CEO财务经历与债务资本成本

发布时间：2018-05-25 10:21

本文选题：CEO + 财务经历　；参考：《产经评论》2017年03期

【摘要】：CEO个人特征对公司财务决策的影响正成为研究热点。基于管理者异质性视角,以2001-2014年间中国A股上市公司为研究对象,实证检验了CEO财务经历与公司债务资本成本之间的关系。研究发现,CEO财务经历与债务资本成本显著正相关,且此关系会受到公司治理的约束。在控制多个潜在影响因素及多种稳健性检验之后,CEO财务经历与债务资本成本的显著正向关系仍然稳健。进一步检验还发现,CEO财务经历对债务资本成本的影响存在中介效应路径和调节效应路径:在中介效应路径下,CEO财务经历会通过加剧公司与债权人之间的代理冲突进而增加债务资本成本;在调节效应路径下,CEO财务经历的影响具有两面性,既会增强代理成本对债务资本成本的正向影响,也会减轻财务风险对债务资本成本的正向影响。
[Abstract]:The impact of CEO personal characteristics on corporate financial decisions is becoming a hot topic. Based on the perspective of manager heterogeneity, the relationship between the financial experience of CEO and the capital cost of corporate debt is tested empirically with Chinese A-share listed companies from 2001 to 2014. It is found that the financial experience of CEO is positively correlated with the cost of debt capital, and the relationship is constrained by corporate governance. The significant positive relationship between the CEO's financial experience and the cost of debt capital is still robust after controlling for a number of potential influencing factors and a variety of conservatism tests. Furthermore, it is found that there are mediation effect paths and adjustment effect paths in the influence of CEO's financial experience on debt capital cost: under the intermediary effect path, CEO's financial experience will aggravate the agency conflict between company and creditor. Then increase the cost of debt capital; The influence of CEO's financial experience has two sides under the path of adjusting effect, which not only strengthens the positive effect of agency cost on debt capital cost, but also reduces the positive influence of financial risk on debt capital cost.
【作者单位】：暨南大学经济学院金融系;
【分类号】：F272.91;F275

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