本文關(guān)鍵詞：管理防御、資本結(jié)構(gòu)與企業(yè)績(jī)效關(guān)系研究　出處：《遼寧大學(xué)》2016年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 管理防御測(cè)量維度 管理防御 資本結(jié)構(gòu) 企業(yè)績(jī)效

【摘要】：我國(guó)企業(yè)在公司治理方面存在嚴(yán)重的缺陷,例如一些上市公司的董事會(huì)和股東大會(huì)形同虛設(shè),監(jiān)督約束職能的嚴(yán)重缺位,導(dǎo)致管理者的控制權(quán)不受約束,財(cái)務(wù)決策的制定不是依據(jù)公司的利益最大化來(lái)制定,而是依據(jù)管理者的個(gè)人偏好和個(gè)人利益而制定,決策的科學(xué)性、合理化程度大打折扣,最終導(dǎo)致企業(yè)的經(jīng)營(yíng)效率低下,這些問(wèn)題的背后都折射出管理者的管理防御行為特征。我國(guó)特殊的制度背景決定了我國(guó)企業(yè)管理防御問(wèn)題的復(fù)雜性,主要表現(xiàn)在：董事會(huì)成員多數(shù)來(lái)源于控股股東,股權(quán)集中度較高；國(guó)家或法人股比例大,對(duì)管理者的監(jiān)督處于弱勢(shì)控制；監(jiān)事會(huì)沒(méi)有發(fā)揮有效的監(jiān)督職能。2008年金融危機(jī)以來(lái),我國(guó)經(jīng)濟(jì)處于轉(zhuǎn)型發(fā)展時(shí)期,企業(yè)同國(guó)家一樣面臨轉(zhuǎn)變粗放型經(jīng)濟(jì)增長(zhǎng)方式的嚴(yán)峻挑戰(zhàn),我國(guó)企業(yè)一直處于較低的負(fù)債水平和較低的盈利水平,資源環(huán)境約束的日益加深客觀上驅(qū)動(dòng)著管理者面臨企業(yè)關(guān)鍵問(wèn)題與突出矛盾時(shí)的防御行為。管理防御問(wèn)題的嚴(yán)重性、復(fù)雜性以及環(huán)境因素的驅(qū)動(dòng)性都將損害股東的利益,而資本結(jié)構(gòu)作為利益相關(guān)者權(quán)利義務(wù)的集中反映,受公司治理結(jié)構(gòu)影響進(jìn)而影響企業(yè)績(jī)效。本文從代理理論、信息不對(duì)稱理論和控制權(quán)理論引發(fā)的管理防御視角研究企業(yè)的資本結(jié)構(gòu)及企業(yè)績(jī)效問(wèn)題具有重要的理論意義和實(shí)踐意義。高階管理理論認(rèn)為,企業(yè)的管理者會(huì)影響企業(yè)戰(zhàn)略的選擇從而影響企業(yè)的績(jī)效。資本結(jié)構(gòu)是企業(yè)進(jìn)行長(zhǎng)期融資行為所積累的結(jié)果,而企業(yè)采取何種融資行為,即企業(yè)的融資決策權(quán)被緊握在管理者的手中。委托代理理論的觀點(diǎn)認(rèn)為,持股比例較低的管理者與股東二者間存在利益趨向相悖問(wèn)題。信息不對(duì)稱理論的觀點(diǎn)認(rèn)為,管理者相對(duì)于股東屬于掌握企業(yè)優(yōu)勢(shì)信息的一方。管理者掌控著企業(yè)的經(jīng)營(yíng)決策權(quán),其防御行為會(huì)影響企業(yè)財(cái)務(wù)戰(zhàn)略的制定進(jìn)而影響企業(yè)績(jī)效。現(xiàn)有文獻(xiàn)在管理防御對(duì)資本結(jié)構(gòu)和企業(yè)績(jī)效影響的研究方面,僅從人力資本特征和企業(yè)內(nèi)部監(jiān)督激勵(lì)機(jī)制方面測(cè)量管理防御程度,進(jìn)而研究其對(duì)資本結(jié)構(gòu)和企業(yè)績(jī)效的影響。而我國(guó)處于經(jīng)濟(jì)轉(zhuǎn)型時(shí)期,經(jīng)濟(jì)環(huán)境日益動(dòng)態(tài)復(fù)雜、市場(chǎng)競(jìng)爭(zhēng)加劇這些因素都會(huì)驅(qū)動(dòng)管理者的防御行為,從而影響資本結(jié)構(gòu)和企業(yè)績(jī)效。這一研究方向在一些學(xué)者的未來(lái)研究展望中提及,但并未展開(kāi)深入研究。因此,本文將管理防御劃分為管理者特征、內(nèi)部治理機(jī)制和外部市場(chǎng)環(huán)境三個(gè)測(cè)量維度來(lái)研究其對(duì)資本結(jié)構(gòu)和企業(yè)績(jī)效的影響。根據(jù)以上思路,本文主要研究工作包括三個(gè)方面：(1)將管理者特征、內(nèi)部治理機(jī)制和市場(chǎng)環(huán)境作為管理防御的三個(gè)測(cè)量維度,構(gòu)建以資本結(jié)構(gòu)為中介變量的管理防御、資本結(jié)構(gòu)與企業(yè)績(jī)效關(guān)系的理論分析框架。依據(jù)理論分析框架中三個(gè)變量間的邏輯關(guān)系提出本文的研究假設(shè)。(2)進(jìn)行實(shí)證研究設(shè)計(jì)。首先針對(duì)理論分析框架中的自變量、因變量、中介變量以及相關(guān)控制變量選取測(cè)量變量,并對(duì)各測(cè)量變量進(jìn)行定義。從3個(gè)維度6個(gè)要素層面選取13個(gè)指標(biāo)構(gòu)建管理防御測(cè)度指標(biāo)評(píng)價(jià)體系測(cè)度管理防御程度；選取資產(chǎn)負(fù)債率度量資本結(jié)構(gòu)；綜合考慮財(cái)務(wù)績(jī)效與市場(chǎng)績(jī)效,選取托賓Q值度量企業(yè)績(jī)效。其次根據(jù)理論分析框架為后續(xù)實(shí)證分析構(gòu)建三組回歸模型。最后選取研究樣本,以2009-2013年為數(shù)據(jù)窗口,選擇深、滬兩市5年間上市公司為研究樣本,經(jīng)過(guò)篩選最終觀測(cè)值為10177個(gè),并從國(guó)泰安數(shù)據(jù)庫(kù)和wind數(shù)據(jù)庫(kù)中篩選并匯總財(cái)務(wù)、公司治理及宏觀經(jīng)濟(jì)等相關(guān)數(shù)據(jù)。(3)對(duì)管理防御、資本結(jié)構(gòu)與企業(yè)績(jī)效關(guān)系進(jìn)行實(shí)證分析。首先對(duì)各樣本進(jìn)行描述性統(tǒng)計(jì)分析,觀測(cè)其整體分布情況；其次將管理防御各測(cè)量變量與資本結(jié)構(gòu)和企業(yè)績(jī)效進(jìn)行相關(guān)分析；第三進(jìn)行回歸分析檢驗(yàn)管理防御對(duì)資本結(jié)構(gòu)影響、管理防御對(duì)企業(yè)績(jī)效影響和資本結(jié)構(gòu)對(duì)企業(yè)績(jī)效影響的研究假設(shè)；最后進(jìn)行資本結(jié)構(gòu)中介效應(yīng)分析,本文對(duì)中介效應(yīng)的檢驗(yàn)采用分步回歸分析法,在回歸分析之前采用主成分分析對(duì)管理防御測(cè)量的要素層量化賦值,接下來(lái)再采用因子分析法對(duì)管理防御測(cè)量的維度層量化賦值,之后分別驗(yàn)證資本結(jié)構(gòu)在管理者特征、內(nèi)部治理機(jī)制和市場(chǎng)環(huán)境三個(gè)測(cè)量維度與企業(yè)績(jī)效之間的中介效應(yīng)。通過(guò)實(shí)證分析,本文得出四個(gè)主要研究結(jié)論：(1)管理防御對(duì)資本結(jié)構(gòu)具有負(fù)向影響。管理者特征、內(nèi)部治理機(jī)制和外部市場(chǎng)環(huán)境影響管理防御程度,管理防御程度越高,企業(yè)負(fù)債比率越低。(2)管理防御對(duì)企業(yè)績(jī)效具有負(fù)向影響。管理者特征、內(nèi)部治理機(jī)制和外部市場(chǎng)環(huán)境影響管理防御程度,管理防御程度越高,企業(yè)績(jī)效越差。(3)資本結(jié)構(gòu)對(duì)企業(yè)績(jī)效具有正向影響。(4)資本結(jié)構(gòu)在管理防御與企業(yè)績(jī)效之間具有中介效應(yīng)。資本結(jié)構(gòu)在管理者特征與企業(yè)績(jī)效之間具有完全中介效應(yīng)；資本結(jié)構(gòu)在內(nèi)部治理機(jī)制與企業(yè)績(jī)效之間具有部分中介效應(yīng)；資本結(jié)構(gòu)在市場(chǎng)環(huán)境與企業(yè)績(jī)效之間具有部分中介效應(yīng)。本文的創(chuàng)新之處主要體現(xiàn)在以下方面：以管理防御影響因素為切入點(diǎn),從管理者個(gè)人、企業(yè)內(nèi)部和企業(yè)外部三方面影響因素將管理防御測(cè)量維度劃分為管理者特征、內(nèi)部治理機(jī)制和市場(chǎng)環(huán)境三個(gè)維度,選取反映管理者自身因素的年齡、性別、學(xué)歷和反映管理者職業(yè)經(jīng)歷的任期和從業(yè)背景作為管理者特征維度的測(cè)量變量；選取反映企業(yè)激勵(lì)機(jī)制的持股比例、薪酬和反映企業(yè)監(jiān)督約束機(jī)制的董事會(huì)規(guī)模、兩職設(shè)置、獨(dú)立董事比例和轉(zhuǎn)換工作成本作為內(nèi)部治理機(jī)制維度的測(cè)量變量；選取反映宏觀經(jīng)濟(jì)波動(dòng)的宏觀經(jīng)濟(jì)景氣指數(shù)和反映外部市場(chǎng)競(jìng)爭(zhēng)的超額主營(yíng)業(yè)務(wù)利潤(rùn)率作為市場(chǎng)環(huán)境維度的測(cè)量變量。本研究將從3個(gè)維度、6個(gè)要素層面選取13項(xiàng)指標(biāo)來(lái)對(duì)管理防御程度進(jìn)行測(cè)量,綜合考慮了管理者的自身因素和從業(yè)背景、管理者受監(jiān)督約束和激勵(lì)機(jī)制的影響以及處于轉(zhuǎn)型經(jīng)濟(jì)時(shí)期經(jīng)濟(jì)環(huán)境和競(jìng)爭(zhēng)激烈的市場(chǎng)環(huán)境,從而更加全面而深入的研究管理者的防御行為及其對(duì)資本結(jié)構(gòu)和企業(yè)績(jī)效的影響。以資本結(jié)構(gòu)為中介變量,構(gòu)建理論分析框架和研究模型,分別從管理防御的三個(gè)測(cè)量維度來(lái)分析管理防御通過(guò)影響資本結(jié)構(gòu)進(jìn)而影響企業(yè)績(jī)效。在驗(yàn)證資本結(jié)構(gòu)的中介效應(yīng)前首先采用主成分分析法構(gòu)建F模型對(duì)管理防御測(cè)量要素層進(jìn)行量化賦值,其次再利用因子分析從要素中提取出主因子得分對(duì)管理防御三個(gè)測(cè)量維度進(jìn)行量化賦值,從而更加準(zhǔn)確地驗(yàn)證資本結(jié)構(gòu)在管理防御各測(cè)量維度與企業(yè)績(jī)效之間的中介效應(yīng)。這為企業(yè)績(jī)效間接影響因素問(wèn)題的研究提供了一個(gè)思路。
[Abstract]:The enterprises in China have serious defects in corporate governance, for example, some of the listed company's board of directors and shareholders useless, lack of supervision and restraint function, control of lead managers to unconstrained maximization, financial decision making is not based on the interests of the company to develop, but based on personal preferences and management the interests of the individual development, scientific decision-making, rational degree greatly reduced, resulting in low efficiency of management of enterprises, these problems reflect the managerial entrenchment behavior characteristics of managers. The special institutional background in China determines the complexity of defense management problems of Chinese enterprises, mainly in: the members of the board of directors most sources in the controlling shareholders, ownership concentration is higher; the proportion of the state or legal person shares, supervision of the managers in a weak control; the board of supervisors did not play an effective supervision Since the function of.2008 during the financial crisis, China's economy is in the transition period of development, enterprises with the country is facing severe challenges in the transformation of extensive economic growth, China's enterprises has been in a low debt level and low level of profitability, defensive behavior is increasing the objective driving management of resource and environmental constraints facing the key the problem of enterprise and contradictions. The seriousness of the problem of driving defense management, complexity and environmental factors will damage the interests of the shareholders, and the capital structure is a centralized reflection of stakeholders' rights and obligations, under the influence of corporate governance structure and then affect the enterprise performance. This paper from the agency theory, has important theoretical and practical significance. The significance of capital structure and corporate performance problems caused by the asymmetric information theory and control theory of the defense management perspective to study enterprise top management theory. As to the enterprise managers will affect the choice of the enterprise strategy influences the performance of enterprises. The capital structure is the enterprise long-term financing behavior and result of the accumulation of enterprises to adopt what kind of financing behavior, financing decision-making power of enterprises is firmly in the hands of managers. The principal-agent theory point of view, there is interest contrary problem holding a lower proportion of managers and shareholders. Among the two asymmetric information theory point of view, to grasp the enterprise managers shareholders belong to the advantages of information one. Management control of business decision-making power of enterprises, and then develop their defensive behavior will affect the enterprise's financial strategy affect the enterprise performance. The existing literature in the study of influence Defense Management on capital structure and corporate performance, only from the characteristics of human capital and enterprise internal supervision and the incentive mechanism of measurement management and defense, research The influence of the capital structure and corporate performance. And our country is in the economic transition period, the economic environment is dynamic and complex, defensive behavior of market competition of these factors will drive managers, thus affecting the capital structure and corporate performance. The research direction in the future research prospect mentioned by some scholars, but not deeply study. Therefore, this article will feature management defense divided into management, internal governance mechanism and external market environment in three dimensions to study its impact on the capital structure and corporate performance. Based on the above ideas, the main research work includes three aspects: (1) the management characteristics, internal governance mechanism and market environment as the three dimensions of management defense, constructing capital structure as the intermediary variable of the management of defense, the relationship between capital structure and corporate performance in the framework of theoretical analysis. According to the theory of The logical relationship between the three variables in the analysis frame of this research hypothesis. (2) the empirical research design. Firstly, based on the theoretical analysis in the framework of independent variables and dependent variables, mediating variables and related control variables measuring variables, and define the measurement variables. 13 indexes were selected to construct the management Entrenchment index evaluation the measurement system of Defense Management degree from 3 dimensions and 6 factors; select asset liability ratio to measure capital structure; considering the financial performance and market performance, select Tobin Q measure of corporate performance. Secondly according to the theoretical analysis framework for the subsequent empirical analysis to construct three group regression model. Finally the selection of research samples, using 2009-2013 as the data window choose, deep, Shanghai two, 5 listed companies as research samples, through screening final observation value of 10177, and from the Tai'an database and wind data base screen Selection and summary of financial, corporate governance and macroeconomic and other relevant data. (3) on the management of defense, makes an empirical analysis of the relationship between capital structure and corporate performance. Firstly, the descriptive statistical analysis on samples, the overall distribution of the observation; correlation analysis of the measurement variables and defense management of capital structure and business performance; third impact on the capital structure management defense test and regression analysis, research hypothesis, influence of Managerial Entrenchment on enterprise performance and capital structure on corporate performance; finally, analysis of the capital structure of the intermediary effect, this paper tests the mediating effect of using stepwise regression analysis, the regression analysis using principal component analysis prior to measurement of defense element management layer quantization the assignment, then adopting the method of factor analysis dimension quantitative evaluation management defense measure, after verification of capital structure in the The management features, the mediating effect between internal governance mechanism and market environment in three dimensions and corporate performance. Through empirical analysis, this paper concludes four main research: (1) the management of defense has a negative effect on capital structure. The management features, internal governance mechanism and external market environment influence degree of managerial entrenchment, more the high degree of managerial entrenchment, corporate debt ratio is low. (2) the management of defense has a negative impact on corporate performance. The management features, internal governance mechanism and external market environment management defense degree, the higher degree of managerial entrenchment, enterprise performance is worse. (3) the capital structure has positive effect on firm performance. (4) the capital structure has a mediating effect between managerial entrenchment and enterprise performance. The capital structure has mediating effect between manager characteristics and corporate performance; capital structure in the internal governance mechanism and Has partial mediating effect between corporate performance; capital structure has a partial mediating effect between market environment and enterprise performance. The innovation of this paper is mainly reflected in the following aspects: the factors affect the defense management as the starting point, from the personal management, enterprise internal and external factors affecting the management characteristics of three measurement dimensions for defense management and the three dimensions of internal governance mechanism and market environment, selected to reflect the management of their own factors of age, gender, education and occupation tenure managers reflect the experience and business background as measured variables management features and dimensions; selection of shareholding ratio reflect the enterprise incentive mechanism, salary and reflect the enterprise supervision and restraint mechanism of the size of the board of directors two, post setting, the proportion of independent directors and the conversion cost as the measurement dimensions of internal governance mechanisms are selected to reflect the macro; The concept of economic fluctuations and macroeconomic climate index to reflect the external market competition over the main business profit rate as the measured variable market environment dimension. This study from 3 dimensions, 6 factors selected 13 indicators to measure the management and prevention of degree, considering the factors of managers and professional background. Effect of management by supervision and restraint and incentive mechanism in the period of economy transition and economic environment and competitive market environment, which is more comprehensive and in-depth research on the management of defensive behavior and its impact on the capital structure and corporate performance. Based on the capital structure as the intermediary variable, constructs the theoretical analysis framework and research model, respectively from three dimensions of management to analyze the influence of defense defense management and firm performance through affecting capital structure. Firstly, in the mediating effect of verification of capital structure before Construction of the quantitative evaluation of the management of defense measure elements layer F model with principal component analysis method, then use factor analysis to extract the main factors from the factor score to quantify the assignment of defense management three dimensions, and thus a more accurate verification of capital structure in the mediating effect between the dimensions of anti imperial management and corporate performance. This provides a way to study the problem of indirect factors of enterprise performance.

【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類號(hào)】：F275

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