【摘要】：持續(xù)不斷的外部融資是促進(jìn)企業(yè)快速發(fā)展的重要因素,然而對于中國經(jīng)濟(jì)發(fā)展來說,企業(yè)的融資約束問題已經(jīng)成為制約經(jīng)濟(jì)轉(zhuǎn)型和升級(jí)的重要瓶頸之一,解決所面臨的融資約束是企業(yè)持續(xù)健康發(fā)展的關(guān)鍵。世界銀行的報(bào)告表明,中國有75%的非金融類上市企業(yè)選擇將融資約束作為企業(yè)發(fā)展的主要障礙。在會(huì)計(jì)研究中,國內(nèi)外眾多學(xué)者已經(jīng)從不同角度提出了融資約束的影響因素�；谥袊鴰浊臧l(fā)展過程中積淀下來的“關(guān)系”文化,本文從高管金融關(guān)聯(lián)角度切入,研究企業(yè)通過聘請具有金融機(jī)構(gòu)從業(yè)經(jīng)驗(yàn)的高管來建立的金融關(guān)聯(lián)能否對融資約束起緩解作用。高階理論認(rèn)為,高管個(gè)人背景特征會(huì)對企業(yè)的戰(zhàn)略及價(jià)值產(chǎn)生影響,因此本文又進(jìn)一步研究高管不同的個(gè)人金融背景特征對融資約束的緩解作用大小有何不同。同時(shí),國內(nèi)外許多學(xué)者已經(jīng)證明企業(yè)會(huì)計(jì)信息披露質(zhì)量是影響企業(yè)融資約束的一個(gè)重要因素,那么隨著監(jiān)管者和投資者對企業(yè)會(huì)計(jì)系信息披露質(zhì)量要求的不斷提高,會(huì)計(jì)信息透明度的提高是否會(huì)使高管金融關(guān)聯(lián)對融資約束的緩解作用減弱或消失,即會(huì)計(jì)信息透明度是否可以替代高管金融關(guān)聯(lián)對融資約束發(fā)揮作用。如果可以,在高管具有不同個(gè)人金融背景特征的情況下,該替代作用會(huì)有什么不同。本文基于實(shí)證會(huì)計(jì)研究范式,以2011-2014年的深交所上市公司為樣本,借助現(xiàn)金-現(xiàn)金流模型,結(jié)果發(fā)現(xiàn):(1)企業(yè)通過聘請具有金融機(jī)構(gòu)從業(yè)經(jīng)驗(yàn)的高管來建立金融關(guān)聯(lián)可以顯著緩解企業(yè)融資約束。當(dāng)聘請高管的個(gè)人金融背景特征不同時(shí),所建立的金融關(guān)聯(lián)對融資約束的緩解作用程度也不同,聘請的高管此前在金融機(jī)構(gòu)工作年數(shù)越多,該金融關(guān)聯(lián)對企業(yè)融資約束的緩解作用越大,相對于聘請非銀行工作背景的高管來說,聘請銀行工作背景的高管所建立的金融關(guān)聯(lián)對融資約束的緩解作用更大。(2)在引入會(huì)計(jì)信息透明度后發(fā)現(xiàn),從整體上來看,提高會(huì)計(jì)信息透明度可以緩解企業(yè)融資約束。會(huì)計(jì)信息透明度可以替代高管金融關(guān)聯(lián)對融資約束發(fā)揮作用,且相對于銀行背景的高管金融關(guān)聯(lián)來說,會(huì)計(jì)信息透明度對非銀行背景的高管金融關(guān)聯(lián)的替代作用更大。
[Abstract]:Continuous external financing is an important factor to promote the rapid development of enterprises. However, for China's economic development, the financing constraints of enterprises have become one of the important bottlenecks restricting the economic transformation and upgrading. To solve the financing constraints is the key to the sustainable and healthy development of enterprises. According to the World Bank report, 75 percent of China's non-financial listed companies choose financing constraints as the main obstacle to their development. In accounting research, many scholars at home and abroad have put forward the influence factors of financing constraints from different angles. Based on the "relationship" culture accumulated in the course of thousands of years' development in China, this paper analyzes the relationship between senior executives from the perspective of financial connection. To study whether the financial association established by employing executives with experience in financial institutions can ease the financing constraints. According to the higher order theory, the personal background characteristics of senior executives will have an impact on the strategy and value of enterprises, so this paper further studies how different financial background characteristics of senior executives have different effects on the mitigation of financing constraints. At the same time, many scholars at home and abroad have proved that the quality of enterprise accounting information disclosure is an important factor affecting corporate financing constraints. Whether the improvement of accounting information transparency will weaken or disappear the mitigation effect of financial association to financing constraints, that is, whether accounting information transparency can replace the role of financial association of senior executives in financing constraints. If so, what is the difference in this alternative when executives have different personal financial backgrounds. Based on the empirical accounting paradigm, this paper takes the Shenzhen Stock Exchange listed companies in 2011-2014 as a sample, with the help of cash-cash flow model. The results are as follows: (1) financing constraints can be significantly alleviated by employing senior executives with experience in financial institutions to establish financial linkages. When the characteristics of personal financial background of hiring executives are different, the degree of mitigation of financial constraints is different. The more senior executives have been employed in financial institutions, the more years they have worked in financial institutions. The greater the impact of this financial link on corporate financing constraints, the more likely it is to hire executives from non-bank backgrounds. The financial association established by the executives employed by the bank has a greater effect on the mitigation of financial constraints. (2) after introducing the transparency of accounting information, it is found that improving the transparency of accounting information can alleviate the financial constraints of enterprises. The transparency of accounting information can replace the role of executive financial association in financing constraints, and accounting information transparency plays a more important role in the substitution of non-bank background than that of bank background.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F275
，

本文編號(hào)：2124431