本文關(guān)鍵詞：代理沖突對財務(wù)柔性影響的實證研究　出處：《深圳大學》2017年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 財務(wù)柔性 代理沖突 公司治理

【摘要】：當今世界經(jīng)濟處于疲軟復蘇時期,經(jīng)濟的全球化帶來了機遇與挑戰(zhàn),經(jīng)濟危機從資本市場波及到實體經(jīng)濟,企業(yè)所處的經(jīng)營環(huán)境充滿了不確定性。在時刻變化的競爭市場中,企業(yè)一方面要充分防范不確定事件帶來的沖擊,另一方面也要把握好的投資增長機會。財務(wù)柔性作為企業(yè)重要的戰(zhàn)略資源儲備,通過財務(wù)柔性的預防和利用屬性,可以有效地幫助企業(yè)在動蕩的環(huán)境中取得競爭優(yōu)勢。目前理論界關(guān)于財務(wù)柔性的研究多集中于財務(wù)柔性的經(jīng)濟后果研究,例如財務(wù)柔性對企業(yè)投資效率、企業(yè)價值的影響等等,很少涉及財務(wù)柔性的前因研究,而內(nèi)部治理結(jié)構(gòu)對公司的資本結(jié)構(gòu)決策有著重要的影響,因此本文在有關(guān)公司治理和財務(wù)柔性的相關(guān)研究基礎(chǔ)之上,選取代理沖突的視角研究公司治理結(jié)構(gòu)與財務(wù)柔性之間的關(guān)系。財務(wù)柔性主要來自于企業(yè)的現(xiàn)金持有水平以及未舉債能力。因此本文選取了現(xiàn)金柔性以及負債柔性來衡量財務(wù)柔性。對于公司內(nèi)部治理結(jié)構(gòu)方面,主要從大小股東之間的代理沖突和股東與管理者之間的代理沖突來進行研究,選取股權(quán)集中度和股權(quán)制衡度來衡量大小股東之間的代理沖突,董事會規(guī)模、獨立董事比例、管理層持股比例和高管薪酬來衡量股東與管理者之間的代理沖突。本文選取了2009-2015年滬深兩市A股上市公司1561家作為研究對象,通過實證研究分析得到如下結(jié)論:股權(quán)集中度對現(xiàn)金柔性、負債柔性和財務(wù)柔性有顯著正向影響;股權(quán)制衡度對現(xiàn)金柔性、負債柔性和財務(wù)柔性具有顯著負向影響;管理層持股比例與現(xiàn)金柔性之間存在著顯著的U型非線性關(guān)系,管理層持股比例與負債柔性、財務(wù)柔性之間存在正向關(guān)系;董事會規(guī)模、獨立董事比例和高管薪酬與三者之間均不存在顯著影響�；诖�,探討分析了可能的原因以及相關(guān)建議和未來展望。
[Abstract]:Today the world economy is in a weak recovery period, economic globalization has brought opportunities and challenges, the economic crisis from the capital market to the real economy. The operating environment of enterprises is full of uncertainty. In the ever-changing competitive market, enterprises should, on the one hand, take full precautions against the impact of uncertain events. On the other hand, we should also grasp the investment growth opportunities. Financial flexibility as an important strategic resource reserve, through the financial flexibility of the prevention and use of attributes. It can effectively help enterprises to gain competitive advantage in the turbulent environment. At present, the research on financial flexibility focuses on the economic consequences of financial flexibility, such as financial flexibility on the investment efficiency of enterprises. The influence of enterprise value and so on rarely involves the research on the antecedents of financial flexibility, while the internal governance structure has an important influence on the capital structure decision of the company. Therefore, this paper is based on the related research on corporate governance and financial flexibility. The relationship between corporate governance structure and financial flexibility is studied from the perspective of agency conflict. Financial flexibility mainly comes from the level of cash holding and the ability of unborrowed debt. Therefore, this paper selects cash flexibility and debt flexibility. To measure financial flexibility. For the internal governance structure of the company. Mainly from the large and small shareholders between the agency conflict and between shareholders and managers of the agency conflict to study the selection of equity concentration and equity checks and balances to measure the size of the large and small shareholders of the agency conflict board size. Proportion of independent directors. The proportion of managerial shareholding and executive compensation is used to measure the agency conflict between shareholders and managers. This paper selects 1561 A-share listed companies in Shanghai and Shenzhen from 2009-2015 as the research object. The conclusions are as follows: ownership concentration has a significant positive effect on cash flexibility, debt flexibility and financial flexibility; Equity balance has a significant negative impact on cash flexibility, debt flexibility and financial flexibility; There is a significant U-type nonlinear relationship between managerial shareholding ratio and cash flexibility, a positive relationship between managerial shareholding ratio and debt flexibility, and financial flexibility. There is no significant influence between board size, proportion of independent directors and executive compensation. Based on this, the possible reasons, related suggestions and future prospects are discussed and analyzed.
【學位授予單位】：深圳大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

【參考文獻】

相關(guān)期刊論文 前10條

1 傅亞男;;我國上市公司股權(quán)集中度與現(xiàn)金持有的關(guān)系研究[J];金融經(jīng)濟;2016年24期

2 桂荷發(fā);黃節(jié)根;;非執(zhí)行董事與股東-管理層代理沖突——兼論管理層權(quán)力與產(chǎn)權(quán)屬性對非執(zhí)行董事治理效應(yīng)的影響[J];當代財經(jīng);2016年12期

3 吳先聰;張健;胡志穎;;機構(gòu)投資者特征、終極控制人性質(zhì)與大股東掏空——基于關(guān)聯(lián)交易視角的研究[J];外國經(jīng)濟與管理;2016年06期

4 張金貴;方小珍;;公司治理對資本結(jié)構(gòu)的影響——基于信息技術(shù)業(yè)上市公司的實證[J];財會通訊;2016年05期

5 馬春愛;;財務(wù)彈性指數(shù)的新思路設(shè)計與應(yīng)用[J];財會月刊;2014年23期

6 呂新軍;;代理沖突與企業(yè)技術(shù)創(chuàng)新關(guān)系的實證分析[J];科研管理;2014年11期

7 黃昌貴;;我國互聯(lián)網(wǎng)上市公司股權(quán)結(jié)構(gòu)與融資方式研究[J];企業(yè)技術(shù)開發(fā);2014年26期

8 朱滔;;大股東利益侵占與高管薪酬安排——來自民營上市公司的經(jīng)驗證據(jù)[J];蘭州學刊;2014年07期

9 劉名旭;向顯湖;;環(huán)境不確定性、企業(yè)特征與財務(wù)柔性[J];宏觀經(jīng)濟研究;2014年04期

10 蘇冬蔚;熊家財;;大股東掏空與CEO薪酬契約[J];金融研究;2013年12期

，

本文編號：1372611