摘要
公司的融资决策会受到CEO的财务经历影响,进而影响公司的资本结构。通过对有财务经历和无财务经历的CEO的个人特征进行描述性统计,以控制组与处理组中的长期资本负债率为研究对象,对比CEO变更前后的相关变化,得出结论:CEO的变更事项发生后,有财务经历的CEO所在的公司,长期资本负债率较高;CEO具有财务经历这一特征对公司的成长性、盈利能力和自由现金流量有影响,会在成长性、盈利能力、公司规模、资产抵押性作用于公司的融资决策时产生影响,对自由现金流量作用于资本结构的过程产生促进作用。但无法明确判断CEO的财务经历是否会对管理者持股比例、国有股比重和非债务税盾作用于资本结构的过程产生影响。
A company's financing decision will be influenced by the CEO's financial experience,and then affect the company's capital structure.Through descriptive statistics on the personal characteristics of CEOs with and without financial experience,taking the long-term capital liabilities ratio of control group and treatment group as the research objects,and comparing the relevant changes before and after the CEO changes,it is concluded that after the CEO changes,the long-term capital liabilities ratio of the company in which the CEO with financial experience is higher.A CEO with financial experience is a characteristic influencing the growth,profitability and free cash flow of the company.It will play its role when the growth,profitability,company size and asset mortgage acting on the company's financing decision-making,and promote the process when free cash flow acting on the capital structure.However,it is not clear whether the CEO's financial experience will have an impact on the process when capital structure affected by managerial ownership ratio,the proportion of state-owned shares and non-debt tax shield.
作者
熊伟
刘芳宇
XIONG Wei;LIU Fangyu
出处
《商业经济》
2019年第10期152-155,共4页
Business & Economy
基金
辽宁省教育厅人文社科研究项目：强制性披露背景下上市公司高管特征与内部控制审计研究(LN2016JD002)
关键词
财务经历
资本结构
管理者个人特征
financial experience
capital structure
personal characteristic of managers
