高管连锁网络对股东激励有效性调节效应研究
发布时间：2018-09-06 07:16
【摘要】：从董事网络到高管(TMT)连锁网络,在目前的公司治理的研究中,网络特征越来越突出。遵从价值投资规律,股东的投资应该有一个合理的回报,激励股东愿意做持续性的投入,这是资本市场的一个合理趋势,然而,在相对复杂的网络特征下,企业的现有股东政策是否实现了该目的,值得进一步探讨,所以本文从股东长期和短期激励有效性角度研究高管连锁网络的调节效应。单独的内外每个环节,现有的研究已经很普遍,在复杂社会网络结构下,网络的调节效应如何,这种网络特征对传统的公司治理理论产生怎样的冲击和影响,目前的研究很少,所以本文研究的问题很突出。本文在社会网络视角下,实证检验TMT连锁网络(高管圈子)对股东激励有效性的影响。TMT连锁网络(高管圈子)对股东激励有效性可能会带来两种不同的效应:一是短期内的股东对股利攀比的利益诉求,相互之间的高管圈子可能会加剧这种攀比效应,通过抬高股价或其他财务指标等方式引发财富攀比效应;二是长期角度而言,股东对企业的价值增值的价值诉求,相互之间的高管圈子会加剧这种竞赛效应,促使企业将股利分红投入到研发环节,注重长期的能力建设和企业核心竞争力的培养,引发知识竞赛效应。在前人研究的基础上,基于股利政策角度研究股东短期激励有效性,基于研发投入角度研究股东长期激励有效性,分析高管(TMT)连锁网络对股东激励有效性的调节作用,并以此为基础构建理论模型和数理模型,以模型为基础提出研究假设。最后基于A股生物医药上市公司的2012-2014年的面板数据对研究假设进行检验。主要研究结论如下:第一,股东短期激励有效性显著;第二,TMT连锁网络中心度对股东短期激励有效性具有正向调节作用;第三,股东长期激励有效性显著;第四,TMT连锁网络中心度对股东长期激励有效性具有负向调节作用。TMT连锁网络与公司治理间的关系,不仅仅体现在企业外部治理结构网络化对公司治理的影响,还体现在公司治理机制动态地影响网络结构,进而再次对公司治理绩效产生影响的动态演化过程。首先,本文定量识别、理解二元网络分析框架下的TMT连锁网络对公司治理机制产生的影响,将为深入理解中国资本市场公司治理行为的特殊性提供一个新的重要研究视角。可以从更深层次上解释中国公司治理转型过程中企业决策所面临的外部治理环境,突破只见"圈子"不见"网络"的研究困境。其次,关于连锁董事网络与公司治理行为的研究,虽然文献中已有一些研究,但更多地是从网络结构、政治关联、资源依赖等视角展开,对连锁网络与公司治理的作用机制,特别地,目前尚缺乏对微观的传导作用机制的严谨和系统理论与实证分析。更重要的是,本文并不是简单照搬国外的相关研究思路和方法,然后套上中国的数据。
[Abstract]:From the director network to the executive (TMT) chain network, the network features are more and more prominent in the current corporate governance research. Following the law of value investment, shareholders' investment should have a reasonable return and encourage shareholders to make sustained investment. This is a reasonable trend in the capital market. However, under the relatively complex network characteristics, It is worth further discussing whether the existing shareholder policy has achieved this goal, so this paper studies the regulatory effect of executive chain network from the perspective of long-term and short-term incentive effectiveness of shareholders. In the complex social network structure, how to adjust the effect of the network, what impact and impact this network characteristics on the traditional corporate governance theory, there is little research at present. So the problem studied in this paper is very prominent. From the perspective of social network, Empirical study on the impact of TMT chain Network (Executive Circle) on shareholder incentive effectiveness. The effect of TMT chain Network on shareholder incentive effectiveness may bring two different effects: one is the short-term shareholders' interest demand for dividend comparison. Mutual executive circles may exacerbate this comparison effect, creating a wealth comparison effect by pushing up stock prices or other financial indicators; and, in the long run, shareholders' claims to the value added to the company's value. This kind of competition effect will be aggravated by the mutual executive circle, which will urge the enterprise to invest dividends in R & D, pay attention to the long-term capacity-building and the cultivation of the core competence of the enterprise, and trigger the effect of knowledge competition. On the basis of previous studies, this paper studies the short-term incentive effectiveness of shareholders based on dividend policy, the long-term incentive effectiveness of shareholders based on R & D investment, and analyzes the regulatory effect of (TMT) chain network on shareholder incentive effectiveness. The theoretical model and mathematical model are constructed, and the research hypothesis is put forward based on the model. Finally, the research hypothesis is tested based on the 2012-2014 panel data of A-share Biopharmaceutical listed companies. The main conclusions are as follows: first, the effectiveness of shareholders' short-term incentive is significant; second, the centrality of TMT chain network has a positive effect on the short-term incentive effectiveness of shareholders; third, the long-term incentive effectiveness of shareholders is significant; Fourth, the centrality of TMT chain network has a negative effect on the effectiveness of shareholders' long-term incentive. The relationship between TMT chain network and corporate governance is not only reflected in the influence of external governance structure networking on corporate governance. It is also reflected in the dynamic evolution process in which corporate governance mechanism influences the network structure dynamically and then affects corporate governance performance again. Firstly, this paper quantitatively identifies and understands the influence of TMT chain network on corporate governance mechanism under the framework of binary network analysis, which will provide a new and important perspective for further understanding the particularity of corporate governance behavior in China's capital market. It can further explain the external governance environment in the process of corporate governance transformation in China, and break through the research dilemma of "circle" and "network". Secondly, the research on the chain director network and corporate governance behavior, although there have been some studies in the literature, but more from the network structure, political connections, resource dependence and other perspectives, the chain network and corporate governance mechanism. In particular, there is a lack of rigorous and systematic theoretical and empirical analysis of the microscopic conduction mechanism. More importantly, this paper does not simply copy the relevant foreign research ideas and methods, and then apply Chinese data.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F272.91
本文编号：2225642
[Abstract]:From the director network to the executive (TMT) chain network, the network features are more and more prominent in the current corporate governance research. Following the law of value investment, shareholders' investment should have a reasonable return and encourage shareholders to make sustained investment. This is a reasonable trend in the capital market. However, under the relatively complex network characteristics, It is worth further discussing whether the existing shareholder policy has achieved this goal, so this paper studies the regulatory effect of executive chain network from the perspective of long-term and short-term incentive effectiveness of shareholders. In the complex social network structure, how to adjust the effect of the network, what impact and impact this network characteristics on the traditional corporate governance theory, there is little research at present. So the problem studied in this paper is very prominent. From the perspective of social network, Empirical study on the impact of TMT chain Network (Executive Circle) on shareholder incentive effectiveness. The effect of TMT chain Network on shareholder incentive effectiveness may bring two different effects: one is the short-term shareholders' interest demand for dividend comparison. Mutual executive circles may exacerbate this comparison effect, creating a wealth comparison effect by pushing up stock prices or other financial indicators; and, in the long run, shareholders' claims to the value added to the company's value. This kind of competition effect will be aggravated by the mutual executive circle, which will urge the enterprise to invest dividends in R & D, pay attention to the long-term capacity-building and the cultivation of the core competence of the enterprise, and trigger the effect of knowledge competition. On the basis of previous studies, this paper studies the short-term incentive effectiveness of shareholders based on dividend policy, the long-term incentive effectiveness of shareholders based on R & D investment, and analyzes the regulatory effect of (TMT) chain network on shareholder incentive effectiveness. The theoretical model and mathematical model are constructed, and the research hypothesis is put forward based on the model. Finally, the research hypothesis is tested based on the 2012-2014 panel data of A-share Biopharmaceutical listed companies. The main conclusions are as follows: first, the effectiveness of shareholders' short-term incentive is significant; second, the centrality of TMT chain network has a positive effect on the short-term incentive effectiveness of shareholders; third, the long-term incentive effectiveness of shareholders is significant; Fourth, the centrality of TMT chain network has a negative effect on the effectiveness of shareholders' long-term incentive. The relationship between TMT chain network and corporate governance is not only reflected in the influence of external governance structure networking on corporate governance. It is also reflected in the dynamic evolution process in which corporate governance mechanism influences the network structure dynamically and then affects corporate governance performance again. Firstly, this paper quantitatively identifies and understands the influence of TMT chain network on corporate governance mechanism under the framework of binary network analysis, which will provide a new and important perspective for further understanding the particularity of corporate governance behavior in China's capital market. It can further explain the external governance environment in the process of corporate governance transformation in China, and break through the research dilemma of "circle" and "network". Secondly, the research on the chain director network and corporate governance behavior, although there have been some studies in the literature, but more from the network structure, political connections, resource dependence and other perspectives, the chain network and corporate governance mechanism. In particular, there is a lack of rigorous and systematic theoretical and empirical analysis of the microscopic conduction mechanism. More importantly, this paper does not simply copy the relevant foreign research ideas and methods, and then apply Chinese data.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F272.91
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