CFO性别、货币政策与公司债务融资

CFO Gender,Monetary Policy and Corporate Debt Financing

本文系统地分析了CFO性别对公司债务融资的影响,并从融资约束的角度讨论了CFO性别影响债务融资的经济后果,在此基础上分析了不同货币政策下CFO性别对债务融资的不同影响。研究结果表明女性任CFO的公司倾向于更少地举债,公司面临更为严重的融资约束,在紧缩性货币政策时期,女性任CFO的公司的债务融资水平更低,融资约束加剧,女性内在的风险规避和不过度自信的性格特质与外在的性别歧视环境都是影响公司债务融资和融资约束的因素。

This paper analyzes the impact of CFO gender on corporate debt financing and discusses the economic consequence of the CFO gender on debt financing. The empirical results show that,female CFO firms tend to be less debt financing,so female CFO firms are facing more serious financing constraints; The tight monetary policy further exacerbates female CFO firms’ debt financing and financing constraints. Furthermore,we find that risk aversion and non-over-confidence inherent in female characters and gender discrimination of external environment are both vital factors affecting the corporate debt financing and financing constraints.