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论文编号：	8439
作者编号：	2120142416
上传时间：	2016/6/12 19:14:42
中文题目：	高管金融关联背景特征、会计信息透明度与企业融资约束
英文题目：	The Background Traits of Executives’ Financial Connection、Transparency of Accounting Information and The Financing Constrains
指导老师：	周宝源
中文关键字：	高管金融关联;背景特征;会计信息透明度;企业融资约束
英文关键字：	Executives’ interconnected financial; Background traits；Transparency of accounting information; Financing constrain
中文摘要：	持续不断的外部融资是促进企业快速发展的重要因素，然而对于中国经济发展来说，企业的融资约束问题已经成为制约经济转型和升级的重要瓶颈之一，解决所面临的融资约束是企业持续健康发展的关键。世界银行的报告表明，中国有75%的非金融类上市企业选择将融资约束作为企业发展的主要障碍。在会计研究中，国内外众多学者已经从不同角度提出了融资约束的影响因素。基于中国几千年发展过程中积淀下来的“关系”文化，本文从高管金融关联角度切入，研究企业通过聘请具有金融机构从业经验的高管来建立的金融关联能否对融资约束起缓解作用。高阶理论认为，高管个人背景特征会对企业的战略及价值产生影响，因此本文又进一步研究高管不同的个人金融背景特征对融资约束的缓解作用大小有何不同。同时，国内外许多学者已经证明企业会计信息披露质量是影响企业融资约束的一个重要因素，那么随着监管者和投资者对企业会计系信息披露质量要求的不断提高，会计信息透明度的提高是否会使高管金融关联对融资约束的缓解作用减弱或消失，即会计信息透明度是否可以替代高管金融关联对融资约束发挥作用。如果可以，在高管具有不同个人金融背景特征的情况下，该替代作用会有什么不同。 本文基于实证会计研究范式，以2011-2014年的深交所上市公司为样本，借助现金-现金流模型，结果发现：（1）企业通过聘请具有金融机构从业经验的高管来建立金融关联可以显著缓解企业融资约束。当聘请高管的个人金融背景特征不同时，所建立的金融关联对融资约束的缓解作用程度也不同，聘请的高管此前在金融机构工作年数越多，该金融关联对企业融资约束的缓解作用越大，相对于聘请非银行工作背景的高管来说，聘请银行工作背景的高管所建立的金融关联对融资约束的缓解作用更大。（2）在引入会计信息透明度后发现，从整体上来看，提高会计信息透明度可以缓解企业融资约束。会计信息透明度可以替代高管金融关联对融资约束发挥作用，且相对于银行背景的高管金融关联来说，会计信息透明度对非银行背景的高管金融关联的替代作用更大。
英文摘要：	Continuous external financing is an important factor in promoting the rapid development of the enterprises. Financing constrains has become one of the important obstacles to restrict the update and transformation of our economic. Solving the problem of the financing constrains is the key to keep the continued development for the company. According from the report of the world bank, 75% of the listed company in china chose the financing constrains as the main obstacle to sustainable development. Referring to the influencing factors of the financing constrains, scholars from all over the world have propose the factors in different point of views. Based on the imperfection financial environment of china and the special “relationship” culture, this paper focus on the executives’ interconnected financial, studying if the interconnected financial of the executives can ease the financing constrains. The upper echelons theory has put forward the viewpoint that the personal background characteristics of the executives can influence the enterprise’s decision-making and the corporation value. So how the different financial background traits of the executives play a different role in releasing financial constrains is another research focus . At the same time, many scholars have proved that the disclosure quality of accounting information is one of important factors to influence the corporate financing constrains, as both regulators and investors improve the requirements of the disclosure quality of accounting information, this paper will also focus on that if the improvement of the transparency of accounting information can weaken the negative correlations between executives’ interconnected financial and the financing constrains, and this substitution relation will varies from different personal financial background characteristics of the executives. We employ the listed company in Shenzhen stock markets form year 2010 to 2014 as our research samples, using the Almeida’s cash-cash flow model to conduct the study. We find that: （1）the executives’ interconnected financial is conducive to ease the financing constrains of the companies; the different background traits of the executives can play a different role in releasing financial constrains, the more working years spending on the financing institution can play a greater function on releasing financial constrains; Employing the executives with the bank-background will conduct a greater relief on the financing constrains than the non-bank background, however the years that the executives have leaving the financial institutions conduct no significant correlation with financing constrains;（2）on the whole, the gradually improvement of the accounting information transparency helps to reduces the financing constrains of the listed companies. what’s more, the transparency of accounting information can substitute the executives’ interconnected financial to mitigates the financing constrains of the companies, and this substitution relation will stronger when the company employee the executives with nonbank-background.
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