本文選題：環(huán)境不確定性 + CEO財務(wù)任職經(jīng)歷　； 參考：《浙江財經(jīng)大學(xué)》2017年碩士論文

【摘要】：資本成本是現(xiàn)代財務(wù)理論的核心概念之一,現(xiàn)有文獻從公司治理角度為資本成本影響因素提供了廣泛的證據(jù)。但是,管理者特征這一治理機制作用于資本成本的研究卻非常少見。隨著高層梯隊理論和行為財務(wù)學(xué)理論的提出,管理者特征逐漸成為學(xué)術(shù)界研究的熱點�；诠芾碚弋愘|(zhì)性,大多數(shù)學(xué)者從管理者整體特征角度出發(fā),研究團隊的平均年齡、性別比例、學(xué)歷水平、教育背景、任期等對企業(yè)決策的影響,而對于單個核心管理者個人特征對企業(yè)融資決策影響的研究文獻很少,其中對CEO財務(wù)任職經(jīng)歷與企業(yè)融資決策間關(guān)系的研究更是鮮有涉及。CEO作為企業(yè)的核心高管和最高決策者,其特征對企業(yè)融資活動的影響也必然不可忽視。現(xiàn)實表明,越來越多的企業(yè)開始聘請擁有財務(wù)任職經(jīng)歷的管理人才擔(dān)任CEO,他們認為此類CEO能將財務(wù)專業(yè)知識和積累的人脈資源運用于融資決策中,合理利用財務(wù)杠桿,拓寬融資渠道,以降低企業(yè)資本成本的關(guān)系。從目前公開可見的文獻看,還很少有學(xué)者研究CEO財務(wù)任職經(jīng)歷與資本成本產(chǎn)生影響。另一方面,當(dāng)企業(yè)所面臨的環(huán)境不確定性程度高時,企業(yè)的盈余波動、信息不對稱程度和經(jīng)營風(fēng)險均可能增大,此時CEO有財務(wù)任職經(jīng)歷是否更能得到發(fā)揮,降低資本成本的效果是否更大。在這樣的理論和實務(wù)背景下,本文嘗試探討CEO的財務(wù)任職經(jīng)歷是否能對資本成本產(chǎn)生影響,以及在不同的環(huán)境不確定性下影響效果是否不同。為了探討CEO財務(wù)任職經(jīng)歷對資本成本的影響,以及不同環(huán)境不確定性對這一影響的不同作用,我們將2006-2015年間滬、深兩市A股上市的全部上市公司數(shù)據(jù)作為初始研究樣本。鑒于研究設(shè)計需要,我們將3年作為一個觀測期以使變更的效應(yīng)得到更充分的反應(yīng),最終選取2009-2013年間發(fā)生CEO變更事件的企業(yè)作為最終的研究樣本。通過實證研究的方法,運用雙重差分模型,在控制了內(nèi)生性問題的基礎(chǔ)上,對符合條件的企業(yè)CEO變更前后的資本成本變化差異進行單變量分析和交互項的回歸;同時,為了進一步觀察不同環(huán)境不確定性下CEO財務(wù)任職經(jīng)歷對資本成本影響效果是否有區(qū)別,本文也按環(huán)境不確定性程度的高低分組進行對比分析和交互項的回歸分析。研究發(fā)現(xiàn):第一,CEO有財務(wù)任職經(jīng)歷能顯著降低資本成本。CEO曾經(jīng)的財務(wù)任職經(jīng)歷使得他們具備專業(yè)知識和運營經(jīng)驗上的優(yōu)勢,更懂得資本運作,善于合理利用財務(wù)杠桿,會更傾向于選擇有利于企業(yè)自身發(fā)展的融資政策;并且其在先前的職業(yè)生涯中積累了大量人脈,與政府、銀行、機構(gòu)投資者等均建立了良好的合作關(guān)系,拓寬了融資渠道,更容易獲得資金支持,這一定程度上可以緩解由于外部融資約束導(dǎo)致的高資本成本;同時他們也更懂得合理披露公司信息,減少信息不對稱性,進而降低投資者要求的必要報酬率,這些都能降低企業(yè)的資本成本水平。第二,在環(huán)境不確定性較高的情況下,CEO有財務(wù)任職經(jīng)歷對資本成本的降低效果更大。較高的環(huán)境不確定性會增大企業(yè)盈余波動、信息不對稱程度以及經(jīng)營風(fēng)險,致使資本成本增加。在這種情況下,CEO有財務(wù)任職經(jīng)歷更懂得合理應(yīng)對,其專業(yè)性可得到更好發(fā)揮,通過更穩(wěn)健的盈余管理、合理披露信息、多元化投資等方式緩解環(huán)境不確定性帶來的不利影響。本文的結(jié)論對企業(yè)高管的聘任和企業(yè)經(jīng)理人的選拔工作有指導(dǎo)意義,對CEO自身的職業(yè)素質(zhì)提升也具有借鑒作用。
[Abstract]:The cost of capital is one of the core concepts of modern financial theory, provides extensive evidence of existing literature from the perspective of corporate governance for the factors affecting the cost of capital. However, management features of the governance mechanisms on the cost of capital is very rare. With the development of the upper echelons theory and behavioral finance theory, management characteristics gradually become the hot spot of academic research. The management of heterogeneity based on the overall characteristics of the majority of scholars from Perspective of managers, the average age of the team, the sex ratio, education level, education background, influence the tenure of decision-making, and the research on effects of single core managers of personal characteristics on corporate financing decisions rarely, research the working experience and the enterprise financing decision on the relationship between CEO finance is seldom.CEO as the core enterprise executives and top decision makers, the Sign impact on enterprise financing activities will not be ignored. The reality shows that more and more enterprises begin to employ financial management personnel working experience as CEO, they think that such CEO can be financial professional knowledge and accumulation of human resources used in financing decision-making, reasonable use of financial leverage, broaden the financing channels, to reduce the relationship between the cost of capital from the current publicly visible literature, few scholars study CEO financial working experience and the cost of capital effect. On the other hand, when the business environment faced by the high degree of uncertainty, corporate earnings volatility, the degree of information asymmetry and risk management are likely to increase, the financial CEO working experience in whether it can be played, reduce the cost of capital effect is greater. In this theoretical and practical background, this paper attempts to discuss CEO's financial service experience It can have an impact on the cost of capital, as well as the effects on different environmental uncertainty is different. In order to investigate the CEO financial working experience of the impact on the cost of capital, and the different effects of environmental uncertainty on this effect, we will be 2006-2015 years of Shanghai and Shenzhen two city listed A shares of all listed companies as data the initial research samples. Based on the design needs, we will be 3 years as an observation period for the changes to be more fully the effect of reaction, the final selection of CEO change corporate events as the final research sample for 2009-2013 years. Through empirical research methods, using the double difference model is based on a control problem the differences in the cost of capital, changes before and after the qualified enterprises to change CEO regression univariate analysis and interaction; at the same time, in order to further observe the different environment Under uncertainty CEO financial working experience whether there are differences on the effect of the cost of capital, this paper also grouped according to the level of the degree of environmental uncertainty by regression analysis of comparative analysis and interaction. The study found: first, CEO financial working experience can significantly reduce the cost of capital.CEO has financial working experience makes them possess professional knowledge and operation experience advantage, understand the capital operation, at reasonable use of financial leverage, will tend to choose a more conducive to enterprise development financing policy; and in its previous occupation career has accumulated a large number of contacts with the government, banks, institutional investors have established a good relationship of cooperation, broaden the financing channels that is easier to obtain financial support, which to some extent can ease the external financing constraint leads to high cost of capital; at the same time they also know more reasonable public disclosure Department of information, reduce information asymmetry, and then reduce the investor's required rate of return, which can reduce the cost of capital level of the enterprise. Second, in the environment of high uncertainty, CEO financial working experience more on the cost of capital reduction. High environmental uncertainty will increase the volatility of earnings, the degree of the information asymmetry and business risk, resulting in the cost of capital increases. In this case, CEO has financial working experience know more reasonable response, the professional can get better play, the earnings management is more stable and reasonable disclosure of information, investment diversification way to alleviate the adverse effects of environmental uncertainty. This conclusion has guiding significance on the appointment of executives and managers of enterprises selection work on CEO's own occupation quality improvement is also useful.

【學(xué)位授予單位】：浙江財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51;F272.91

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本文編號：1771674