摘要
公司的高层管理团队在运营发展中扮演着关键角色,高管团队的不稳定引起企业内外部利益相关者的担忧,尤其是以固定本息收益为回报的债权人,相较权益融资者,其对企业的经营风险具有更强的敏感性,高层管理团队的稳定性能够增强其对企业稳定经营的信心。本文从信号传递理论和企业生命周期理论的角度出发,基于中国沪深两市A股上市公司2008—2021年的观察数据进行实证研究。结果显示:(1)高管团队稳定性能显著降低企业债务融资成本;(2)引入企业生命周期分析发现,高管团队稳定性对企业债务融资成本的负向影响在成熟期和衰退期企业中更显著,在成长期企业中显著性被削弱;(3)高管教育背景异质性显著增强高管团队稳定性对企业债务融资成本的作用,且这种调节作用仅在成熟期企业中显著。研究结论表明我国上市公司要重视高层管理团队的建设,并丰富对高管团队稳定性的财务价值的相关研究。
The executive management team plays a key role in the operation and development of the company,and the instability of the executive management team arouses the concerns of the internal and external stakeholders of the company,especially the creditors who are rewarded with ffxed principal and interest income,which are more sensitive to the operation risks of the company compared with the equity ffnanciers,and the stability of the executive management team can enhance their conffdence in the stable operation of the company.This paper conducts an empirical study from the perspectives of signaling theory and enterprise life cycle theory based on the observed data of A-share listed companies in China’s Shanghai and Shenzhen markets from 2008 to 2021.The results show that:1)the executive team stability signiffcantly reduces the costs of corporate debt ffnancing;2)the introduction of corporate life cycle analysis ffnds that the negative effect of executive team stability on corporate debt financing costs is more significant in mature and declining companies,and the significance is undermined in budding enterprises;3)the heterogeneity of executive educational background signiffcantly enhances the role of executive team stability on corporate debt ffnancing costs,and this moderating effect is only signiffcant in mature-period companies.The conclusion of the study suggests that China’s listed companies should pay attention to the construction of the executive management team and enrich the related research on the ffnancial value of the stability of the executive team.
作者
王雪
WANG Xue(Nanjing Normal University Nanjing,Jiangsu 210024)
出处
《中国商论》
2023年第21期161-164,共4页
China Journal of Commerce
关键词
高管团队
管理团队稳定性
企业债务融资成本
企业生命周期
高管团队教育背景异质性
executive teams
management team stability
enterprise debt ffnancing costs
enterprise life cycle
heterogeneity of educational backgrounds of executive teams
