当烙印与情境错配:高管海外经历与企业融资偏好  

When Stigma and Context Mismatch:Executive Overseas Experience and Corporate Financing Preferences

作　　者：王帅旗 胡珺[1] 张长海[1] Wang Shuaiqi;Hu Jun;Zhang Changhai(School of Management,Hainan University,Haikou 570228,Hainan,China)

机构地区：[1]海南大学管理学院,海南海口570228

出　　处：《金融发展研究》2023年第1期36-46,共11页Journal Of Financial Development Research

基　　金：国家自然科学基金青年项目“环境规制下的企业成本转嫁研究:机制、后果与治理”(71902050);海南省自然科学基金高层次人才项目“控股股东股权质押、企业集团关联交易与资源配置效率研究”(722RC640)。

摘　　要：发端于西方国家的优序融资理论认为当企业存在外部资金缺口时,应优先选择债务融资,其次是股权融资,但中国企业的融资实践表现出与该理论完全相反的顺序。本文基于中西方外部融资顺序的差异,结合烙印理论,实证检验了CEO的海外经历对企业融资偏好的影响。研究发现:相对于本土CEO,海归CEO的融资实践更符合海外国家的融资顺序,表现出更强的债务融资偏好,且这种偏好在合格境外机构投资者持股比例更高的企业以及外资企业中表现得更为明显;随着CEO任职时间的增加以及外部融资次数的增多,海归CEO的债务融资偏好会不断降低,并呈现出与中国现实背景更为匹配的融资顺序选择;经济后果检验表明,海归CEO的债务融资偏好会增加企业的加权资本成本,损害企业价值。研究为深化对海归高管的认识以及企业引进高层次人才提供了参考。Pecking Order Theory,which originated in Western countries,suggests that when there is an external financing gap,debt financing should be preferred to equity financing,but the financing practice of Chinese enterprises shows the exact opposite order of the theory.This paper empirically examines the effect of CEO's overseas experience on corporate financing preferences based on the difference in the order of external financing between China and the West,combined with Imprinting Theory.The study finds that:compared to local CEOs,the financing practices of returnee CEOs are more in line with the financing order of overseas countries and show a stronger preference for debt financing,and this preference is more pronounced in companies with a higher percentage of shares held by qualified foreign institutional investors and in foreign-owned companies;the preference for debt financing among returnee CEOs decreases as their tenure increases and as the number of external financings increases,and presents a choice of financing sequence that better matches the Chinese reality.Tests of economic consequences suggest that debt financing preferences of returnee CEOs can increase the weighted cost of capital of firms and harm firm value.The study provides a reference for deepening the understanding of returnee executives and for firms to bring in high-level talent.

关 键 词：高管背景 烙印理论 优序融资理论 融资偏好 

分 类 号：F832.51[经济管理—金融学]