德勤－复旦会计论坛系列讲座之一百十七

　　时间：2017年4月11日（周二）下午13：30

　　地点：史带楼601室

　　主持人: 张新 博士

　　演讲嘉宾：Yangyang Chen (The Hong Kong Polytechnic University)

　　Title：Executive Equity Risk-Taking Incentives and Firm’s Choice of Debt Structure

　　Abstract：This paper examines the impact of executive equity risk-taking incentives on firm’s choice of debt structure. Utilizing a comprehensive sample of U.S. firms spanning the period 2001–2014, we find that firms with higher sensitivity of executive compensation portfolio to stock return volatility (vega) rely more on public debt financing and less on bank debt financing. We use FAS 123R option expensing regulation as an exogenous shock to vega and instrumental variable approach to address potential endogeneity concerns. Furthermore, we show that the documented effect of vega is more pronounced in firms with more opaque financial information and firms where shareholders have stronger bargaining power in case of default, while mitigated in firms with less scope to increase equity risk. Supplemental tests reveal that vega impacts primarily on firm’s choice between term loans and senior bonds and notes. Collectively, our findings are consistent with the view that, by encouraging managers to undertake riskier investments, higher vega induces managers to rely more on public debt in order to avoid tighter covenants and more stringent monitoring associated with bank debt financing.

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