| Capital,the life-blood of a business enterprise,is of great importance to the sustainable development of an enterprise.At present,there is a widespread structural supply-demand contradiction of credits funds and the imbalance of China's financial development still exists.From a global perspective,financing constraints has been a salient issue for enterprises' development.The problem of financing constraints is much more serious in China since our capital market is still in the stage of continuous development and the relevant legal system is still in construction.To alleviate the financing constraints problem that hinders enterprises' development has been the focus of the theoretical and the practical circles.Under the unique historical and cultural background of our country,enterprises usually pay more attention to the establishment of social network,which they think can bring them specific resources and opportunities of development.In a situation of imperfect legal regulation and financial system,connection with financial organizations may in some way relieve the impact the lack of formal regulation has posed on enterprises.CEO,the leader of an enterprise,plays a decisive role in policy making and their unique experience can also influence the development of the enterprise.Therefore,the experiences of CEOs can be a starting point in the study of financing constraints.From the perspective of CEO's financial background,this paper attempts to study the impact of CEO's financial background on corporate financing constraints by dividing the financial background into bank background and non-bank financial background respectively and analyzing their impact on financing constraints so as to analyze and verify the micro mechanism of CEO's financial experience.Under such background,this paper selects A-share listed companies in Shanghai and Shenzhen from 2008 to 2018 as the research object,studies the impact of CEO's financial background on corporate financing constraints through the construction of empirical analysis model,and analyzes the micro mechanism between the two.The results show that:(1)there is a significant negative correlation between CEO's financial background and the degree of corporate financing constraints,namely,CEO with financial experience can significantly alleviate corporate financing constraints;(2)compared with CEO with non-bank financial background,CEO with bank background plays a more significant role in easing corporate financing constraints;(3)CEOs with financial experience have an impact on corporate financing constraints by playing a resource effect and information effect;(4)CEOs' financial experience can play a resource effect,and when the degree of financial marketization is low and the external financing environment is poor,CEOs' financial experience can significantly alleviate corporate financing constraints;(5)CEOs' financial experience can play a information effect.CEOs' financial experience can significantly alleviate corporate financing constraints when the degree of analyst following is low and the problem of information asymmetry between the two sides of communication is more serious.Empirical research brings a thorough comprehension of the impact of CEO's financial experience on corporate financing constraints through in-depth investigation of the functions of different kinds of financial backgrounds.Meanwhile,the mechanism between CEO's financial background and enterprise financing constraints is analyzed in the research.The result of the research can not only enrich the research of senior echelon theory from the perspective of CEO's personal experience,but also verify the resource effect and information effect of CEO's financial experience in alleviating corporate financing constraints.Based on this,the paper puts forward corresponding opinions and suggestions,which may provide a reference for the selection and employment of CEO and empirical data for the enrichment of financing constraint theory. |
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