企业风险承担、高管金融背景与债券融资成本

Corporate Risk Taking,Executive Finance Background and Bond Financing Cost

本文以2008-2016年发行债券进行融资的上市公司为研究对象,探讨了企业风险承担与债券融资成本之间的关系。结果表明,在金融发展水平较高样本组,风险承担与债券融资成本呈现倒U型关系;相形之下,金融发展水平较低样本组的风险承担与债券融资成本之间呈现显著的正相关关系。进一步地,在金融发展水平较低时,如果公司高管具有金融工作背景,会在企业风险承担较高时获得较低成本的债券融资。

The paper discusses the relationship between enterprise risk taking and bond financing cost based on the data of Chinese listed companies that issued bonds in 2008-2016.The results show that in an environment of higher level of financial development,the risk taking and the debt financing cost present an inverted U-shaped relationship.In contrast,there is a significant positive correlation between risk taking and debt financing cost in the environment of lower level of financial development.Furthermore,if a company s executives have experience in financial industry,it will get lower risk premium in bond financing,which is more significant when the level of financial development is low.