业绩波动性。

英文摘要：

The author of this paper uses the data of Chinese listed companies during 2010-2015 to analyze the attects of core executives＇ experience on firm＇s risk-taking. The empirical results of the paper show that the core executives with army experience are more aggressive in decision making; the firms that employ army-experience core executives can improve business performance and increase the level of firm＇s risk-taking; the above phenomenon is more likely to oceur in competitive industries, but not obvious in non-competitive industries; a further research shows that the army-experi- ence founders are more conservative in risk choice, and they wish to reduce performance fluctuation while maintaining performance growth.