CEO性别、产权性质与公司债务融资行为  

On CEO Gender, Nature of Property Rights and Corporate Debt Financing Behaviors

作　　者：许晓芳 权小锋[2] 尹洪英[2] XU Xiao-fang;QUAN Xiao-feng;YIN Hong-ying

机构地区：[1]华东交通大学经管学院,江西南昌330013 [2]苏州大学东吴商学院,江苏苏州215021

出　　处：《苏州大学学报（哲学社会科学版）》2018年第4期98-111,192,共15页Journal of Soochow University(Philosophy & Social Science Edition)

基　　金：国家社科基金重大项目;2017~2018名城名校融合发展战略项目"国有企业监督制度改革与创新研究"(项目编号:17ZDA087);教育部人文社科基金项目"媒体关注与内部控制的公司治理效应研究"(项目编号:17YJA630081);江苏省软科学基金项目"‘政产学研用’网络建设支持企业创新的作用效果研究"(项目编号:BR2018014)的阶段性研究成果

摘　　要：公司最高决策者CEO的性别会对公司债务融资行为产生重要影响,研究发现,CEO性别对公司债务融资行为产生的显著影响不仅依赖于债务类型,还依赖于公司的产权性质。在国有控股公司中,CEO性别差异只体现在债务融资来源结构上,女性CEO能够获得更多的商业信用和更少的银行债务;而在非国有控股公司中,CEO性别差异在债务融资规模、期限结构和来源结构上均具有体现,表现为女性CEO能够获得更高的债务融资水平、更多的长期债务和更多的银行借款。本文拓展了现有高管背景特征和公司财务行为方面的研究,对于认识公司债务融资行为、不同性别高管的债务融资行为,以及不同产权性质对微观主体经济行为与不同性别高管的个体经济行为的影响,均具有重要的理论意义与现实意义。The gender of CEOs,the top decision makers of companies,has an important impact on corporate debt financing behaviors.The study finds that such significant impact relies not only on the types of debt financing,but also on the nature of property rights of corporations.In state-owned holding companies,the gender differences of CEOs only influences the source structure of debt financing with higher commercial credit and less bank debts for female CEOs.However,in non-state-owned holding companies,the differences are manifested by debt financing scale,maturity as well as source structure with higher debt financing level,more long-term debts and more bank debts for female CEOs.This paper extends the study on the background characteristics of existing executives and corporate financial behaviors,which is theoretically significant and highly relevant for us to better understand corporate debt financing behaviors,the debt financing behaviors of executives of different genders and the impact of property rights with different natures on the economic behaviors of principal microscopic sectors and on the individual economic behaviors of executives of different genders.

关 键 词：CEO性别 产权属性 债务融资规模 债务融资期限结构 债务融资来源结构 

分 类 号：F230[经济管理—会计学] F275[经济管理—国民经济]