CEO财务经历能否降低公司权益资本成本?  

Can CEOs' Financial Experiences Reduce the Cost of Equity Capital?

作　　者：李小林[1,2] 叶德珠 张子健[3] Li Xiaolin;Ye Dezhu;Zhang Zijian(College of Economics,Jinan University,Guangzhou 510632,China;College of Economies and Management,Hengyang Normal University,Hengyang 421002,China;Business School,Hunan Normal University,Changsha 410081,China)

机构地区：[1]暨南大学经济学院,广东广州510632 [2]衡阳师范学院经济与管理学院,湖南衡阳421002 [3]湖南师范大学商学院,湖南长沙410081

出　　处：《外国经济与管理》2018年第9期96-111,共16页Foreign Economics & Management

基　　金：国家自然科学基金面上项目(71473102);教育部社科基金项目(13YJA790139)

摘　　要：本文基于高阶理论和管理者异质性视角,以CEO变更事件为切入点,借鉴双重差分模型,考察CEO财务经历对权益资本成本的影响。研究发现:CEO财务经历有助于降低公司的权益资本成本;并且对于治理水平较低的公司,这种降低效应越强。在采用了工具变量法、倾向得分匹配法以及其他稳健性检验的基础上,CEO财务经历有助于降低权益资本成本的结论仍然成立。进一步的作用机制检验发现,CEO财务经历能降低公司的盈余管理程度,提高负债水平以及降低融资约束。这一结论表明,CEO财务经历对权益资本成本的降低效应可以通过信息风险和财务困境风险路径得以实现。Summary： Using the hand-collected database of CEOs＇ financial experiences in the listed companies in China over the period of 2001 to 2014, and based on the Upper Echelon Theory and from the perspective of heterogeneous managers, this paper investigates whether and how CEOs＇ financial experiences influence the cost of equity capital. In order to avoid the influence of firm fixed effects and other time-invariant unobservable effects, we test our empirical predictions by utilizing the case of CEO turnover and the model of DID （difference in difference）. We find a significant negative relationship between CEOs＇ financial experiences and the cost of equity capital, firms headed by CEOs with financial experiences have a lower cost of equity capital compared with the firms managed by CEOs without financial experiences, and moreover, we also find that this negative relationship is more pronounced in firms with bad governance than those with better governance, but we do not find a similar difference emerges between firms with different ownerships. Taking into account the possible endogeneity issues in the model, we further apply several other alternative methods like two-step instrumental variables and propensity score matching methods. Meanwhile, in order to guarantee the robustness of the results, a number of robustness tests are conducted, such as alternative measures, alternative model specifications and so on. All the results indicate that CEOs＇ financial experiences can significantly reduce the cost of equity capital. Additionally, further research also finds that CEOs＇ financial experiences help reduce earnings management, raise debt levels and reduce financing constraints. This result suggests that the negative impact of CEOs＇ financial experiences on the cost of equity capital may be achieved by the path of reducing information asymmetry and financial risks. This paper contributes to the literature and practice in the following two ways. First, in theory, our findings extend the literature tha

关 键 词：CEO 财务经历 权益资本成本 公司治理 机制 

分 类 号：F270[经济管理—企业管理]