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高管薪酬期限和公司债务期限结构

公司财务杂志。 四月1,2022

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虽然最近的研究表明,管理层薪酬的长期归属会增加公司投资,但这些投资(如研发)会导致信息不对称,因此可能会影响公司债务的到期结构。 我们发现,CEO 薪酬期限较长的公司的债务期限较短,这与公司缩短债务期限以减轻信息不对称的观点是一致的。 对于买卖价差较大、分析师覆盖范围较小、增长选择更多、回报波动更大、违约风险较低的公司以及研发密集型行业的公司,这种影响更强。 首席执行官薪酬期限较长的公司更喜欢发债而不是股票发行,而且它们还表现出更高的未来投资增长和 托宾的 Q. 我们通过利用监管变化(FAS 123-R)的准随机交错合规性和非竞争协议的可执行性作为对 CEO 薪酬期限的外生冲击来加强识别。 我们的论文表明,高管薪酬的持续时间会影响公司的融资决策。

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