高管行业协会任职能降低企业债务融资成本吗--基于我国上市公司的经验证据

Does Corporate Executive's Positions in the Industry Associations Can Reduce the Cost of Debt--Evidence from Listed Companies in China

介于融资成本对企业经营发展的影响巨大,降低企业融资成本是我国供给侧结构性改革中“降成本”的关键领域。基于资源依赖理论、声誉理论、信息不对称理论,利用我国2290家上市公司2008-2017年的面板数据,通过对高管行业协会任职与企业债务融资成本关系的研究发现:高管行业协会任职可以显著降低企业债务融资成本,高管行业协会任职通过发挥资源汲取、声誉担保、信息传递的作用帮助企业降低了债务融资成本。

Financing costs have a huge impact on the business development of enterprises.Reducing corporate financing costs is a key area of"cost reduction"in China's supply-side structural reforms.Based on the resource dependence theory,reputation theory,and information asymmetry theory,this article uses the panel data of 2290 listed companies in China from 2008 to 2017 to study the relationship between the corporate executives’positions in the industry association and the cost of debt financing.The empirical study found that:The corporate executives’positions in the industry associations can significantly reduce the cost of debt financing of enterprises;The corporate executives’positions in the industry associations help enterprises reduce the cost of debt financing through the role of resource extraction,reputation guarantee and information transmission.The research conclusion of this article provides microscopic evidence for the important role of social intermediary organizations such as industry associations in economic and social life,and has important reference significance for vigorously cultivating the development of social intermediary organizations such as industry associations in China.