本文研究了董事的社會(huì)網(wǎng)絡(luò)是否能夠給公司提供選擇高質(zhì)量審計(jì)師的資源,從而降低公司的融資成本。具體而言,本文探討了良好的董事網(wǎng)絡(luò)和高質(zhì)量審計(jì)師在影響公司債務(wù)成本方面發(fā)揮的作用。利用1996到2013年S&P1500的公司樣本,我發(fā)現(xiàn)了強(qiáng)而有力的證據(jù)表明,有著良好董事網(wǎng)絡(luò)的公司擁有高質(zhì)量的審計(jì)師,其債務(wù)成本顯著降低。對于擁有強(qiáng)大公司治理機(jī)制、CEO薪酬體系以及CEO-Chairman共同職位的公司來說,這種緩解作用更為明顯。我的發(fā)現(xiàn)強(qiáng)調(diào)了董事網(wǎng)絡(luò)是公司資源傳遞的重要渠道,它能進(jìn)一步增強(qiáng)投資者的信心。另外,從債權(quán)人角度,本文為企業(yè)網(wǎng)絡(luò)的價(jià)值創(chuàng)造領(lǐng)域提供了另一種解釋和補(bǔ)充。 

【文章來源】：廈門大學(xué)福建省 211工程院校 985工程院校 教育部直屬院校

【文章頁數(shù)】：64 頁

【學(xué)位級(jí)別】：碩士

【文章目錄】：
摘要
Abstract
Chapter 1 Introduction
    1.1 Background of the study
Chapter 2 Review of Literature and Development of Hypotheses
    2.1 Introduction
    2.2 Related Literature
        2.2.1 The choice of a high-quality auditor and cost of debt
        2.2.2 Director's governance quality and cost of debt
        2.2.3 The role of a high-quality auditor
        2.2.4 Social network of directors
        2.2.5 Financing costs of companies
    2.3 Research gap and objective
    2.4 Hypothesis Development
        2.4.1 How does the network of directors' influence auditor quality?
        2.4.2 The effect of networks of directors and auditor quality on the cost of debt financing
        2.4.3 The effect of equity-based compensation on the relations between director network, auditorquality and cost of debt
        2.4.4 The effect of CEO duality on the relations between director network, auditor quality and cost ofdebt
Chapter 3 Research Methodology
    3.1 Research design
    3.2 Data and sample selection
    3.3 Measurement of the main variables
        3.3.1 Measurement of the cost of debt
        3.3.2 Measuring director network centrality of a company
        3.3.3 Measuring auditor quality
        3.3.4 Measuring Directors Equity-based compensation
        3.3.5 Measuring CEO duality
    3.4 Sample description
    3.5 Correlation matrix
    3.6 Multivariate analysis
Chapter 4 Results and Discussion
    4.1 Empirical analysis on H1
        4.1.1 Analysis of director network and auditor quality
        4.1.2 Analysis of the effect of director network and auditor quality on cost of debt
    4.2 Accounting for the effects of corporate governance
    4.3 Empirical analysis on the effect of equity-based compensation on the relations between directornetwork, auditor quality and cost of debt
    4.4 Empirical analysis on the effect of CEO duality on the relations between directornetwork, auditor quality and cost of debt
    4.5 Addressing Endogeneity
Chapter 5 Conclusion
    5.1 Summary and Conclusion
References
Result Tables
Appendix
Acknowledgement



本文編號(hào)：2918556