本地CEO与企业融资约束

Local CEOs and Corporate Financial Constraints

长期以来,“融资难,融资贵”的问题在很大程度上阻碍了我国企业的发展。国内外学者从各个角度对企业融资约束的影响因素以及缓解途径展开了广泛的研究,但目前对本地CEO如何影响融资约束的研究还鲜有涉及。以2007—2020年A股上市公司为样本,实证研究本地CEO对企业融资约束的影响。研究结果表明,相比于非本地CEO的企业,拥有本地CEO的企业融资约束程度更低,在采用一系列稳健性检验后,结果依然成立。进一步研究发现,在信息不对称程度高、代理成本较高和处在经济发展水平较低地区的企业,本地CEO对融资约束的缓解效应更显著。该研究丰富了高管特质和融资约束领域的文献,并为企业聘任CEO和缓解融资约束提供决策参考。

For a long time,the difficulties faced by enterprises in accessing affordable financing has hindered the development of Chinese enterprises to a large extent.The determinant and mitigation methods of corporate financial constraints have attracted considerable attention from researchers on various aspects,but there is little research on the impact of CEO's origin on financial constraints.A-share listed companies from 2007 to 2020 are taken as an example,and the impact of local CEOs on corporate financial constraints is empirically tested.The findings show that firms with local CEOs are less financially constrained than firms with non-local CEOs,and the results hold after a series of robustness tests.Further research finds that in companies with high degree of information asymmetry,high agency costs of the first type,and located in areas with low levels of economic development,the local CEO's mitigation effect on financial constraints is more profound.The research enriches the literature on executive traits and financial constraints,and provides a decision-making reference for companies to hire CEOs and alleviate financial constraints.