|
|
|
| The Gains and Losses of Senior Management Experience？Evidence from the Bond Market |
| LIN Wanfa, ZHONG Huiyong, LI Qingyuan
|
School of Economics and Management, Wuhan University;
School of Finance, Shanghai University of International Business and Economics |
|
|
|
|
Abstract This paper uses corporate bond data issued on the exchange bond market from 2008 to 2015 to examine the effect of the senior management experience on bond issuance success rates and credit spreads. The study finds that compared to companies without senior executives serving as deputies to the National People's Congress or members of the Chinese People's Political Consultative Conference, the companies whose executives have served as deputies to the National People's Congress or members of the Chinese People's Political Consultative Conference have higher success rates for issuing bonds, but at the same time, their issuing costs are also greater. After considering possible endogenous issues, the above results remain robust. Our further study finds that for companies with senior management experience mentioned above, they perform more earnings management before the bonds were issued, making subsequent performance “changing face,” so investors would demand a higher risk premium. The research in this paper shows that although the experience of senior executives will help companies successfully issue bonds, the bond market also requires companies to pay higher costs.
|
|
Received: 17 March 2017
Published: 01 November 2018
|
|
|
|
|
| [1] |
陈东和刘金东,2013,《农村信贷对农村居民消费的影响——基于状态空间模型和中介效应检验的长期动态分析》,《金融研究》第6期,第160～172页。
|
| [2] |
陈运森、郑登津和李路,2014,《民营企业发审委社会关系IPO资格与上市后表现》,《会计研究》第2期,第12～19页。
|
| [3] |
纪志宏,2017,《债券市场的机制建设》,《中国金融》第1期,第19～21页。
|
| [4] |
李健和陈传明,2013,《企业家政治关联、所有制与企业债务期限结构——基于转型经济制度背景的实证研究》,《金融研究》第3期,第157～169页。
|
| [5] |
李维安和徐业坤,2012,《政治关联形式、制度环境与民营企业生产率》,《管理科学》第2期,第1～12页。
|
| [6] |
刘娥平和施燕平,2014,《盈余管理、公司债券融资成本与首次信用评级》,《管理科学》第5期,第91～103页。
|
| [7] |
逯东、万丽梅和杨丹,2015,《创业板公司上市后为何业绩变脸？》,《经济研究》第2期,第132～143页。
|
| [8] |
罗党论和唐清泉,2009,《中国民营上市公司制度环境与绩效问题研究》,《经济研究》第2期,第106～118页。
|
| [9] |
罗党论和甄丽明,2008,《民营控制政治关系与企业融资约束——基于中国民营上市公司的经验证据》,《金融研究》第12期,第164～178页。
|
| [10] |
毛新述和周小伟,2015,《政治关联与公开债务融资》,《会计研究》第6期,第26～33页。
|
| [11] |
唐松和孙铮,2014,《政治关联、高管薪酬与企业未来经营绩效》,《管理世界》第5期,第93～105页。
|
| [12] |
王小鲁、樊纲和余静文,2017,《中国分省份市场化指数报告(2016)》,中国社会科学文献出版社。
|
| [13] |
王雄元和张春强,2013,《声誉机制、信用评级与中期票据融资成本》,《金融研究》第8期,第150～164页。
|
| [14] |
辛明磊和高勇强,2014,《政治关系、市场化程度与公司债融资——来自我国上市公司的经验证据》,《经济管理》第7期,第100～109页。
|
| [15] |
徐忠,2015,《中国债券市场发展中热点问题及其认识》,《金融研究》第2期,第29～35页。
|
| [16] |
余明桂和潘红波,2008,《政治关系、制度环境与民营企业银行贷款》,《管理世界》第8期,第9～21页。
|
| [17] |
张敏、张胜、申慧慧和王成方,2010,《政治关联与信贷资源配置效率——来自我国民营上市公司的经验证据》,《管理世界》第11期,第143～153页。
|
| [18] |
周宏、林晚发、李国平和王海妹,2012,《信息不对称与企业债券信用风险估价——基于2008-2011 年中国企业债券数据》,《会计研究》第12期,第36～42页。
|
| [19] |
周宏、徐兆铭、彭丽华和杨萌萌,2011,《宏观经济不确定性对中国企业债券信用风险的影响——基于 2007-2009 年月度面板数据》,《会计研究》第12期,第41～45页。
|
| [20] |
钟辉勇、钟宁桦和朱小能,2016,《城投债的担保可信吗？——来自债券评级和发行定价的证据》,《金融研究》第4期,第66～82页。
|
| [21] |
钟辉勇、张一凡和林晚发,2017,《中国债券评级行业的现状与问题:次贷危机十年后的反思》,《财经智库》第6期,第125～138页。
|
| [22] |
Acharya, V., S. A. Davydenko and I. A. Strebulaev. 2012. “Cash Holdings and Credit Risk”. Review of Financial Studies, 25(12): 3572-3609.
|
| [23] |
Chen, C., Z. Q. Li, X. J. Su and Z. S. 2011. “Rent-Seeking Incentives, Corporate Political Connections, and the Control Structure of Private Firms: Chinese Evidence”. Journal of Corporate Finance, 17(2): 229~243.
|
| [24] |
Chen, T. K., Y. J. Tseng and Y. T. Hsieh. 2015. “Real Earnings Management Uncertainty and Corporate Credit Risk”. European Accounting Review, 24(3): 413~440.
|
| [25] |
Cormier, D., M. Ledoux and W. Aerts. 2010. “Corporate Governance and Information Asymmetry between Managers and Investors”. Corporate Governance: The International Journal of Business in Society, 10(5): 574~589.
|
| [26] |
Deng, X. M. and Y. Li. 2017. “Consumers' Responses to Corporate Social Responsibility Initiatives: The Mediating Role of Consumer-Company Identifications”. Journal of Business Ethics. 142: 515~526.
|
| [27] |
Fan, J. P. H., T. J., Wong and T. Y. Zhang. 2007. “Politically Connected CEOs, Corporate Governance, and Post-IPO Performance of China's Newly Partially Privatized Firms”. Journal of Financial Economics, 84(2): 330~357.
|
| [28] |
Houston, J. F., L. L. Jiang, C. Lin and Y. Ma. 2014. “Political Connections and the Cost of Bank Loans”. Journal of Accounting Research, 52(1): 198~243.
|
| [29] |
Zhou, H., G. P. Li and W. F. Lin. 2016. “Corporate Social Responsibility and Credit Spreads-An Empirical Study in Chinese Context”. Annals of Economics and Finance. 17-1: 79~103.
|
|
|
|
