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區(qū)域文化、管理者特質與企業(yè)財務行為

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  本文選題:區(qū)域文化 切入點:管理者特質 出處:《對外經濟貿易大學》2017年博士論文


【摘要】:文化是非正式制度的一個重要方面,探析文化對微觀企業(yè)決策的影響有助于進一步明晰企業(yè)決策的影響因素,為投資者理解企業(yè)行為決策提供增量信息。進一步,明確高管特質對企業(yè)決策的影響對企業(yè)高管雇傭等具有重要影響。本文從我國各地區(qū)的文化差異出發(fā),研究了區(qū)域文化差異對上市公司行為決策的影響,并在此基礎上探析了公司高管文化特征與區(qū)域文化特征如何共同作用于企業(yè)決策,為利益相關者理解企業(yè)決策提供了經驗證據(jù)。本文共分為八章,具體安排如下,第一章為引言,具體包括本文的研究問題、研究意義、研究框架和研究方法,并指出本文創(chuàng)新之處,同時厘清了本文主要概念的定義;第二章為文獻回顧,分別從國內研究和國外研究兩個方面回顧和梳理了文化及管理者特質對企業(yè)決策的影響,并在此基礎上對現(xiàn)有研究進行評析;第三章是文化背景與理論分析,介紹了我國各地區(qū)文化背景及差異,同時對文化及管理者特質影響企業(yè)決策的理論進行總結;第四章至第七章是本文的實證研究部分,分別檢驗了區(qū)域文化對企業(yè)商業(yè)信用、現(xiàn)金持有水平、創(chuàng)新效率及企業(yè)社會責任表現(xiàn)的影響,在此基礎上,進一步探析了高管個人文化特征如何作用于區(qū)域文化并對企業(yè)決策產生影響;第八章對文章進行總結,在此基礎上指出本文的局限性以及未來可能的研究方向。本文的主要結論具體如下:(1)區(qū)域文化特征對我國上市公司商業(yè)信用的使用情況具有顯著影響,具體表現(xiàn)為:地區(qū)文化的不確定性規(guī)避程度越高,境內上市公司要求獲得的商業(yè)信用數(shù)量越多,即應付款項比例越高,相反,如果一個地區(qū)文化的不確定性規(guī)避程度越低,則境內上市公司對外提供商業(yè)信用的數(shù)量越多;一個地區(qū)文化的恃強性越高,則境內上市公司對外提供商業(yè)信用的水平越高。進一步,區(qū)分CEO文化特征后發(fā)現(xiàn),當CEO個人文化特征與區(qū)域文化一致時,區(qū)域文化對企業(yè)商業(yè)信用的使用情況具有顯著影響,而當CEO個人文化特征與區(qū)域文化產生沖突時,CEO個人的文化特征對企業(yè)決策的影響力更大,導致區(qū)域文化對商業(yè)信用的影響不再顯著。(2)區(qū)域文化特征對我國上市公司現(xiàn)金持有水平具有顯著影響。具體表現(xiàn)為:一個地區(qū)的文化越倡導未來導向,該地區(qū)的上市公司越愿意持有更多的現(xiàn)金以應對未來需要;同時一個地區(qū)的文化越強調集體主義,該地區(qū)的上市公司越愿意持有更多的現(xiàn)金。進一步,區(qū)分CEO文化特征后發(fā)現(xiàn),當CEO個人文化特征與區(qū)域文化一致時,區(qū)域文化對上市公司現(xiàn)金持有水平具有顯著影響,而當CEO個人文化特征與區(qū)域文化產生沖突時,區(qū)域文化對上市公司現(xiàn)金持有水平的影響不再顯著。(3)區(qū)域文化特征對我國上市公司創(chuàng)新效率具有顯著的影響,具體表現(xiàn)為:區(qū)域文化中的未來導向維度對企業(yè)創(chuàng)新效率具有顯著的正向影響。進一步,我們探討了企業(yè)高管個人的文化特征對區(qū)域文化與企業(yè)創(chuàng)新效率之間關系的影響。結果發(fā)現(xiàn),當企業(yè)CEO的文化特征與企業(yè)所在地文化一致時,區(qū)域文化對企業(yè)創(chuàng)新效率產生顯著影響。而當CEO身上承載的文化與公司所在區(qū)域文化不一致時,地區(qū)文化對企業(yè)創(chuàng)新效率的影響不再顯著。(4)區(qū)域文化特征對我國上市公司社會責任表現(xiàn)具有顯著的影響,具體表現(xiàn)為:地區(qū)文化的權利差距維度與企業(yè)社會責任表現(xiàn)負相關;地區(qū)文化的績效導向維度與境內上市公司社會責任表現(xiàn)負相關;地區(qū)文化的性別平等維度與境內上市公司社會責任表現(xiàn)正相關。進一步,區(qū)分CEO文化特征后發(fā)現(xiàn),當CEO個人文化特征與區(qū)域文化一致時,區(qū)域文化對上市公司社會責任表現(xiàn)仍然具有顯著影響,而當CEO個人文化特征與區(qū)域文化產生沖突時,區(qū)域文化特征對境內上市公司社會責任表現(xiàn)不再具有顯著影響。本文的創(chuàng)新之處主要體現(xiàn)在以下幾個方面:(1)本文首次實證檢驗了中國各地區(qū)文化的差異對企業(yè)決策的影響,并進一步探討了高管個人文化特質與區(qū)域文化如何相互作用進而影響企業(yè)決策;(2)本文豐富了非正式制度對微觀企業(yè)行為影響的文獻,證實了文化作為一種非正式制度對企業(yè)決策的影響,指出非正式制度可以在一定程度上替代正式制度發(fā)揮作用;(3)本文拓展了高管個人特征對企業(yè)決策影響的文獻,從文化的視角證實了高管個人特質對企業(yè)決策的重要作用。
[Abstract]:Culture is an important aspect of the informal system, the influence factors of culture on micro enterprise decision is helpful to further clarify the decision-making, decision-making to provide incremental information for investors to understand the enterprise behavior. Further, a clear effect of executive characteristics on corporate decision-making has an important influence on the hiring of executives from the cultural differences of various regions. Of our country, study the influence of regional cultural differences on the decision-making behavior of listed companies, and on the basis of how the company executives of cultural characteristics and regional cultural characteristics play a role in the enterprise decision-making, provides empirical evidence for the stakeholders to understand the decision-making of the enterprise. This paper is divided into eight chapters, as follows, first the chapter is the introduction, including research questions, research significance, research framework and research methods, and points out the innovation of this paper, and clarify the The definition of the main concepts; the second chapter is the literature review, from the aspects of domestic research and foreign research two reviews and summarizes the influence of culture and management characteristics of decision-making, and on the basis of analysis of the existing research; the third chapter is the analysis of the cultural background and the theory, introduced the various regions of our country and cultural background at the same time difference, the impact of business decisions on culture and management characteristics of the theory are summarized; the fourth chapter to the seventh chapter is the empirical research part of this paper, tested the regional culture on business credit, cash holdings, influence innovation efficiency and corporate social responsibility, on this basis, further analysis of executive culture how to effect on the regional culture and the impact on business decisions; the eighth chapter summarizes the limitations of this study and the future can be pointed out on the basis of Direction. The main conclusions of this paper are as follows: (1) has a significant effect on the use of regional cultural characteristics of China's listed companies of commercial credit, specific performance: the culture of the region of uncertainty aversion degree is higher, the number of commercial credit requirements to obtain more domestic listed companies, namely the payment proportion is higher, on the contrary, if the culture of a region of uncertainty aversion degree is low, while the number of domestic listed companies to provide more commercial credit; the strength of culture of a region is high, while domestic listed companies provide commercial credit of the higher level. Further, to distinguish CEO cultural characteristics and found that when the CEO individual is consistent with regional cultural characteristics culture, has a significant effect on the use of regional culture on business credit, and when the conflict CEO individual cultural characteristics and regional culture, cultural characteristics of individual enterprises CEO The decision is more influential, leading to the influence of regional culture to the commercial credit is no longer significant. (2) the regional cultural characteristics have significant influence on the level of cash holdings of Listed Companies in China. The specific performance: the culture of a region is advocated more future oriented, the region's listed companies more willing to hold more cash to meet future needs at the same time; the culture of a region more emphasis on collectivism, the region's listed companies more willing to hold more cash. Further, to distinguish CEO cultural characteristics and found that when the CEO individual cultural characteristics consistent with regional culture, regional culture has a significant impact on the level of cash holdings of listed companies, and when the conflict of individual cultural character CEO with regional culture, regional culture is no longer significant influence on the level of cash holdings of listed companies. (3) the regional cultural characteristics have a significant impact on innovation efficiency of China's listed companies Ring, specific performance: the regional culture in the future orientation dimension has significant positive influence on enterprise innovation efficiency. Further, we explored the effect of cultural characteristics of individual business executives on the relationship between regional culture and enterprise innovation efficiency. The results showed that culture and cultural characteristics of enterprise when the enterprise CEO's location, area culture has a significant impact on enterprise innovation efficiency. And when the company culture and carrying CEO on the regional culture is inconsistent, influence of regional culture to enterprise innovation efficiency is no longer significant. (4) have significant influence performance of regional cultural characteristics of China's listed companies social responsibility, specific performance: the gap dimension and rights corporate social responsibility performance is negatively related to regional culture; regional culture orientation and performance of domestic listed companies social responsibility performance is negatively related to the local culture of gender equality; Dimensions and domestic listed companies social responsibility is related. Further, to distinguish CEO cultural characteristics and found that when the CEO individual cultural characteristics consistent with regional culture, regional culture and social responsibility of listed companies still has a significant impact, and when the conflict CEO individual cultural characteristics and regional culture, regional culture characteristics of domestic market corporate social responsibility has no significant effect. The innovation of this paper is mainly reflected in the following aspects: (1) the first empirical test of the cultural differences in each region China decision on the enterprise's influence, and further discusses the executive cultural characteristics and regional culture how they interact to affect decision-making; (2) the rich the influence of informal institution on micro enterprise behavior literature, confirmed the culture as an informal influence on business decisions, that is The system can replace the formal system to some extent. (3) this paper expands the literature about the influence of executives' personal characteristics on enterprise decision making, and confirms the important role of executives' personal traits to business decisions from a cultural perspective.

【學位授予單位】:對外經濟貿易大學
【學位級別】:博士
【學位授予年份】:2017
【分類號】:F275;F272.91;F270

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