高管作为企业的重要人物，其从军经历背景对企业的决策行为产生重要影响，因

Senior executives are important figures in companies, and their military experience has an important impact on the decision-making behavior of companies. Therefore, this article uses A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2019 to empirically test the issuance of bonds by senior executives’ military experience. Impact. The research shows that: First, the military experience of senior executives has a significant positive impact on the credit rating of corporate bonds, and senior executives with military experience are more conservative. As a result, the credit ratings of bonds issued by companies are higher, which effectively reduces the default risk of bonds. ; However, senior management’s military experience has no significant impact on bond financing costs; second, the use of property rights to group regression shows that the positive effect of senior management’s military experience on corporate bond credit ratings is significant in the sample of non-state-owned enterprises and in the sample of state-owned enterprises. Is not significant, indicating that the nature of state-owned enterprises will weaken the impact of senior management’s military experience on corporate bond default risks. The research results of this article provide important reference value for understanding the importance of senior management’s military experience in corporate bond issuance.

As an important person of the enterprise, the background of the senior executive's military experience has an important influence on the decision-making behavior of the enterprise, so this paper aims at the A-share listed enterprises in Shanghai and Shenzhen from 2010 to 2019, and empirically tests the influence of the executive's experience in the military on the issuance of bonds by the enterprise. The research shows that: First, the influence of executive experience on corporate bond credit rating is significantly positive, and the senior executives with military experience background are more conservative, so that the credit rating of bonds issued by enterprises is higher, effectively reducing the risk of default of bonds; Explain that the nature of state-owned enterprises will weaken the impact of executive experience on the risk of default on corporate bonds. The results of this paper provide an important reference value for understanding the importance of executive experience in the military to corporate bond issuance.

As an important person in the enterprise, the background of senior executives' military experience has an important impact on the decision-making behavior of the enterprise. Therefore, this paper empirically tests the impact of senior executives' military experience on corporate bond issuance by taking A-share listed enterprises in Shanghai and Shenzhen stock exchanges from 2010 to 2019 as the object. The results show that: first, the influence of senior managers' military experience on corporate bond credit rating is significantly positive, and senior managers with military experience background are more conservative, so the credit rating of corporate bonds is higher, which effectively reduces the default risk of bonds; but senior managers' military experience has no significant impact on the cost of bond financing; second, by using the property right nature of group regression, it is found that the risk of default is higher The positive effect of military experience on corporate bond credit rating is significant in the sample of non-state-owned enterprises, but not significant in the sample of state-owned enterprises, indicating that the nature of state-owned enterprises will weaken the impact of military experience on corporate bond default risk. This paper provides an important reference for the understanding of the value of corporate bond issuance experience.<br>