海外背景董事与债务融资成本——基于董事会咨询和监督职能的中介效应

›› 2019, Vol. 31 ›› Issue (11): 202-211.

海外背景董事与债务融资成本——基于董事会咨询和监督职能的中介效应

谢获宝, 丁龙飞, 廖珂

武汉大学经济与管理学院, 武汉 430072

收稿日期:2018-04-27 出版日期:2019-11-28 发布日期:2019-11-30
通讯作者: 丁龙飞,武汉大学经济与管理学院博士研究生
作者简介:谢获宝,武汉大学经济与管理学院教授,博士生导师,博士;廖珂,武汉大学经济与管理学院助理教授,博士。
基金资助:
国家自然科学基金面上项目（71803146）；教育部人文社会科学研究规划基金项目（19YJA630093）。

Overseas Background Directors and Debt Costs——Evidence from the Mediating Effect of the Advisory and Supervisory Functions

Xie Huobao, Ding Longfei, Liao Ke

Economics and Management School, Wuhan University, Wuhan 430072

Received:2018-04-27 Online:2019-11-28 Published:2019-11-30

摘要/Abstract

摘要：

海外背景董事已成为公司治理的重要力量，直接关系到董事会职能的发挥，进而影响债权人的信贷意愿。本文手工整理2009—2016年沪深A股上市公司董事海外特征数据，研究了海外背景董事对债务融资成本的影响。研究表明，海外背景董事通过优化董事会咨询和监督职能，从而降低债务融资成本。进一步研究发现，在政府干预程度越高和法治发展水平越低的地区，海外背景董事降低企业债务融资成本的作用越强。本文首次从债权人视角，突出董事会职能的中介效应，研究海外背景董事的经济后果，丰富了董事特征影响债务契约的文献，明晰了董事会治理有效性概念。

关键词: 海外背景, 债务融资成本, 董事会, 中介效应

Abstract:

Returnee directors have become an important force shaping the corporate governance of Chinese firms. They directly affect board functions and thus affect the creditors' willingness to provide credit. In this paper, based on a hand-collected database of the background information of the directors of firms listed in Shanghai and Shenzhen stock exchanges during the period from 2009 to 2016, we study how the overseas background of directors affects firms' cost of debt financing. Our empirical evidence shows that directors' overseas background lowers the firms' cost of debt financing by optimizing the advisory and supervisory functions of the board. Additional tests show that such effect is more pronounced in regions with strong government intervention and weak legal enforcement, where the returnee directors would be able to play a more important role. We are the first to show economic consequences of returnee directors from the perspective of debt contracting, and our study contributes to the literature that studies how the characteristics of the board of directors affect corporate governance effectiveness.

Key words: overseas background, debt costs, board of directors, mediating effect

谢获宝, 丁龙飞, 廖珂. 海外背景董事与债务融资成本——基于董事会咨询和监督职能的中介效应[J]. , 2019, 31(11): 202-211.

Xie Huobao, Ding Longfei, Liao Ke. Overseas Background Directors and Debt Costs——Evidence from the Mediating Effect of the Advisory and Supervisory Functions[J]. , 2019, 31(11): 202-211.

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