贵州财经大学学报

贵州财经大学学报 ›› 2022 ›› Issue (03): 69-79.

• 工商管理 • 上一篇    下一篇

高管饥荒经历与企业债务违约

张兴亮1,2, 尹启华1,2   

  1. 1. 南京审计大学 会计学院/智能管理会计与内部控制研究院, 江苏 南京 211815;
    2. 绍兴文理学院 商学院, 浙江 绍兴 312000
  • 收稿日期:2021-05-01 出版日期:2022-05-15 发布日期:2022-05-21
  • 作者简介:张兴亮(1975-),男,南京审计大学教授,博士,研究方向为会计信息与公司治理;尹启华(1977-),男,绍兴文理学院副教授,博士,研究方向为公司理财。
  • 基金资助:
    国家社会科学基金项目"基于高管递延薪酬设计视角的国有企业杠杆率研究"(19BGL063)。

Executives’ Famine Experience and Corporate Debt Default

ZHANG Xing-liang1,2, YIN Qi-hua1,2   

  1. 1. School of Accounting/Institute of Intelligent Management Accounting and Internal Control, Nanjing Audit University, Jiangsu, Nanjing 211815, China;
    2. Schoolf of Business, Shaoxing University, Zhejiang, Shaoxing 312000, Chian
  • Received:2021-05-01 Online:2022-05-15 Published:2022-05-21

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摘要： 依据高层梯队理论和心理学理论，以2007~2019年中国A股上市公司为样本，研究高管饥荒经历对企业债务违约的影响。研究发现，高管饥荒经历使其更注重来之不易的成绩和声誉，使其债务决策行为更加保守、谨慎，企业债务违约的可能性更低；并且在内部控制水平低的企业和法制环境差的地区，上述现象更显著。进一步研究发现，2008年汶川大地震之后，高管有饥荒经历的企业，债务违约的可能性更低；而且高管有饥荒经历的企业，借新还旧的比例更小。因此，银行等金融机构在信贷决策时要关注企业高管经历等非财务信息。

关键词: 企业高管, 饥荒经历, 债务违约, 内部控制, 法制环境

Abstract: Basing on the upper echelon theory and psychological theory, and taking A-share listed companies from 2007 to 2019 as research sample, this paper studies the impact of executives' famine experience on corporates debt default. The paper finds that executives' famine experience make them pay more attention to their hard won achievements and reputation, and make their debt decision-making behavior more conservative and cautious, thus the possibility of corporate debt default is lower. The above phenomenon is more significant in corporates with low level of internal control and in areas with poor legal environment. Further research shows that after the 2008 Wenchuan earthquake, the corporates with famine experience are less likely to default on their debts, and that the ratio of borrowing new to repay the old is smaller in the enterprises with famine experience executives. Therefore, banks and other financial institutions should pay attention to non-financial information such as executives' experience when making credit decisions.

Key words: corporate executives, famine experience, debt default, internal control, legal environment

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