基于上市企业面板数据的CEO海外经历与资本结构的关系研究

Research on the Relationship between CEO Overseas Experience and Capital Structure Based on Panel Data of Listed Companies

企业资本结构的研究是公司金融领域重要的研究话题,结合CEO海外经历这一管理学领域概念。本文以2011~2020年中国上市企业为研究对象,研究CEO海外经历与资本结构之间的关系。研究结果表明,CEO海外教育经历和工作经历对短期债务和总债务都有负向影响,但对长期债务有正向影响,由此证明CEO海外经历和企业资本结构有密切联系。此外,本文还通过替代模型,增加CEO特征层面附加控制变量,企业固定效应的方式进行稳健性检验,不仅强化了上述结论,而且还发现与海外教育经历相比,CEO海外工作经历对企业资本结构的影响更大。

The study of corporate capital structure is an important research topic in the field of corporate fi-nance, combined with the concept of CEO overseas experience in the field of management. This ar-ticle takes Chinese listed companies from 2011 to 2020 as the research object to study the rela-tionship between CEO overseas experience and capital structure. The research results show that CEO overseas education experience and work experience have a negative impact on short-term debt and total debt, but have a positive impact on long-term debt, which proves that CEO overseas experience is closely related to corporate capital structure. In addition, this paper also conducts ro-bustness testing through alternative models, adding additional control variables at the CEO charac-teristic level and firm fixed effects. This not only strengthens the above conclusion, but also finds that compared with overseas education experience, CEO overseas work experience has an impact on corporate capital structure. The impact is greater.