董事网络和审计师质量如何影响债务成本？
发布时间：2020-12-15 16:25
本文研究了董事的社会网络是否能够给公司提供选择高质量审计师的资源,从而降低公司的融资成本。具体而言,本文探讨了良好的董事网络和高质量审计师在影响公司债务成本方面发挥的作用。利用1996到2013年S&P1500的公司样本,我发现了强而有力的证据表明,有着良好董事网络的公司拥有高质量的审计师,其债务成本显著降低。对于拥有强大公司治理机制、CEO薪酬体系以及CEO-Chairman共同职位的公司来说,这种缓解作用更为明显。我的发现强调了董事网络是公司资源传递的重要渠道,它能进一步增强投资者的信心。另外,从债权人角度,本文为企业网络的价值创造领域提供了另一种解释和补充。
【文章来源】：厦门大学福建省 211工程院校 985工程院校 教育部直属院校
【文章页数】：64 页
【学位级别】：硕士
【文章目录】：
摘要
Abstract
Chapter 1 Introduction
1.1 Background of the study
Chapter 2 Review of Literature and Development of Hypotheses
2.1 Introduction
2.2 Related Literature
2.2.1 The choice of a high-quality auditor and cost of debt
2.2.2 Director's governance quality and cost of debt
2.2.3 The role of a high-quality auditor
2.2.4 Social network of directors
2.2.5 Financing costs of companies
2.3 Research gap and objective
2.4 Hypothesis Development
2.4.1 How does the network of directors' influence auditor quality?
2.4.2 The effect of networks of directors and auditor quality on the cost of debt financing
2.4.3 The effect of equity-based compensation on the relations between director network, auditorquality and cost of debt
2.4.4 The effect of CEO duality on the relations between director network, auditor quality and cost ofdebt
Chapter 3 Research Methodology
3.1 Research design
3.2 Data and sample selection
3.3 Measurement of the main variables
3.3.1 Measurement of the cost of debt
3.3.2 Measuring director network centrality of a company
3.3.3 Measuring auditor quality
3.3.4 Measuring Directors Equity-based compensation
3.3.5 Measuring CEO duality
3.4 Sample description
3.5 Correlation matrix
3.6 Multivariate analysis
Chapter 4 Results and Discussion
4.1 Empirical analysis on H1
4.1.1 Analysis of director network and auditor quality
4.1.2 Analysis of the effect of director network and auditor quality on cost of debt
4.2 Accounting for the effects of corporate governance
4.3 Empirical analysis on the effect of equity-based compensation on the relations between directornetwork, auditor quality and cost of debt
4.4 Empirical analysis on the effect of CEO duality on the relations between directornetwork, auditor quality and cost of debt
4.5 Addressing Endogeneity
Chapter 5 Conclusion
5.1 Summary and Conclusion
References
Result Tables
Appendix
Acknowledgement
本文编号：2918556
【文章来源】：厦门大学福建省 211工程院校 985工程院校 教育部直属院校
【文章页数】：64 页
【学位级别】：硕士
【文章目录】：
摘要
Abstract
Chapter 1 Introduction
1.1 Background of the study
Chapter 2 Review of Literature and Development of Hypotheses
2.1 Introduction
2.2 Related Literature
2.2.1 The choice of a high-quality auditor and cost of debt
2.2.2 Director's governance quality and cost of debt
2.2.3 The role of a high-quality auditor
2.2.4 Social network of directors
2.2.5 Financing costs of companies
2.3 Research gap and objective
2.4 Hypothesis Development
2.4.1 How does the network of directors' influence auditor quality?
2.4.2 The effect of networks of directors and auditor quality on the cost of debt financing
2.4.3 The effect of equity-based compensation on the relations between director network, auditorquality and cost of debt
2.4.4 The effect of CEO duality on the relations between director network, auditor quality and cost ofdebt
Chapter 3 Research Methodology
3.1 Research design
3.2 Data and sample selection
3.3 Measurement of the main variables
3.3.1 Measurement of the cost of debt
3.3.2 Measuring director network centrality of a company
3.3.3 Measuring auditor quality
3.3.4 Measuring Directors Equity-based compensation
3.3.5 Measuring CEO duality
3.4 Sample description
3.5 Correlation matrix
3.6 Multivariate analysis
Chapter 4 Results and Discussion
4.1 Empirical analysis on H1
4.1.1 Analysis of director network and auditor quality
4.1.2 Analysis of the effect of director network and auditor quality on cost of debt
4.2 Accounting for the effects of corporate governance
4.3 Empirical analysis on the effect of equity-based compensation on the relations between directornetwork, auditor quality and cost of debt
4.4 Empirical analysis on the effect of CEO duality on the relations between directornetwork, auditor quality and cost of debt
4.5 Addressing Endogeneity
Chapter 5 Conclusion
5.1 Summary and Conclusion
References
Result Tables
Appendix
Acknowledgement
本文编号：2918556
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