CEO财务经历与资本结构决策

CEO's Financial Experience and Capital Structure

本文以发生CEO变更事件的中国上市公司为研究样本,利用双重差分模型,检验了CEO的财务经历对资本结构决策的影响。实证结果表明:财务经历CEO显著提高了公司的负债水平,加快了资本结构的调整速度,并降低了资本结构偏离目标的程度,这说明财务经历的CEO对公司资本结构决策具有重要且正面的影响。同时,我们发现,只有在第一大股东持股比例较低的情况下,财务经历CEO才能对资本结构决策有显著影响,这表明财务经历的CEO对资本结构的优化是有一定条件的。

Using a sample ofChinese - listed firms that experience CEO turnover events,this paper examines the effect of CEO's financial experience on firms' capital structure decision by difference - in - differences ( DID) methodology. We find that CEOs with financial experience significantly increase firm's leverage,enhance the adjustment speed toward target,and decrease the deviation from target. This evidence confirms that CEOs with financial experience not only affect,but also improve firm's capital structure decision. Further,CEOs with financial experience significantly influence capital structure only when the biggest shareholder holds less ownership,this result supports that CEOs' improvement on capital structure need some condition.