【摘要】 本文以2008-2016年中国A股上市公司为样本,探讨管理人员研究经历对商业信用融资的"净效应"。研究结果表明,管理人员研究经历有助于企业获取更多的商业信用融资;相较于国有企业,管理人员研究经历有助于提升民营企业的商业信用融资;而当民营企业处于法治水平相对滞后的地区时,这种正向影响更为显著。关于作用机理的进一步研究表明,管理人员研究经历是通过强化企业内部控制建设、降低企业财务风险进而提升了企业获取商业信用的能力。更多还原

【Abstract】 Based on the samples of China’s A-share listed companies during 2008-2016, the authors of this paper analyze the the"net effect"of executive’s research experience on commercial credit financing. The results of the paper show that the research experience of senior executives helps improve a company’s capacity in commercial credit financing; in comparison with the state-owned companies, private companies can benefit more in commercial credit financing by the research experience of senior executives, especially in regions with lagged practice in rule by law. The further research on the mechanism shows that the executive’s research experience enhances the company’s ability to gain commercial credits by strengthening its internal control and reducing its financial risks.更多还原