本文關(guān)鍵詞： 金融市場(chǎng)發(fā)展 銀行借款規(guī)模 銀行借款期限 在職消費(fèi)　出處：《石河子大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：經(jīng)理層在職消費(fèi)行為是股權(quán)代理成本的典型表現(xiàn)之一，雖然在高管激勵(lì)框架中有一定的存在價(jià)值，但在我國(guó)特殊的制度背景下，經(jīng)理層的過度在職消費(fèi)問題變得尤為突出，引發(fā)了高昂的代理成本，對(duì)公司的績(jī)效和市場(chǎng)價(jià)值產(chǎn)生了負(fù)面影響。在職消費(fèi)是第一類代理成本的表現(xiàn)之一，但在代理問題的研究中，對(duì)在職消費(fèi)的關(guān)注還較少。作為公司治理機(jī)制的重要組成部分，債務(wù)發(fā)揮著重要的治理效應(yīng)。但是我國(guó)債券市場(chǎng)尚不發(fā)達(dá)，上市公司主要融資渠道為銀行借款。作為我國(guó)企業(yè)最主要的融資渠道的銀行貸款，對(duì)企業(yè)行為具有較強(qiáng)的監(jiān)督作用，因而在治理效應(yīng)的發(fā)揮上，有其特有的優(yōu)勢(shì)。此外，金融環(huán)境的改善可以進(jìn)一步提升債務(wù)的治理功能，因此本文結(jié)合金融環(huán)境從銀行債務(wù)融資這一視角研究對(duì)管理層在職消費(fèi)的治理。 本文選擇我國(guó)滬市和深市A股上市公司2007—2011年數(shù)據(jù)為研究樣本，結(jié)果顯示：銀行債務(wù)規(guī)�？傮w上對(duì)經(jīng)理層在職消費(fèi)行為發(fā)揮了顯著治理效應(yīng)，長(zhǎng)期借款比短期借款的治理作用更強(qiáng)，這是因?yàn)槎唐诮杩畹钠谙掭^短，風(fēng)險(xiǎn)較小，銀行的監(jiān)管動(dòng)力有所減弱，而與之相反的是，長(zhǎng)期借款期限相對(duì)較長(zhǎng)，，銀行面臨的不確定因素較多，從而風(fēng)險(xiǎn)也較大，銀行對(duì)貸款企業(yè)的監(jiān)管動(dòng)機(jī)也較大；考慮產(chǎn)權(quán)性質(zhì)，相對(duì)于國(guó)有企業(yè)，銀行債務(wù)對(duì)非國(guó)有企業(yè)的治理作用更顯著，這是普遍存在的預(yù)算軟約束問題所導(dǎo)致的；就目前我國(guó)宏觀經(jīng)濟(jì)環(huán)境來看，我國(guó)處于經(jīng)濟(jì)轉(zhuǎn)軌時(shí)期，金融環(huán)境的優(yōu)劣必然會(huì)對(duì)微觀企業(yè)行為產(chǎn)生相應(yīng)的影響，于是本文以金融環(huán)境為宏觀背景分析銀行借款對(duì)在職消費(fèi)行為的治理作用，從金融發(fā)展的視角研究金融環(huán)境改善對(duì)銀行債務(wù)治理作用的影響。研究表明：金融發(fā)展程度越高的地區(qū)，銀行借款對(duì)高管在職消費(fèi)的治理作用越強(qiáng)，并且這一作用在非國(guó)有企業(yè)中更為明顯。 本文的貢獻(xiàn)在于：為在職消費(fèi)的治理提供新的視角，促進(jìn)了公司治理理論中的第一類代理成本理論的完善發(fā)展，同時(shí)也豐富和完善了企業(yè)融資理論、公司治理理論，另外考慮了宏觀金融環(huán)境的影響，豐富和發(fā)展了宏觀經(jīng)濟(jì)政策與微觀企業(yè)行為之間的研究。
[Abstract]:The in-service consumption behavior of managers is one of the typical manifestations of equity agency cost. Although there is some value in the framework of executive incentive, under the special system background of our country, the problem of excessive on-the-job consumption of managers becomes more and more prominent. It leads to high agency cost, which has a negative impact on the company's performance and market value. On-the-job consumption is one of the performance of the first kind of agency cost, but in the study of agency problem, As an important part of the corporate governance mechanism, debt plays an important governance effect. However, the bond market in China is not yet developed. The main financing channel of listed company is bank loan. As the most important financing channel of Chinese enterprises, bank loan has a strong supervisory function on enterprise behavior, so it has its own advantages in the exertion of governance effect. The improvement of financial environment can further enhance the governance function of debt, so this paper studies the governance of management's in-service consumption from the perspective of bank debt financing combined with financial environment. In this paper, the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2011 are selected as the research samples. The results show that the scale of bank debt plays a significant governance effect on the in-service consumption behavior of managers in general. Long-term borrowing is more effective than short-term borrowing because short-term borrowing is shorter, less risky, and banks have less incentive to regulate, whereas long-term borrowing is relatively long. The banks are faced with more uncertain factors, thus the risks are higher, and the supervision motivation of the banks on the loan enterprises is also larger. Considering the nature of property rights, bank debts play a more important role in the governance of non-state-owned enterprises than the state-owned enterprises. This is caused by the widespread problem of soft budgetary constraints. From the point of view of the current macroeconomic environment in China, China is in a period of economic transition, and the merits and demerits of the financial environment will inevitably have a corresponding impact on the behavior of micro-enterprises. So this paper takes the financial environment as the macro background to analyze the governance effect of bank borrowing on the in-service consumption behavior. The influence of financial environment improvement on bank debt governance is studied from the perspective of financial development. The study shows that the higher the level of financial development, the stronger the governance effect of bank borrowing on senior executives' in-service consumption. And this role is more obvious in non-state-owned enterprises. The contribution of this paper lies in: providing a new perspective for the governance of in-service consumption, promoting the perfect development of the first kind of agency cost theory in the corporate governance theory, enriching and perfecting the corporate financing theory and corporate governance theory, In addition, the influence of macro-financial environment is considered to enrich and develop the research between macro-economic policy and micro-enterprise behavior.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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