高管财务背景对债务融资成本的影响——基于会计信息可比性的中介效应

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作者	李佰慧
姓名汉语拼音	Li Baihui
学号	2018000008346
培养单位	兰州财经大学
电话	15730972660
电子邮件	2933309604@qq.com
入学年份	2018-9
学位类别	学术硕士
培养级别	硕士研究生
学科门类	管理学
一级学科名称	工商管理
学科方向	会计学
学科代码	120201
授予学位	管理学硕士
第一导师姓名	方文彬
第一导师姓名汉语拼音	Fang Wenbin
第一导师单位	兰州财经大学
第一导师职称	教授
题名	高管财务背景对债务融资成本的影响——基于会计信息可比性的中介效应
英文题名	The Impact of Senior Executives' Financial Background on Debt Financing Costs —Mediating effect based on comparability of accounting information
关键词	高管财务背景债务融资成本会计信息可比性
外文关键词	Financial background of senior management ; Debt financing costs ; Comparability of accounting information
摘要	融资问题是理论界和实务界广泛讨论的热点话题，相比于股权融资，债务融资是我国进行企业外部融资的主要渠道，但因金融市场上流动资金供给不足、融资结构不平衡，债务融资成本一直居高不下。因此，如何降低债务融资成本成为了企业必须关注的问题。高管作为企业中最具影响力的管理者，掌管着企业日常的经营和运作，相较于其他管理者而言，对公司的各项政策有更强的解释力度。随着高层梯队理论的提出，有学者开始研究高管不同背景特征带来的经济后果，已有研究表明，高管的异质性特征会影响企业债务融资成本，财务背景作为高管的一种特殊背景，能否影响企业债务融资成本以及如何影响债务融资成本？目前鲜有文献探讨。鉴于此，本文基于高管的财务背景，以 2011 年-2019 年我国沪深 A 股上市公司为研究样本，通过构建多元回归模型，深入研究了高管财务背景对债务融资成本的影响及作用路径。同时通过替换解释变量和被解释变量，以及内生性检验的方式对研究结论进行了稳健性检验。研究结果表明：聘用有财务工作背景的董事长或总经理有助于企业债务融资成本的降低，通过路径研究发现，高管财务背景可以通过提升会计信息的可比性继而达到降低企业债务融资成本的效果。进一步研究表明：有财务背景的高管提高会计信息可比性的意愿会受自利动机的影响，进而会影响到企业债务融资成本，在企业业绩压力较小、外部监督较强以及内控质量较高时，高管的自利动机会减弱，对企业债务融资成本的降低效果更显著。通过研究高管财务背景、会计信息可比性和债务融资成本三者之间的关系，本文进一步丰富了债务融资成本影响因素的相关文献，同时也从会计信息可比性和债务融资成本视角延伸了对高管财务背景经济后果的理解，丰富了高层梯队理论，并为债权人做出合理的投资决策和降低企业债务融资成本提供了新启示。
英文摘要	Financing is a hot topic widely discussed in theoretical and practical circles.Compared with equity financing, debt financing is the main channel of external financing for enterprises in our country. However, due to insufficient liquidity supply and unbalanced financing structure in financial markets, the cost of debt financing remains high. Therefore, how to reduce the cost of debt financing has become an issue that enterprises must pay attention to. As the most influential manager in the enterprise, senior management is in charge of the daily operation and operation of the enterprise. Compared with other managers, senior management has a stronger explanation of the policies of the company. With the introduction of the senior echelon theory, some scholars have begun to study the economic consequences brought by the different background characteristics of senior executives. Previous studies have shown that the heterogeneity characteristics of senior executives will affect corporate debt financing costs. As a special background of senior executives,can financial background affect corporate debt financing costs and how can it affect debt financing costs? At present, there is little literature to discuss. In view of this, based on the financial work experience of senior managers, this paper takes China's Shanghai and Shenzhen A-share listed companies from 2011 to 2019 as the research sample, and through building a multiple regression model to deeply explore whether and how the financial experience of senior managers affects the cost of corporate debt financing. At the same time, it tests the robustness of the research conclusion by replacing the financial background of senior executives and agency variables of debt financing cost, and by means of endogenous test. The results of the study ultimately show that Hiring a chairman or general manager with financial experience is helpful to reduce corporate debt financing costs. Through path research, it is found that the financial background of managers can reduce the interest expense of company debt by enhancing the comparability of financial statements. Further research shows that the willingness of executives with financial background to improve the comparability of accounting information will be affected by self-interest motivation, which will further affect the cost of corporate debt financing. When the pressure on corporate performance is low, exterior supervision is great and interior control level is high, the opportunistic behavior of executives will be weakened, and the effect of reducing the use cost of debt funds is even greater. Through further research the relationship among the financial background of the top manager, the comparability of accounting information and the cost of debt capital, this paper expands the relevant literature that affects the debt capital cost of listed companies. At the same time, it also extends the understanding of the economic consequences of senior executives' financial background from the perspective of the comparability of financial reports and debt financing expenses, enriches the theory of senior echelon, and provides a new idea for creditors to make reasonable investment decisions and reduce the interest expense of corporate debt.
学位类型	硕士
答辩日期	2021-05-16
学位授予地点	甘肃省兰州市
研究方向	财务会计理论与方法
语种	中文
论文总页数	56
参考文献总数	84
馆藏号	0003612
保密级别	公开
中图分类号	F23/600
文献类型	学位论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/29355
专题	会计学院
推荐引用方式 GB/T 7714	李佰慧. 高管财务背景对债务融资成本的影响——基于会计信息可比性的中介效应[D]. 甘肃省兰州市. 兰州财经大学,2021.

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