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文章借鉴自然实验的思想,以管理者的大饥荒经历和参军经历为研究对象,发现不同经历会分别通过不同路径影响其所在公司的投资决策。在决策公司投资水平时,早年经历过大饥荒的管理者对公司资产负债率特别敏感,进而会影响投资效率,当公司负债水平较高时,其会抑制公司的过度投资,但也会增加公司的投资不足。有参军经历的管理者则对公司的现金持有量更敏感,当公司持有现金水平较高时,其所在公司投资过度的程度更大。
The article draws on the idea of natural experiment, takes the manager’s famine experience and the experience of joining the army as the research object, and finds that different experiences influence the investment decisions of the companies in which they operate through different paths respectively. Managers who experienced famine in their early years were particularly sensitive to the company’s debt-to-asset ratio, which in turn affected their investment efficiency. When the firm’s debt level was high, it would discourage over-investment but would also increase the firm’s The lack of investment. Managers with a military presence are more sensitive to a company’s cash holdings and invest more in their company when the company holds a higher level of cash.