高管金融关联背景特征、会计信息透明度与企业融资约束
发布时间：2018-07-15 14:49
【摘要】：持续不断的外部融资是促进企业快速发展的重要因素,然而对于中国经济发展来说,企业的融资约束问题已经成为制约经济转型和升级的重要瓶颈之一,解决所面临的融资约束是企业持续健康发展的关键。世界银行的报告表明,中国有75%的非金融类上市企业选择将融资约束作为企业发展的主要障碍。在会计研究中,国内外众多学者已经从不同角度提出了融资约束的影响因素。基于中国几千年发展过程中积淀下来的“关系”文化,本文从高管金融关联角度切入,研究企业通过聘请具有金融机构从业经验的高管来建立的金融关联能否对融资约束起缓解作用。高阶理论认为,高管个人背景特征会对企业的战略及价值产生影响,因此本文又进一步研究高管不同的个人金融背景特征对融资约束的缓解作用大小有何不同。同时,国内外许多学者已经证明企业会计信息披露质量是影响企业融资约束的一个重要因素,那么随着监管者和投资者对企业会计系信息披露质量要求的不断提高,会计信息透明度的提高是否会使高管金融关联对融资约束的缓解作用减弱或消失,即会计信息透明度是否可以替代高管金融关联对融资约束发挥作用。如果可以,在高管具有不同个人金融背景特征的情况下,该替代作用会有什么不同。本文基于实证会计研究范式,以2011-2014年的深交所上市公司为样本,借助现金-现金流模型,结果发现:(1)企业通过聘请具有金融机构从业经验的高管来建立金融关联可以显著缓解企业融资约束。当聘请高管的个人金融背景特征不同时,所建立的金融关联对融资约束的缓解作用程度也不同,聘请的高管此前在金融机构工作年数越多,该金融关联对企业融资约束的缓解作用越大,相对于聘请非银行工作背景的高管来说,聘请银行工作背景的高管所建立的金融关联对融资约束的缓解作用更大。(2)在引入会计信息透明度后发现,从整体上来看,提高会计信息透明度可以缓解企业融资约束。会计信息透明度可以替代高管金融关联对融资约束发挥作用,且相对于银行背景的高管金融关联来说,会计信息透明度对非银行背景的高管金融关联的替代作用更大。
[Abstract]:Continuous external financing is an important factor to promote the rapid development of enterprises. However, for China's economic development, the financing constraints of enterprises have become one of the important bottlenecks restricting the economic transformation and upgrading. To solve the financing constraints is the key to the sustainable and healthy development of enterprises. According to the World Bank report, 75 percent of China's non-financial listed companies choose financing constraints as the main obstacle to their development. In accounting research, many scholars at home and abroad have put forward the influence factors of financing constraints from different angles. Based on the "relationship" culture accumulated in the course of thousands of years' development in China, this paper analyzes the relationship between senior executives from the perspective of financial connection. To study whether the financial association established by employing executives with experience in financial institutions can ease the financing constraints. According to the higher order theory, the personal background characteristics of senior executives will have an impact on the strategy and value of enterprises, so this paper further studies how different financial background characteristics of senior executives have different effects on the mitigation of financing constraints. At the same time, many scholars at home and abroad have proved that the quality of enterprise accounting information disclosure is an important factor affecting corporate financing constraints. Whether the improvement of accounting information transparency will weaken or disappear the mitigation effect of financial association to financing constraints, that is, whether accounting information transparency can replace the role of financial association of senior executives in financing constraints. If so, what is the difference in this alternative when executives have different personal financial backgrounds. Based on the empirical accounting paradigm, this paper takes the Shenzhen Stock Exchange listed companies in 2011-2014 as a sample, with the help of cash-cash flow model. The results are as follows: (1) financing constraints can be significantly alleviated by employing senior executives with experience in financial institutions to establish financial linkages. When the characteristics of personal financial background of hiring executives are different, the degree of mitigation of financial constraints is different. The more senior executives have been employed in financial institutions, the more years they have worked in financial institutions. The greater the impact of this financial link on corporate financing constraints, the more likely it is to hire executives from non-bank backgrounds. The financial association established by the executives employed by the bank has a greater effect on the mitigation of financial constraints. (2) after introducing the transparency of accounting information, it is found that improving the transparency of accounting information can alleviate the financial constraints of enterprises. The transparency of accounting information can replace the role of executive financial association in financing constraints, and accounting information transparency plays a more important role in the substitution of non-bank background than that of bank background.
【学位授予单位】：南开大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275
，
本文编号：2124431
[Abstract]:Continuous external financing is an important factor to promote the rapid development of enterprises. However, for China's economic development, the financing constraints of enterprises have become one of the important bottlenecks restricting the economic transformation and upgrading. To solve the financing constraints is the key to the sustainable and healthy development of enterprises. According to the World Bank report, 75 percent of China's non-financial listed companies choose financing constraints as the main obstacle to their development. In accounting research, many scholars at home and abroad have put forward the influence factors of financing constraints from different angles. Based on the "relationship" culture accumulated in the course of thousands of years' development in China, this paper analyzes the relationship between senior executives from the perspective of financial connection. To study whether the financial association established by employing executives with experience in financial institutions can ease the financing constraints. According to the higher order theory, the personal background characteristics of senior executives will have an impact on the strategy and value of enterprises, so this paper further studies how different financial background characteristics of senior executives have different effects on the mitigation of financing constraints. At the same time, many scholars at home and abroad have proved that the quality of enterprise accounting information disclosure is an important factor affecting corporate financing constraints. Whether the improvement of accounting information transparency will weaken or disappear the mitigation effect of financial association to financing constraints, that is, whether accounting information transparency can replace the role of financial association of senior executives in financing constraints. If so, what is the difference in this alternative when executives have different personal financial backgrounds. Based on the empirical accounting paradigm, this paper takes the Shenzhen Stock Exchange listed companies in 2011-2014 as a sample, with the help of cash-cash flow model. The results are as follows: (1) financing constraints can be significantly alleviated by employing senior executives with experience in financial institutions to establish financial linkages. When the characteristics of personal financial background of hiring executives are different, the degree of mitigation of financial constraints is different. The more senior executives have been employed in financial institutions, the more years they have worked in financial institutions. The greater the impact of this financial link on corporate financing constraints, the more likely it is to hire executives from non-bank backgrounds. The financial association established by the executives employed by the bank has a greater effect on the mitigation of financial constraints. (2) after introducing the transparency of accounting information, it is found that improving the transparency of accounting information can alleviate the financial constraints of enterprises. The transparency of accounting information can replace the role of executive financial association in financing constraints, and accounting information transparency plays a more important role in the substitution of non-bank background than that of bank background.
【学位授予单位】：南开大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275
，
本文编号：2124431
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