JOURNAL OF CORPORATE FINANCE, VOLUME 52，OCTOBER 2018

CFO社会资本与私人债务

作者：Kathy Fogel (Zinoplex and Eupheus One)

Tomas Jandik (University of Arkansas)

William R. McCumber(Louisiana Tech University)

摘要：私人债务的成本和条款受到借款公司财务总监（CFO）的社会资本的影响，社会资本用社会网络集中度来度量，表明CFO在高管层级中的相对位置。在控制借贷双方所有直接联系的前提下，拥有较高社会资本的CFO的公司发行新贷款时，利差较低，契约限制较少。对于不透明的公司以及当CFO缺乏客观的声誉验证时，利差缩减更为明显。在控制与网络集中度相关的CFO个人特征和公司属性时，结果依然成立。

关键词：社会资本；网络集中度；债务合同；贷款利差；债务限制条款；财务总监

CFO social capital and private debt

Kathy Fogel (Zinoplex and Eupheus One), Tomas Jandik (University of Arkansas), William R. McCumber(Louisiana Tech University)

ABSTRACT

The cost and terms of private debt are affected by the social capital of the borrowing firm's chief financial officer (CFO), proxied by measures of social network centrality that identify the relative position of CFO in the hierarchy of executives. Firms with CFOs possessing higher social capital issue new loans with lower spreads and fewer covenant restrictions, controlling for all direct connections between borrowers and lenders. Spread reductions are stronger for opaque firms and when CFOs lack objective reputation verification. The results hold when controlling for CFO personal characteristics and firm attributes related to network centrality.

Keywords: Social capital; Network centrality; Debt contracting; Loan spreads; Debt covenants; Chief financial officer

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917307459

翻译：陈然