An Empirical Study on the Relationship between Entrepreneurs Reputation and Financing Constraints

摘要：

　　Information asymmetry is an important reason that causes external financing constraints.Because reputation has the function of signal transmission,a better reputation of an entrepreneur can reduce the degree of the firm information asymmetry and alleviate financing constraints of the firm.Based on the grouped sample of 94 listed companies of China from 2007 to 2009,this paper did empirical study on the relationship between entrepreneurs reputation and financing constraints.The results show that entrepreneurs reputation has a significant effect on firm financing activity.In other words,higher entrepreneurs reputation leads to lower financing constraints.This study has a significant impact in helping managers and investors realize the importance of signaling effect of a good reputation in capital market.Meanwhile,it helps motivate entrepreneurs to establish good reputation,increasing the efficiency of capital market.

关键词： entrepreneur reputation finaneing constraints debt financing capability

作者: Min Zhang Yanxi Li

作者单位: Faculty of Management and Economics, Dalian University of Technology, P.R.China

会议类型: 国际会议

会议名称: The Twelfth Wuhan International Conference on E-Business(第十二届武汉电子商务国际会议)

会议地点: 武汉

会议语种:英文

页码: 386-393

在线出版日期: 2013-05-25（万方平台首次上网日期，不代表论文的发表时间）