管理者特质、负债融资与企业价值

Research on Managerial Traits,Debt Financing and Firm Value

本文基于行为金融理论和高层梯队理论,选用2008-2013年我国A股上市公司数据作为研究样本,区分企业产权性质,实证检验了拥有不同特质的管理者对负债融资行为与企业价值的影响。研究结果显示:我国上市公司的负债融资可以降低企业代理成本,对企业价值有正面的治理效应;管理者为男性、教育水平越高、任期越短、有财务相关工作经历时,越容易出现过度自信,也更偏好使用负债融资,其中管理者性别、教育水平、工作经历更是可以显著提高负债融资对企业价值的提升作用。进一步区分产权性质后发现,和国有公司相比,非国有公司负债融资对企业价值的提升效果更好;非国有公司管理者教育水平、工作经历与负债融资的正相关更强,也更能显著提高负债融资对企业价值的提升作用。本研究不仅丰富了管理者特质和企业融资研究领域的文献和经验证据,而且也表明了在研究负债融资对企业价值的治理效应时,管理者特质和公司的产权性质是重要的考量因素。

Based on behavioral finance theory and upper echelons theory,considered corporate property rights difference,this paper empirically examines the effect of different managerial traits on debt financing and firm value,using the data from 2008 to 2013. The results show that: debt financing have positive governance effect on firm value,and this effect is better in the non- state- owned companies. Managers' gender,education level,tenure and financial related experience can affect debt financing significantly,managers' gender,education level and financial related experience can also improve firm value,managers' education level and career experience can improve more firm value in the non- state- owned companies. This paper reveals that managerial traits and property rights are important factors when studying the relation between debt financing and firm value.