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Article Title : An Empirical Study on CEO's Academic Experience and Financing Constraints -- Taking Shanghai and Shenzhen A-share Listed Companies as Samples
Author(s) : Qirun Zhang
Corresponding Author : Qirun Zhang
Keywords : CEO Academic Experience; Enterprise Financing Constraints; Nature of Property Rights; Big Four Audit Firms.

Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as samples, this paper analyzes the influence of CEO's academic experience on corporate financing constraints. The empirical results show that there is a negative correlation between CEO's academic experience and enterprise financing constraint level. Compared with state-owned enterprises, the academic experience of CEO in private enterprises is significantly negatively correlated with the level of corporate financing constraints. It also suggests that CEO's academic experience can significantly reduce the level of financing constraints in the company samples audited by accounting firms (not Big 4). The conclusion of this paper is helpful to enrich the research of manager characteristics and corporate governance. At the same time, the research in this paper has reference significance for enterprises to ease the level of financing constraints.