海归人才有助于企业债务融资吗?——基于CEO权力视角的分析

Can Returnees Help Corporate Debt Financing?——Analysis from the Perspective of CEO’s Power

本文以2008~2016年A股上市公司为样本,基于CEO权力视角,研究了CEO海外经历对企业债务融资成本的影响。研究发现,具备海外经历的CEO所在企业拥有更低的债务融资成本;当具有海外经历的CEO持有公司股权、在公司任职时间较长、具备较高的学历时,更能发挥对于公司债务融资成本的降低作用。本文的研究丰富了CEO海外经历对企业财务行为影响方面的研究,也为全面评估人才引进政策补充了经验证据。

This paper studies the effect of CEO’s overseas experience on corporate cost of debt from the perspective of CEO’s power by using A-share listed firms in China from 2008 to 2016.We find that CEOs with overseas experience can reduce firms’debt financing costs;when a CEO with overseas experience also holds the company’s equity,or has a longer time in the company,or has a higher degree of education,he will play a more important role in reducing corporate debt financing costs.Our research enriches literatures of the impacts of CEO’s overseas experience on firms’financial behavior,and also adds empirical evidence for the comprehensive evaluation of the talent introduction policy.