【摘要】：企業(yè)的融資活動為企業(yè)提供經(jīng)營運(yùn)作所需的資金,而投資活動則能為企業(yè)帶來經(jīng)濟(jì)利潤,推動企業(yè)向前發(fā)展。融資活動和投資活動是企業(yè)非常重要的兩項(xiàng)經(jīng)營活動,因此,做出最合理的投融資決策對企業(yè)來說至關(guān)重要。決策最終的制定者是人,投融資活動的決策過程離不開高管團(tuán)隊(duì)的參與。高階理論以心理學(xué)和社會學(xué)為理論基礎(chǔ),從人這個(gè)主觀因素出發(fā),指出高管團(tuán)隊(duì)的基本背景特征會對企業(yè)的戰(zhàn)略及價(jià)值產(chǎn)生影響,這些基本背景特征包括年齡、性別、教育背景、職業(yè)背景及財(cái)務(wù)狀況等。 本文主要探討的是高管團(tuán)隊(duì)金融背景特征對企業(yè)投融資決策的影響。本文以資本結(jié)構(gòu)作為融資決策的替代變量,以投資-現(xiàn)金流敏感性作為投資決策的替代變量,以擁有銀行工作經(jīng)歷的高管人數(shù)占高管團(tuán)隊(duì)總?cè)藬?shù)的比例作為高管團(tuán)隊(duì)銀行背景特征變量,以擁有證券公司工作經(jīng)歷的高管人數(shù)占高管團(tuán)隊(duì)總?cè)藬?shù)的比例作為高管團(tuán)隊(duì)證券公司背景特征變量,以擁有金融經(jīng)濟(jì)類教授工作經(jīng)歷的高管人數(shù)占高管團(tuán)隊(duì)總?cè)藬?shù)的比例作為高管團(tuán)隊(duì)金融經(jīng)濟(jì)類教授背景特征變量,以499家A股上市公司高管為研究對象,結(jié)合這些上市公司2012年的財(cái)務(wù)數(shù)據(jù),運(yùn)用多元回歸分析方法分析了高管團(tuán)隊(duì)銀行、證券公司、金融經(jīng)濟(jì)類教授這三種金融背景特征與企業(yè)資本結(jié)構(gòu)以及投資-現(xiàn)金流敏感性之間的關(guān)系。 經(jīng)過一系列的理論分析和實(shí)證分析,本文得出了以下結(jié)論：第一,高管團(tuán)隊(duì)中擁有銀行工作經(jīng)歷的高管比例越大,則企業(yè)資產(chǎn)負(fù)債率越高。第二,高管的證券公司工作經(jīng)歷對企業(yè)資產(chǎn)負(fù)債率沒有顯著影響。第三,高管團(tuán)隊(duì)中擁有金融經(jīng)濟(jì)類教授工作經(jīng)歷的高管比例越大,則企業(yè)資產(chǎn)負(fù)債率越高。第四,高管團(tuán)隊(duì)中擁有銀行工作經(jīng)歷的高管比例越大,則公司投資對現(xiàn)金流的敏感性越低。第五,高管團(tuán)隊(duì)中擁有證券公司工作經(jīng)歷的高管比例越大,公司投資對現(xiàn)金流的敏感性越低。第六,高管團(tuán)隊(duì)中擁有金融經(jīng)濟(jì)類教授工作經(jīng)歷的高管比例越大,公司投資對現(xiàn)金流的敏感性越高。 本文不僅拓展了資本結(jié)構(gòu)及投資-現(xiàn)金流敏感性研究的視角和范圍,同時(shí)也豐富了有關(guān)行為金融領(lǐng)域的研究。另外,本文為企業(yè)聘任高管以及企業(yè)的投融資活動提供了一些參考。
[Abstract]:The financing activities of the enterprises provide the funds needed for the operation of the enterprises, while the investment activities can bring economic profits to the enterprises and promote the development of the enterprises. Financing activities and investment activities are two very important business activities, so it is very important to make the most reasonable investment and financing decisions. The final decision-maker is the person, and the decision-making process of the investment and financing activities can not be separated from the participation of the executive team. Based on the theories of psychology and sociology, this paper points out that the basic background characteristics of the executive team will have an impact on the strategy and value of the enterprise, including age, gender, and gender. Educational background, professional background and financial status. This paper mainly discusses the influence of the financial background characteristics of the executive team on the investment and financing decisions. In this paper, the capital structure is taken as the alternative variable of financing decision, and the sensitivity of investment-cash flow is taken as the substitute variable of investment decision. Taking the ratio of the number of executives with bank experience to the total number of executive team as the background variables of bank, Taking the proportion of the number of senior executives with the experience of the securities company to the total number of the executive team as the background characteristic variable of the securities company of the executive team, Taking the proportion of the number of senior executives who have the experience of financial economics professor to the total number of senior executives as the background variables of financial economics professors, 499 A-share listed company executives were taken as the research objects. Based on the financial data of these listed companies in 2012, this paper analyzes the banks and securities companies of the executive team by using the method of multiple regression analysis. The relationship between these three financial background characteristics and the capital structure and the sensitivity of investment-cash flow. After a series of theoretical analysis and empirical analysis, this paper draws the following conclusions: first, the higher the proportion of executives with bank experience, the higher the corporate asset-liability ratio. Second, the experience of senior securities companies has no significant impact on the asset-liability ratio. Third, the higher the proportion of executives with financial and economic teaching experience, the higher the corporate asset-liability ratio. Fourth, the higher the proportion of executives with bank experience, the less sensitive their investments to cash flow. Fifth, the higher the proportion of executives with experience in a securities firm, the less sensitive their investments to cash flow. Sixth, the higher the proportion of executives with financial and economic experience in the executive team, the more sensitive the company's investment to cash flow. This paper not only expands the perspective and scope of capital structure and investment-cash flow sensitivity, but also enriches the research on behavioral finance. In addition, this paper provides some references for the hiring of executives and the investment and financing activities of enterprises.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275;F272.91

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