本文關鍵詞： 早期經歷 債務保守 Logit模型　出處：《南昌大學》2016年碩士論文　論文類型：學位論文

【摘要】：在過去短短的幾十年里,國內外學術界和實務界對資本結構的研究,由于不乏爭議,以致碩果紛呈。進而,自Graham在2000年提出“債務保守主義”之謎之后,關于公司債務保守行為的研究也備受關注�；诟邔犹蓐犂碚�,本文從高管早期經歷視角對公司債務保守行為提出了一個新解釋。本文以1959-1961三年困難時期為研究背景,使用1999-2006年我國滬深A股上市公司數據,分別利用OLS和Logit回歸模型,估計了高管早期經歷對公司債務保守行為的影響。我們發(fā)現(xiàn):在童年期及童年期以后階段具有饑荒經歷的高管在公司融資政策上偏好低債務水平,甚至偏好零負債,表現(xiàn)出債務保守主義。同時,相比于男性,女性高管更具有債務保守傾向;但在早期經歷高管中,女性并沒有表現(xiàn)出與公司債務保守行為穩(wěn)定且顯著的關系。更為具體地,我們發(fā)現(xiàn),早期經歷的董事長和CEO對公司的債務保守行為具有顯著為正的影響,而早期經歷的CFO與公司的債務保守并不存在顯著的關系。
[Abstract]:In the past few decades, the research on the capital structure in the academic and practical circles at home and abroad has been fruitful because of the controversy. Furthermore, since Graham put forward the mystery of "debt conservatism" in 2000, Based on the theory of high-level echelon, this paper puts forward a new explanation of corporate debt conservative behavior from the perspective of the early experience of executives. This paper takes the difficult period of 1959-1961 as the background. Using the data of China's Shanghai and Shenzhen A-share listed companies from 1999 to 2006, using OLS and Logit regression models, We estimate the impact of early executive experience on corporate debt conservatism. We found that executives who experienced famine in childhood and later childhood preferred low debt levels or even zero debt in corporate financing policies. Showing debt conservatism. At the same time, female executives are more likely to be debt conservative than men; but in their early experience, women did not show a stable and significant relationship with corporate debt conservatism. More specifically, We found that the early experience of the chairman and CEO have a significant positive impact on corporate debt conservation behavior, but early experience of CFO and the company's debt conservatism does not have a significant relationship.
【學位授予單位】：南昌大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F275;F272.91

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本文編號：1516657