上市公司女性高管对债务融资成本的影响研究

发布时间：2018-02-11 20:50

本文关键词： 女性高管债务融资成本过度自信企业价值　出处：《中国地质大学(北京)》2017年硕士论文　论文类型：学位论文

【摘要】：随着社会的发展,女性越来越多地融入职场,高管团队中女性比例也有了一定提升,但是“玻璃天花板”的现象仍然存在。心理学研究表明,与男性相比,女性往往表现出更加规避风险和不过度自信的特质。基于这种心理特质,女性高管在公司财务决策和企业价值中的作用受到了广泛的关注。融资决策是企业重要的财务决策,目前中国债券市场规模已经成为世界第三,而巨大债务融资带来的偿还利息负担高达8.66万亿,也带来了巨大的信用风险,债务融资成本的降低对于企业经营意义重大。本文研究女性高管对债务融资成本的影响,对公司优化管理团队、规范融资决策有着重要意义。本文选取了2014-2016年中国沪深A股上市公司为研究对象。首先根据高层梯队等理论和相关文献研究推导出本文的研究假设。其次利用STATA10.0统计软件对研究样本进行描述性统计、相关性分析、核密度估计、均值T检验以及回归实证分析,以验证高管性别与债务融资成本的关系,以及高管性别、过度自信和债务融资成本的交互关系。最后,运用依次检查法对债务融资成本在高管性别和公司价值之间的中介效应进行研究,以验证女性高管对降低债务融资成本的追求是否以牺牲公司价值为代价。研究结论如下:一是由于女性高管相对男性高管较少过度自信,在公司高层治理结构中引入女性高管,对于优化管理层债务融资决策效果具有积极作用,尤其在降低债务融资成本方面起到积极作用。二是单个或者非关键性的女性高管,不能对公司团队或关键决策产生有效的影响,从而无法发挥对公司财务决策的促进作用。三是女性参加公司高层治理能有效提升公司的整体价值,并且公司债务融资成本较高时,不利于公司价值的提升。四是女性高管对于债融融资成本的降低作用,不是以牺牲公司价值为代价;且通过对债务融资成本的降低,促进了公司价值的提升。债务融资成本在高管性别与公司价值关系之间的中介效应占总效应的4.5738%,因此高管性别对公司价值的促进作用还存在其他中介因素。
[Abstract]:With the development of society, women are becoming more and more integrated into the workplace, and the proportion of women in senior management team has increased, but the phenomenon of "glass ceiling" still exists. Psychological research shows that compared with men, Women tend to show more risk-averse and less overconfident traits. Based on this psychological trait, the role of female executives in corporate financial decisions and corporate value has attracted wide attention. Financing decisions are important financial decisions for enterprises. At present, the scale of China's bond market has become the third largest in the world, and the burden of repayment interest brought by huge debt financing is as high as 8.66 tillion, which also brings huge credit risks. This paper studies the impact of female executives on debt financing costs, and optimizes the management team. It is of great significance to standardize the financing decision. This paper selects China's A-share listed companies in Shanghai and Shenzhen from 2014-2016 as the research object. Firstly, according to the theory of high-level echelon and related literature, the research hypotheses are deduced. Secondly, the research hypotheses are deduced by using STATA10.0. Statistical software for descriptive statistics of research samples, Correlation analysis, nuclear density estimation, mean T test and regression empirical analysis to verify the relationship between senior executive gender and debt financing cost, and the interaction between executive gender, overconfidence and debt financing cost. The paper studies the intermediary effect of debt financing cost between the gender of senior executives and the value of the company by using the method of sequentially checking. To test whether female executives' pursuit of reducing debt financing costs comes at the expense of corporate value, the conclusions are as follows: first, because women executives are less overconfident than male executives, women executives are introduced into corporate governance structures. It plays a positive role in optimizing the decision-making effect of management debt financing, especially in reducing the cost of debt financing. Not having an effective impact on the corporate team or key decisions, and thus not playing a catalytic role in corporate financial decisions. Third, women's participation in corporate senior governance can effectively enhance the overall value of the company. And when the cost of corporate debt financing is high, it is not conducive to the promotion of corporate value. Fourth, the role of female executives in reducing the cost of debt financing is not at the expense of corporate value; and by reducing the cost of debt financing, The intermediary effect of debt financing cost on the relationship between executive gender and corporate value accounts for 4.5738% of the total effect, so there are other intermediary factors in promoting the promotion of senior executive gender to corporate value.
【学位授予单位】：中国地质大学(北京)
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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