摘要
基于烙印理论的分析框架,实证研究了高管的农村经历对企业财务杠杆、债务期限结构以及债务成本的影响。研究结果发现,农村经历会给高管带来双重烙印,即认知烙印和能力烙印。具体表现为:(1)农村经历会通过降低高管风险偏好和过度自信程度来降低企业的财务杠杆和长期负债水平;(2)农村经历会通过提升高管所在公司的盈余质量和企业社会责任水平来降低债务成本;(3)高管农村经历降低企业债务成本的效应在融资难的非国有企业中更为明显。
Based on the analysis framework of imprinting theory,this paper empirically studies the impact of senior executives’rural experiences on corporate financial leverage,debt maturity structure and debt cost.This paper finds that the rural experience can bring two imprints to senior executives,namely cognitive imprint and ability imprint.Firstly,senior executives’rural experience can reduce the financial leverage and long-term debt of enterprises by reducing the risk appetite and overconfidence of senior executives.Secondly,senior executives’rural experience can reduce the cost of debt by increasing earnings quality and corporate social responsibility of senior executives’company.Thirdly,the effect of senior executives’rural experience on reducing the cost of debt is more pronounced in non-state-owned enterprises with difficulty in financing.
作者
任曙明
李洁敏
李美霖
韩月琪
REN Shuming;LI Jiemin;LI Meilin;HAN Yueqi(School of Economics and Management,Dalian University of Technology,Dalian Liaoning 116024,China)
出处
《北京理工大学学报（社会科学版）》
CSSCI
北大核心
2021年第5期85-100,共16页
Journal of Beijing Institute of Technology：Social Sciences Edition
基金
国家自然科学基金面上项目“跨国并购驱动高端装备制造业技术升级的机制:产品空间理论视角”(71573031)
国家自然科学基金青年项目“产学研用协同创新政策对创新网络结构演化的驱动机制研究——以东北地区装备制造业为例”(71603037)
辽宁省社会科学规划基金重点项目“数字经济赋能辽宁制造业高质量发展的实现机制”(L20AJY014)。
关键词
高管
农村经历
债务融资
烙印理论
senior executive
rural experience
debt financing
imprinting theory
