管理者从军经历、融资偏好与经营业绩
发布时间：2018-11-03 15:37
【摘要】：从军经历管理者如何进行融资决策,给企业带来了怎样的影响?本文以2007~2014年中国A股上市公司为对象,实证检验了军队背景高管的融资偏好及其对企业经营业绩的影响。研究发现:第一,从军经历管理者提高了公司的负债和贷款水平,加重了公司的债务成本,降低了现金持有水平,所在公司的经营业绩更差;第二,从军经历管理者对企业融资和经营业绩的影响在非国有企业中更显著;第三,在分别使用倾向匹配得分和对高管变更进行考察,控制内生性问题后,我们发现本文的结论基本不变。本文的发现表明,军队背景高管偏好高风险,决策更为激进,具体表现为其所在企业的债务水平更高、债务期限结构更短、现金持有水平更低,最终给企业的经营业绩带来了负面的影响。
[Abstract]:How do the managers of military experience make the financing decision, what kind of influence does it bring to the enterprise? This paper takes China A-share listed companies from 2007 to 2014 as the object, and empirically tests the financing preference of military background executives and its impact on business performance. The results are as follows: first, the managers of military experience improve the debt and loan level of the company, increase the debt cost of the company, reduce the level of cash holding, and the operating performance of the company is worse; Second, the influence of military experience managers on enterprise financing and business performance is more significant in non-state-owned enterprises; Thirdly, we find that the conclusion of this paper is basically unchanged after the use of propensity matching score and the study of executive change to control the endogenous problem. The findings of this paper show that military background executives prefer high risk and make more radical decisions, as shown by the higher debt level, shorter debt maturity structure and lower cash holdings of the companies in which they work. Finally, it brings negative effect to the business performance of the enterprise.
【作者单位】： 西南财经大学会计学院、会计功能拓展与国家治理能力提升协同创新中心;
【基金】：国家自然科学基金项目(71472152、71272245) 中央高校基本科研业务费专项资金(JBK1507K02) 中国博士后科学基金资助项目(2016M590897)的资助
【分类号】：F275;F272.91
，
本文编号：2308213
[Abstract]:How do the managers of military experience make the financing decision, what kind of influence does it bring to the enterprise? This paper takes China A-share listed companies from 2007 to 2014 as the object, and empirically tests the financing preference of military background executives and its impact on business performance. The results are as follows: first, the managers of military experience improve the debt and loan level of the company, increase the debt cost of the company, reduce the level of cash holding, and the operating performance of the company is worse; Second, the influence of military experience managers on enterprise financing and business performance is more significant in non-state-owned enterprises; Thirdly, we find that the conclusion of this paper is basically unchanged after the use of propensity matching score and the study of executive change to control the endogenous problem. The findings of this paper show that military background executives prefer high risk and make more radical decisions, as shown by the higher debt level, shorter debt maturity structure and lower cash holdings of the companies in which they work. Finally, it brings negative effect to the business performance of the enterprise.
【作者单位】： 西南财经大学会计学院、会计功能拓展与国家治理能力提升协同创新中心;
【基金】：国家自然科学基金项目(71472152、71272245) 中央高校基本科研业务费专项资金(JBK1507K02) 中国博士后科学基金资助项目(2016M590897)的资助
【分类号】：F275;F272.91
，
本文编号：2308213
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