CEO金融背景对商业信用融资的影响:过度自信的中介效应

Impact of CEO Financial Background on Commercial Credit Financing:Mediating Effect of Overconfidence

商业信用融资作为一种广泛使用的交易方式,是企业突破融资困境的重要途径。基于高层梯队理论和烙印理论,以2008—2019年沪深A股上市企业为研究对象,探寻CEO金融背景对商业信用融资的作用机制。实证结果显示:CEO金融背景对商业信用融资具有显著的负向影响作用,聘任具有金融背景的CEO会降低商业信用融资水平;过度自信在CEO金融背景影响商业信用融资关系中具有中介传导作用,即拥有金融背景的CEO会由于过度自信导致企业商业信用融资减少。因此,为减少管理者非理性行为,拓宽企业融资渠道,企业应合理配置高管团队,加大高管约束力度,企业高管应正确看待烙印影响,政府应完善企业信用评价。

As a widely used transaction method,commercial credit financing is an important way for enterprises to break through the financing dilemma.Based on the upper echelons theory and imprinting theory,this paper takes the A-share listed companies in Shanghai and Shenzhen from 2008 to 2019 as the research object,and explores the function mechanism of the CEO's financial background on commercial credit financing.The empirical results show that the CEO's financial background has a significant negative impact on commercial credit financing,and hiring a CEO with financial background will reduce the level of commercial credit financing.Overconfidence plays an intermediary role in the relationship between CEO's financial background and commercial credit financing,that is,CEO's financial background will reduce corporate commercial credit financing due to overconfidence.Therefore,in order to reduce the irrational behavior of managers and broaden the financing channels of enterprises,enterprises should rationally allocate the senior management team,and increase the constraints of senior executives,enterprise executives should correctly view the impact of imprinting,and the government should improve enterprise credit evaluation.