期刊论文

Can CEOs' Financial Experiences Reduce the Cost of Equity Capital?

中文

外国经济与管理

1001-4950

2018

40

9

96-111

10.16538/j.cnki.fem.2018.09.008

国家自然科学基金面上项目(71473102)/教育部社科基金项目(13YJA790139)

本校为其他机构

本文基于高阶理论和管理者异质性视角,以CEO变更事件为切入点,借鉴双重差分模型,考察CEO财务经历对权益资本成本的影响.研究发现:CEO财务经历有助于降低公司的权益资本成本;并且对于治理水平较低的公司,这种降低效应越强.在采用了工具变量法、倾向得分匹配法以及其他稳健性检验的基础上,CEO财务经历有助于降低权益资本成本的结论仍然成立.进一步的作用机制检验发现,CEO财务经历能降低公司的盈余管理程度,提高负债水平以及降低融资约束.这一结论表明,CEO财务经历对权益资本成本的降低效应可以通过信息风险和财务困境风险路径得以实现.

Summary： Using the hand-collected database of CEOs＇ financial experiences in the listed companies in China over the period of 2001 to 2014, and based on the Upper Echelon Theory and from the perspective of heterogeneous managers, this paper investigates whether and how CEOs＇ financial experiences influence the cost of equity capital. In order to avoid the influence of firm fixed effects and other time-invariant unobservable effects, we test our empirical predictions by utilizing the case of CEO turnover and the model of DID （difference in d...