本文選題：管理層能力 + 資本投資效率��； 參考：《中央財(cái)經(jīng)大學(xué)學(xué)報(bào)》2015年02期

【摘要】：一直以來,高層管理人員作為公司重要的人力資源備受關(guān)注,然而高層管理人員的管理能力對公司的資本投資效率有無影響和有什么樣的影響一直缺乏實(shí)證研究。筆者以2003—2013年在滬深兩市A股主板上市的制造業(yè)公司為研究樣本,基于投資現(xiàn)金流敏感性的視角研究了高層管理者的能力與資本投資效率之間的關(guān)系。研究得出以下結(jié)論:樣本公司中資本投資均對其內(nèi)部現(xiàn)金流高度敏感,而管理能力高的高層管理者能有效減緩資本投資與內(nèi)部現(xiàn)金流之間的敏感性。分組后進(jìn)一步的研究表明:管理能力高的高層管理者不僅能有效降低融資約束導(dǎo)致的資本投資現(xiàn)金流敏感性,而且還能有效緩解代理沖突形成的資本投資現(xiàn)金流敏感性問題。本研究從一個(gè)新的視角證明:隨著公司高層管理者能力的提高,管理者會(huì)越來越注重緩解信息的不對稱性,通過緩和融資約束和代理沖突問題,可有效改善公司的資本投資效率。
[Abstract]:As an important human resource of the company, senior management has been paid more and more attention. However, there is a lack of empirical research on whether or not the management ability of the senior management has an impact on the efficiency of the company's capital investment. From 2003 to 2013, the author studied the relationship between the ability of senior managers and the efficiency of capital investment from the perspective of the sensitivity of investment cash flow to the manufacturing companies listed on the main board of Shanghai and Shenzhen stock markets from 2003 to 2013. The conclusions are as follows: the capital investment is highly sensitive to the internal cash flow in the sample companies, while the senior management with high management ability can effectively reduce the sensitivity between capital investment and internal cash flow. The further research after grouping shows that the senior managers with high management ability can not only reduce the sensitivity of capital investment cash flow caused by financing constraints, but also alleviate the sensitivity of capital investment cash flow caused by agency conflicts. This study proves from a new perspective: with the improvement of the ability of senior managers, managers will pay more and more attention to alleviating the asymmetry of information, by easing the financing constraints and agency conflicts. Can effectively improve the efficiency of the company's capital investment.
【作者單位】： 中央財(cái)經(jīng)大學(xué);華北水利水電大學(xué);
【基金】：國家社會(huì)科學(xué)基金重點(diǎn)項(xiàng)目“自然災(zāi)害、事故災(zāi)害、公共衛(wèi)生事件、社會(huì)安全事件的輿論演變形態(tài)分析”(基金項(xiàng)目編號:11AXW006) 教育部人文社科研究項(xiàng)目“基于MAS的企業(yè)集團(tuán)財(cái)務(wù)協(xié)同控制研究”(基金項(xiàng)目編號:12YJA630030) 河南省教育廳科學(xué)技術(shù)研究重點(diǎn)項(xiàng)目“基于金融功能視角的中小企業(yè)信貸融資服務(wù)研究”(基金項(xiàng)目號:13A790726)
【分類號】：F272.91;F275

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