高管学术经历对公司价值的影响

Executives Academic Experience and Corporate Value

选取沪深A股全部上市公司2008—2017年的数据为样本,通过回归分析实证检验了高管学术经历与公司价值之间的关系。研究结果显示,高管学术经历与公司价值之间具有显著的正相关关系。在采用倾向得分匹配法、控制公司固定效应以及采用工具变量方法进行分析后,这一结论仍然显著成立。然后进一步研究了高管学术经历提升公司价值的作用机制。从资本结构和推动创新两个渠道切入,研究发现,高管学术经历能够提升债务融资水平,优化公司资本结构,从而提升公司价值;同时,高管学术经历能够推动公司创新,利用创新作用提升公司价值。

This paper uses the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2017 to examine the relationship between academic experience of senior executives and corporate value.The results show that there is a significant positive association between academic experience of senior executives and corporate value.This paper finds that senior executives’academic experience may improve a firm’s level of debt financing and optimize a firm’s capital structure,thereby enhancing its value.Additionally,the academic experience of senior executives may promote corporate innovations and increase corporate value through this innovation effect.