高管早期经历与公司债务保守行为的研究

发布时间：2018-02-16 23:14

本文关键词： 早期经历债务保守 Logit模型　出处：《南昌大学》2016年硕士论文　论文类型：学位论文

【摘要】：在过去短短的几十年里,国内外学术界和实务界对资本结构的研究,由于不乏争议,以致硕果纷呈。进而,自Graham在2000年提出“债务保守主义”之谜之后,关于公司债务保守行为的研究也备受关注。基于高层梯队理论,本文从高管早期经历视角对公司债务保守行为提出了一个新解释。本文以1959-1961三年困难时期为研究背景,使用1999-2006年我国沪深A股上市公司数据,分别利用OLS和Logit回归模型,估计了高管早期经历对公司债务保守行为的影响。我们发现:在童年期及童年期以后阶段具有饥荒经历的高管在公司融资政策上偏好低债务水平,甚至偏好零负债,表现出债务保守主义。同时,相比于男性,女性高管更具有债务保守倾向;但在早期经历高管中,女性并没有表现出与公司债务保守行为稳定且显著的关系。更为具体地,我们发现,早期经历的董事长和CEO对公司的债务保守行为具有显著为正的影响,而早期经历的CFO与公司的债务保守并不存在显著的关系。
[Abstract]:In the past few decades, the research on the capital structure in the academic and practical circles at home and abroad has been fruitful because of the controversy. Furthermore, since Graham put forward the mystery of "debt conservatism" in 2000, Based on the theory of high-level echelon, this paper puts forward a new explanation of corporate debt conservative behavior from the perspective of the early experience of executives. This paper takes the difficult period of 1959-1961 as the background. Using the data of China's Shanghai and Shenzhen A-share listed companies from 1999 to 2006, using OLS and Logit regression models, We estimate the impact of early executive experience on corporate debt conservatism. We found that executives who experienced famine in childhood and later childhood preferred low debt levels or even zero debt in corporate financing policies. Showing debt conservatism. At the same time, female executives are more likely to be debt conservative than men; but in their early experience, women did not show a stable and significant relationship with corporate debt conservatism. More specifically, We found that the early experience of the chairman and CEO have a significant positive impact on corporate debt conservation behavior, but early experience of CFO and the company's debt conservatism does not have a significant relationship.
【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F272.91

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