CEO背景特征对资本结构决策的影响--资本结构动态调整视角的实证分析

The Effect of CEO Background Characteristics on Capital Structure Decisions: Empirical Test from The Perspective of Dynamic Adjustment of Capital Structure

在资本结构动态调整的理论视角下,区分上证和深证子样本从资本结构动态调整速度和调整效果两个方面,运用NLS和混合OLS方法实证检验了CEO背景特征对资本结构动态调整速度和调整效果的影响。结果表明:CEO的性别、年龄、学历、财会背景对资本结构调整速度有显著影响;而当CEO为男性、年龄较大、学历较高时,资本结构动态调整的效果更好,但两职兼任与调整效果显著负相关,这可能是两职兼任削弱了公司治理效应造成的。

The paper using NLS and Pooled-OLS method, distinguishing Shanghai and Shenzhen sub-samples, investigates the effect of CEO background characteristics on speed of the dynamic adjustment of capital structure from the dynamic adjustment of capital structure view, and further research on the effect of CEO background characteristics on the deviation of actual capital struc- ture from the target capital structure of companies. The study found, the gender, age, education, finance and accounting background of the CEOs have a significant impact on the adjustment speed of capital structure; Meanwhile, when the CEO is male, older age and higher education, have a better adjustment effects. But part-time and adjustment effect is significant negative corre- lation, which may be part-time weakened corporate governance effect