高管文化背景与企业债务成本——基于劳模文化的视角  

The Cultural Background of Executives and the Corporate Debt Cost——The Model Worker Culture View

作　　者：郑建明 孙诗璐 李金甜 Zheng Jianming

机构地区：[1]对外经济贸易国际商学院,100029 [2]北京化工大学经济管理学院,100029 [3]北京工商大学商学院,100048

出　　处：《会计研究》2021年第3期137-145,共9页Accounting Research

基　　金：国家社会科学基金重大项目“‘一带一路’投资安全保障体系研究”(19ZDA101);国家社会科学基金重大项目“‘一带一路’倡议与全球经济治理研究”(17AZD010);财政部全国会计领军(后备)人才培养项目的资助。

摘　　要：目前,文化对各种经济活动影响的研究日益增加,但有关文化对债务契约的研究才刚刚起步。本文在既有高管文化背景的研究成果基础上,从劳模文化的视角切入,基于精神利益和物质利益动机,考察高管的劳动模范身份对企业债务成本的影响及机理。结果表明:高管劳模身份有助于降低债务成本。进一步考察融资环境的影响并发现,在市场化程度更高和金融生态环境更好的地区该效应被削弱,表明劳模文化对正式制度规范企业经济运行产生了替代效应。机制检验发现,高管劳模身份通过降低资金供需双方的信息不对称和提供声誉担保来降低债务成本。最后,在排除金融关联和政治关联的影响后,本文发现高管劳模身份对债务成本的降低效应依然显著。At present,research on the influence of culture on various economic activities is increasing,but the research on the influence of culture on corporate debt contracts has just begun.Based on the research results of the existing executive culture background,this paper cuts in from the perspective of the model worker culture,based on the motivation of the pursuit of spiritual and material benefits,and examines the influence and mechanism of the executive’s model worker status on the corporate debt cost.The results show that the status of executive model workers can help reduce the cost of debt.Further investigation of the impact of the financing environment and found that the effect is weakened in a market with a higher degree of marketization and a better financial ecological environment,indicating that the model worker culture has a substitution effect on the formal system to regulate the economic operation of enterprises.In addition,the mechanism inspection found that the status of executive model workers reduces the cost of debt by reducing the information asymmetry between the supply and demand of funds and providing reputation guarantees.Finally,after excluding the influence of financial and political connections,this article finds that the role of executive model workers is still significant in reducing debt costs.

关 键 词：劳动模范 高管文化背景 债务成本 

分 类 号：D648.1[政治法律—政治学] F272.91[政治法律—中外政治制度] F275[经济管理—企业管理] F832.51[经济管理—国民经济]