成也萧何,败也萧何?——高管金融经历与公司债券融资  

Success and Defeat Come from Him——Senior Manager’s Financial Career and Corporate Bond Financing

作　　者：陈克兢 谢弘扬 康艳玲 姜林 CHEN Ke-jing;XIE Hong-yang;KANG Yan-ling;JIANG Lin(School of Accounting / China Internal Control Research Center, Dongbei University of Finance and Economics, Liaoning, Dalian, 116025, China;School of Management, Xiamen University, Fujian, Xiamen, 361005, China;Investment Banking Department, Industrial Securities, Shanghai, 200135, China)

机构地区：[1]东北财经大学会计学院/中国内部控制研究中心,辽宁大连116025 [2]厦门大学管理学院,福建厦门361005 [3]兴业证券股份有限公司投资银行业务总部,上海200135

出　　处：《运筹与管理》2021年第9期180-186,共7页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(71802043);教育部人文社会科学研究青年基金资助项目(18YJC630007);辽宁省教育厅青年科技人才“育苗”项目(LN2019Q05)。

摘　　要：基于印记理论和高层梯队理论,本文以2008至2018年发行公司债券的上市公司为研究对象,考察高管金融经历对公司债券融资的影响机理。结果表明:首先,高管金融经历在提高公司债券发行成功率的同时也会增加债券融资成本和违约风险,而对发债规模与期限并不会产生显著影响,在控制可能的内生性问题后结论依然成立;其次,具有金融经历的高管所任职公司会通过盈余管理来提高债券发行成功率,但也会增加债券的融资成本和违约风险;最后,具有证券公司或商业银行工作经历的高管对公司债券融资的影响更为显著。本文有助于实务界和理论界理解高管异质性特征对公司债券融资的影响机制,为监管部门制定防范金融风险的政策提供可靠的理论依据。Based on imprinting theory and upper Echelons theory,this paper uses corporate bond data issued by Chinese listed companies from 2008 to 2018 to examine the mechanism of senior executives’financial career on corporate bond financing.The finding is that senior executives’financial career can help increase the success rate of issuing corporate bond,but increase bond’s credit spread and default risk.However,the amount and maturity of bond issuance are not affected by senior executives’financial career.These results are robust after considering endogenous problems.Then,the mechanism test finds that companies hiring senior executives with financial career perform more earning management,causing the increase of success rate of bond issuance,credit spread and default risk.Finally,when senior executives have served in the security company or commercial bank,the impact of financial career on bond issuance is more significant.This paper can help people understand the influence mechanism of senior manager’s heterogeneous characteristics on corporate bond financing and provide reliable theoretical basis for regulators to formulate policies to prevent financial risks.

关 键 词：金融经历 债券融资 发行成功率 融资成本 违约风险 

分 类 号：F831.5[经济管理—金融学]