The Review of Financial Studies, Volume 31, Issue 9, September 2018

管理风险如何影响公司债务

作者：Yihui Pan (University of Utah)

Tracy Wang (University of Minnesota)

Michael Weisbach (Ohio State University and NBER)

摘要：我们评估管理风险（源于投资者对管理附加值的不确定性）是否会影响公司的违约风险和债务定价。我们发现，无论交易发生的原因是什么，CDS息差、贷款利差和债券利差在管理层变更时（即管理风险最高时）增加，在新CEO任期的前三年下降。这种影响会随着投资者对新管理层的不确定性而增加。实证结果与“管理风险影响企业违约风险”的观点一致。理解管理风险对公司金融有诸多意义。

How Management Risk Affects Corporate Debt

Yihui Pan (University of Utah), Tracy Wang (University of Minnesota), Michael Weisbach (Ohio State University and NBER)

ABSTRACT

We evaluate whether management risk, which arises from investors’ uncertainty about management’s added value, affects firms’ default risks and debt pricing. We find that, regardless of the reason for the turnover, CDS, loan, and bond yield spreads increase at the time of management turnover, when management risk is highest, and decline over the first three years of the new CEO’s tenure. The effects increase with prior investor uncertainty about the new management. These results are consistent with the view that management risk affects firms’ default risk. An understanding of management risk yields a number of implications for corporate finance.

原文链接：https://doi.org/10.1093/rfs/hhx071

翻译：吕越