CAJ | 학술논문

在资本结构动态调整的理论视角下，区分上证和深证子样本从资本结构动态调整速度和调整效果两个方面，运用NLS和混合OLS方法实证检验了CEO背景特征对资本结构动态调整速度和调整效果的影响。结果表明：CEO的性别、年龄、学历、财会背景对资本结构调整速度有显著影响；而当CEO为男性、年龄较大、学历较高时，资本结构动态调整的效果更好，但两职兼任与调整效果显著负相关，这可能是两职兼任削弱了公司治理效应造成的。
재자본결구동태조정적이론시각하，구분상증화심증자양본종자본결구동태조정속도화조정효과량개방면，운용NLS화혼합OLS방법실증검험료CEO배경특정대자본결구동태조정속도화조정효과적영향。결과표명：CEO적성별、년령、학력、재회배경대자본결구조정속도유현저영향；이당CEO위남성、년령교대、학력교고시，자본결구동태조정적효과경호，단량직겸임여조정효과현저부상관，저가능시량직겸임삭약료공사치리효응조성적。
The paper using NLS and Pooled-OLS method,distinguishing Shanghai and Shenzhen sub-samples,investigates the effect of CEO background characteristics on speed of the dynamic adjustment of capital structure from the dynamic adjustment of capital structure view,and further research on the effect of CEO background characteristics on the deviation of actual capital struc-ture from the target capital structure of companies. The study found,the gender,age,education, finance and accounting background of the CEOs have a significant impact on the adjustment speed of capital structure; Meanwhile,when the CEO is male,older age and higher education, have a better adjustment effects. But part-time and adjustment effect is significant negative corre-lation,which may be part-time weakened corporate governance effect.