CEO财务经历与债务资本成本

CEOs' Financial Experience and the Cost of Debt Capital

CEO个人特征对公司财务决策的影响正成为研究热点。基于管理者异质性视角,以2001-2014年间中国A股上市公司为研究对象,实证检验了CEO财务经历与公司债务资本成本之间的关系。研究发现,CEO财务经历与债务资本成本显著正相关,且此关系会受到公司治理的约束。在控制多个潜在影响因素及多种稳健性检验之后,CEO财务经历与债务资本成本的显著正向关系仍然稳健。进一步检验还发现,CEO财务经历对债务资本成本的影响存在中介效应路径和调节效应路径:在中介效应路径下,CEO财务经历会通过加剧公司与债权人之间的代理冲突进而增加债务资本成本;在调节效应路径下,CEO财务经历的影响具有两面性,既会增强代理成本对债务资本成本的正向影响,也会减轻财务风险对债务资本成本的正向影响。

From a perspective of managers being idiosyncratic, we empirically examine the relation be-tween CEOs5 financial experience and the cost of debt capital by using a large sample of firms on Chinese A - share market from 2001 to 2014. We find that there is a significant positive association between CE0s？ finan-cial experience and the cost of debt capital, which is also moderated by the governance. The positive relation holds after controlling many - levels potential influencing factors and several robust tests. We also find in a fur-ther test that the positive relation between CEOs5 financial experience and the cost of debt capital can be medi-ated by the agency cost and moderated both by the agency cost and financial risk.