高管饥荒经历与公司债务融资成本

Famine Experience of Senior Executives and Corporate Debt Financing Cost

以2001—2017年中国沪深两市公司为研究对象,考察高管早期饥荒经历与公司债务融资成本的关系,并进一步检验了这种影响在反腐败政策实施前后、金融发展环境不同的地区是否存在显著差异。结果发现:与高管没有经历饥荒的公司相比,高管经历了饥荒的公司债务融资成本显著降低,并且在控制了高管其他方面的特征、公司层面的固定效应以及内生性问题后,上述结论依然成立。相比反腐败政策之前、金融发展水平较低的地区,高管饥荒经历对公司债务融资成本的影响在反腐败政策实施后、金融发展水平较高的地区更为明显。

Taking the companies in Shanghai and Shenzhen of China from 2001 to 2017 as the research object,this paper investigates the relationship between the early famine experience of senior executives and the corporate debt financing cost,and further tests whether there are significant differences in this impact before and after the implementation of anti-corruption policies,and in different regions of financial development environment.Results show that compared with the companies whose executives have not experienced famine,those companies with famine experience have their debt financing cost significantly reduce.Moreover,the above conclusion is still true after controlling the other characteristics of the executives,the fixed effect of the company level and endogenous problems.Compared with the regions before implementing anti-corruption policy and with lower financial development level,the regions after implementing anti-corruption policy and with higher financial development level have more obvious impact of senior executives’famine experience on corporate debt financing cost.