环境不确定性、CEO财务任职经历与资本成本

发布时间：2018-04-19 05:04

本文选题：环境不确定性 + CEO财务任职经历　；参考：《浙江财经大学》2017年硕士论文

【摘要】：资本成本是现代财务理论的核心概念之一,现有文献从公司治理角度为资本成本影响因素提供了广泛的证据。但是,管理者特征这一治理机制作用于资本成本的研究却非常少见。随着高层梯队理论和行为财务学理论的提出,管理者特征逐渐成为学术界研究的热点。基于管理者异质性,大多数学者从管理者整体特征角度出发,研究团队的平均年龄、性别比例、学历水平、教育背景、任期等对企业决策的影响,而对于单个核心管理者个人特征对企业融资决策影响的研究文献很少,其中对CEO财务任职经历与企业融资决策间关系的研究更是鲜有涉及。CEO作为企业的核心高管和最高决策者,其特征对企业融资活动的影响也必然不可忽视。现实表明,越来越多的企业开始聘请拥有财务任职经历的管理人才担任CEO,他们认为此类CEO能将财务专业知识和积累的人脉资源运用于融资决策中,合理利用财务杠杆,拓宽融资渠道,以降低企业资本成本的关系。从目前公开可见的文献看,还很少有学者研究CEO财务任职经历与资本成本产生影响。另一方面,当企业所面临的环境不确定性程度高时,企业的盈余波动、信息不对称程度和经营风险均可能增大,此时CEO有财务任职经历是否更能得到发挥,降低资本成本的效果是否更大。在这样的理论和实务背景下,本文尝试探讨CEO的财务任职经历是否能对资本成本产生影响,以及在不同的环境不确定性下影响效果是否不同。为了探讨CEO财务任职经历对资本成本的影响,以及不同环境不确定性对这一影响的不同作用,我们将2006-2015年间沪、深两市A股上市的全部上市公司数据作为初始研究样本。鉴于研究设计需要,我们将3年作为一个观测期以使变更的效应得到更充分的反应,最终选取2009-2013年间发生CEO变更事件的企业作为最终的研究样本。通过实证研究的方法,运用双重差分模型,在控制了内生性问题的基础上,对符合条件的企业CEO变更前后的资本成本变化差异进行单变量分析和交互项的回归;同时,为了进一步观察不同环境不确定性下CEO财务任职经历对资本成本影响效果是否有区别,本文也按环境不确定性程度的高低分组进行对比分析和交互项的回归分析。研究发现:第一,CEO有财务任职经历能显著降低资本成本。CEO曾经的财务任职经历使得他们具备专业知识和运营经验上的优势,更懂得资本运作,善于合理利用财务杠杆,会更倾向于选择有利于企业自身发展的融资政策;并且其在先前的职业生涯中积累了大量人脉,与政府、银行、机构投资者等均建立了良好的合作关系,拓宽了融资渠道,更容易获得资金支持,这一定程度上可以缓解由于外部融资约束导致的高资本成本;同时他们也更懂得合理披露公司信息,减少信息不对称性,进而降低投资者要求的必要报酬率,这些都能降低企业的资本成本水平。第二,在环境不确定性较高的情况下,CEO有财务任职经历对资本成本的降低效果更大。较高的环境不确定性会增大企业盈余波动、信息不对称程度以及经营风险,致使资本成本增加。在这种情况下,CEO有财务任职经历更懂得合理应对,其专业性可得到更好发挥,通过更稳健的盈余管理、合理披露信息、多元化投资等方式缓解环境不确定性带来的不利影响。本文的结论对企业高管的聘任和企业经理人的选拔工作有指导意义,对CEO自身的职业素质提升也具有借鉴作用。
[Abstract]:The cost of capital is one of the core concepts of modern financial theory, provides extensive evidence of existing literature from the perspective of corporate governance for the factors affecting the cost of capital. However, management features of the governance mechanisms on the cost of capital is very rare. With the development of the upper echelons theory and behavioral finance theory, management characteristics gradually become the hot spot of academic research. The management of heterogeneity based on the overall characteristics of the majority of scholars from Perspective of managers, the average age of the team, the sex ratio, education level, education background, influence the tenure of decision-making, and the research on effects of single core managers of personal characteristics on corporate financing decisions rarely, research the working experience and the enterprise financing decision on the relationship between CEO finance is seldom.CEO as the core enterprise executives and top decision makers, the Sign impact on enterprise financing activities will not be ignored. The reality shows that more and more enterprises begin to employ financial management personnel working experience as CEO, they think that such CEO can be financial professional knowledge and accumulation of human resources used in financing decision-making, reasonable use of financial leverage, broaden the financing channels, to reduce the relationship between the cost of capital from the current publicly visible literature, few scholars study CEO financial working experience and the cost of capital effect. On the other hand, when the business environment faced by the high degree of uncertainty, corporate earnings volatility, the degree of information asymmetry and risk management are likely to increase, the financial CEO working experience in whether it can be played, reduce the cost of capital effect is greater. In this theoretical and practical background, this paper attempts to discuss CEO's financial service experience It can have an impact on the cost of capital, as well as the effects on different environmental uncertainty is different. In order to investigate the CEO financial working experience of the impact on the cost of capital, and the different effects of environmental uncertainty on this effect, we will be 2006-2015 years of Shanghai and Shenzhen two city listed A shares of all listed companies as data the initial research samples. Based on the design needs, we will be 3 years as an observation period for the changes to be more fully the effect of reaction, the final selection of CEO change corporate events as the final research sample for 2009-2013 years. Through empirical research methods, using the double difference model is based on a control problem the differences in the cost of capital, changes before and after the qualified enterprises to change CEO regression univariate analysis and interaction; at the same time, in order to further observe the different environment Under uncertainty CEO financial working experience whether there are differences on the effect of the cost of capital, this paper also grouped according to the level of the degree of environmental uncertainty by regression analysis of comparative analysis and interaction. The study found: first, CEO financial working experience can significantly reduce the cost of capital.CEO has financial working experience makes them possess professional knowledge and operation experience advantage, understand the capital operation, at reasonable use of financial leverage, will tend to choose a more conducive to enterprise development financing policy; and in its previous occupation career has accumulated a large number of contacts with the government, banks, institutional investors have established a good relationship of cooperation, broaden the financing channels that is easier to obtain financial support, which to some extent can ease the external financing constraint leads to high cost of capital; at the same time they also know more reasonable public disclosure Department of information, reduce information asymmetry, and then reduce the investor's required rate of return, which can reduce the cost of capital level of the enterprise. Second, in the environment of high uncertainty, CEO financial working experience more on the cost of capital reduction. High environmental uncertainty will increase the volatility of earnings, the degree of the information asymmetry and business risk, resulting in the cost of capital increases. In this case, CEO has financial working experience know more reasonable response, the professional can get better play, the earnings management is more stable and reasonable disclosure of information, investment diversification way to alleviate the adverse effects of environmental uncertainty. This conclusion has guiding significance on the appointment of executives and managers of enterprises selection work on CEO's own occupation quality improvement is also useful.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F272.91

【参考文献】