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本文研究了高管学术经历对企业债务融资成本的影响。研究结果发现,高管学术经历能够降低公司债务融资成本约6.4%。从作用机制上看,高管学术经历降低了公司的盈余管理程度,提高了会计稳健性水平;同时,高管学术经历对债务融资成本的降低效应在小事务所审计的、分析师跟踪人数较少的公司中更为突出。这表明高管学术经历通过降低企业信息风险和债务代理风险两个途径来影响债务融资成本。此外,研究还发现,高管学术经历降低企业债务融资成本的效应在贷款难、融资难问题更为突出的企业中更为明显;高管学术经历也有助于企业更容易从银行获得贷款。
This paper studies the impact of executive academic experience on corporate debt financing costs. The study found that executive academic experience reduced corporate debt financing costs by about 6.4%. From the perspective of the mechanism of action, the executive academic experience reduces the company’s earnings management and enhances the level of accounting conservatism. At the same time, the decreasing effect of executive academic experience on the cost of debt financing is audited by small firms. Less prominent in the company. This shows that executive academic experience affects the cost of debt financing by reducing the risk of corporate information and debt agency. In addition, the study also found that the academic experience of senior executives to reduce the cost of corporate debt financing effect in the loan more difficult, more prominent problem of financing more prominent enterprises; executive academic experience will also help businesses more easily obtain loans from banks.