【摘要】：從軍經(jīng)歷管理者如何進(jìn)行融資決策,給企業(yè)帶來了怎樣的影響?本文以2007~2014年中國A股上市公司為對(duì)象,實(shí)證檢驗(yàn)了軍隊(duì)背景高管的融資偏好及其對(duì)企業(yè)經(jīng)營業(yè)績的影響。研究發(fā)現(xiàn):第一,從軍經(jīng)歷管理者提高了公司的負(fù)債和貸款水平,加重了公司的債務(wù)成本,降低了現(xiàn)金持有水平,所在公司的經(jīng)營業(yè)績更差;第二,從軍經(jīng)歷管理者對(duì)企業(yè)融資和經(jīng)營業(yè)績的影響在非國有企業(yè)中更顯著;第三,在分別使用傾向匹配得分和對(duì)高管變更進(jìn)行考察,控制內(nèi)生性問題后,我們發(fā)現(xiàn)本文的結(jié)論基本不變。本文的發(fā)現(xiàn)表明,軍隊(duì)背景高管偏好高風(fēng)險(xiǎn),決策更為激進(jìn),具體表現(xiàn)為其所在企業(yè)的債務(wù)水平更高、債務(wù)期限結(jié)構(gòu)更短、現(xiàn)金持有水平更低,最終給企業(yè)的經(jīng)營業(yè)績帶來了負(fù)面的影響。
[Abstract]:How do the managers of military experience make the financing decision, what kind of influence does it bring to the enterprise? This paper takes China A-share listed companies from 2007 to 2014 as the object, and empirically tests the financing preference of military background executives and its impact on business performance. The results are as follows: first, the managers of military experience improve the debt and loan level of the company, increase the debt cost of the company, reduce the level of cash holding, and the operating performance of the company is worse; Second, the influence of military experience managers on enterprise financing and business performance is more significant in non-state-owned enterprises; Thirdly, we find that the conclusion of this paper is basically unchanged after the use of propensity matching score and the study of executive change to control the endogenous problem. The findings of this paper show that military background executives prefer high risk and make more radical decisions, as shown by the higher debt level, shorter debt maturity structure and lower cash holdings of the companies in which they work. Finally, it brings negative effect to the business performance of the enterprise.
【作者單位】： 西南財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院、會(huì)計(jì)功能拓展與國家治理能力提升協(xié)同創(chuàng)新中心;
【基金】：國家自然科學(xué)基金項(xiàng)目(71472152、71272245) 中央高�；究蒲袠I(yè)務(wù)費(fèi)專項(xiàng)資金(JBK1507K02) 中國博士后科學(xué)基金資助項(xiàng)目(2016M590897)的資助
【分類號(hào)】：F275;F272.91
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本文編號(hào)：2308213