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Research on the influence mechanism of CEO academic background on enterprise value: Based on the fixed effect model in the context of big data

Using the panel data of 2638 A-share listed companies in China from 2015 to 2020, this paper tests the mediating effect and moderating effect by using the fixed effect model, analyzes the impact of the academic background CEOs of listed companies on enterprise value and its mechanism, and discusses the masking effect. The results show that the academic background of CEOs of listed companies has a positive impact on enterprise value, and this impact is positively regulated by enterprise scale; The level of commercial credit financing is one of the mediating paths for the impact of CEO's academic background on enterprise value. CEO's academic background significantly improves the level of commercial credit financing, and excessive financing has a masking effect in the path of CEO's academic background affecting enterprise value