管理防御、资本结构与企业绩效关系研究

发布时间：2018-01-02 22:31

本文关键词：管理防御、资本结构与企业绩效关系研究　出处：《辽宁大学》2016年博士论文　论文类型：学位论文

【摘要】：我国企业在公司治理方面存在严重的缺陷,例如一些上市公司的董事会和股东大会形同虚设,监督约束职能的严重缺位,导致管理者的控制权不受约束,财务决策的制定不是依据公司的利益最大化来制定,而是依据管理者的个人偏好和个人利益而制定,决策的科学性、合理化程度大打折扣,最终导致企业的经营效率低下,这些问题的背后都折射出管理者的管理防御行为特征。我国特殊的制度背景决定了我国企业管理防御问题的复杂性,主要表现在：董事会成员多数来源于控股股东,股权集中度较高；国家或法人股比例大,对管理者的监督处于弱势控制；监事会没有发挥有效的监督职能。2008年金融危机以来,我国经济处于转型发展时期,企业同国家一样面临转变粗放型经济增长方式的严峻挑战,我国企业一直处于较低的负债水平和较低的盈利水平,资源环境约束的日益加深客观上驱动着管理者面临企业关键问题与突出矛盾时的防御行为。管理防御问题的严重性、复杂性以及环境因素的驱动性都将损害股东的利益,而资本结构作为利益相关者权利义务的集中反映,受公司治理结构影响进而影响企业绩效。本文从代理理论、信息不对称理论和控制权理论引发的管理防御视角研究企业的资本结构及企业绩效问题具有重要的理论意义和实践意义。高阶管理理论认为,企业的管理者会影响企业战略的选择从而影响企业的绩效。资本结构是企业进行长期融资行为所积累的结果,而企业采取何种融资行为,即企业的融资决策权被紧握在管理者的手中。委托代理理论的观点认为,持股比例较低的管理者与股东二者间存在利益趋向相悖问题。信息不对称理论的观点认为,管理者相对于股东属于掌握企业优势信息的一方。管理者掌控着企业的经营决策权,其防御行为会影响企业财务战略的制定进而影响企业绩效。现有文献在管理防御对资本结构和企业绩效影响的研究方面,仅从人力资本特征和企业内部监督激励机制方面测量管理防御程度,进而研究其对资本结构和企业绩效的影响。而我国处于经济转型时期,经济环境日益动态复杂、市场竞争加剧这些因素都会驱动管理者的防御行为,从而影响资本结构和企业绩效。这一研究方向在一些学者的未来研究展望中提及,但并未展开深入研究。因此,本文将管理防御划分为管理者特征、内部治理机制和外部市场环境三个测量维度来研究其对资本结构和企业绩效的影响。根据以上思路,本文主要研究工作包括三个方面：(1)将管理者特征、内部治理机制和市场环境作为管理防御的三个测量维度,构建以资本结构为中介变量的管理防御、资本结构与企业绩效关系的理论分析框架。依据理论分析框架中三个变量间的逻辑关系提出本文的研究假设。(2)进行实证研究设计。首先针对理论分析框架中的自变量、因变量、中介变量以及相关控制变量选取测量变量,并对各测量变量进行定义。从3个维度6个要素层面选取13个指标构建管理防御测度指标评价体系测度管理防御程度；选取资产负债率度量资本结构；综合考虑财务绩效与市场绩效,选取托宾Q值度量企业绩效。其次根据理论分析框架为后续实证分析构建三组回归模型。最后选取研究样本,以2009-2013年为数据窗口,选择深、沪两市5年间上市公司为研究样本,经过筛选最终观测值为10177个,并从国泰安数据库和wind数据库中筛选并汇总财务、公司治理及宏观经济等相关数据。(3)对管理防御、资本结构与企业绩效关系进行实证分析。首先对各样本进行描述性统计分析,观测其整体分布情况；其次将管理防御各测量变量与资本结构和企业绩效进行相关分析；第三进行回归分析检验管理防御对资本结构影响、管理防御对企业绩效影响和资本结构对企业绩效影响的研究假设；最后进行资本结构中介效应分析,本文对中介效应的检验采用分步回归分析法,在回归分析之前采用主成分分析对管理防御测量的要素层量化赋值,接下来再采用因子分析法对管理防御测量的维度层量化赋值,之后分别验证资本结构在管理者特征、内部治理机制和市场环境三个测量维度与企业绩效之间的中介效应。通过实证分析,本文得出四个主要研究结论：(1)管理防御对资本结构具有负向影响。管理者特征、内部治理机制和外部市场环境影响管理防御程度,管理防御程度越高,企业负债比率越低。(2)管理防御对企业绩效具有负向影响。管理者特征、内部治理机制和外部市场环境影响管理防御程度,管理防御程度越高,企业绩效越差。(3)资本结构对企业绩效具有正向影响。(4)资本结构在管理防御与企业绩效之间具有中介效应。资本结构在管理者特征与企业绩效之间具有完全中介效应；资本结构在内部治理机制与企业绩效之间具有部分中介效应；资本结构在市场环境与企业绩效之间具有部分中介效应。本文的创新之处主要体现在以下方面：以管理防御影响因素为切入点,从管理者个人、企业内部和企业外部三方面影响因素将管理防御测量维度划分为管理者特征、内部治理机制和市场环境三个维度,选取反映管理者自身因素的年龄、性别、学历和反映管理者职业经历的任期和从业背景作为管理者特征维度的测量变量；选取反映企业激励机制的持股比例、薪酬和反映企业监督约束机制的董事会规模、两职设置、独立董事比例和转换工作成本作为内部治理机制维度的测量变量；选取反映宏观经济波动的宏观经济景气指数和反映外部市场竞争的超额主营业务利润率作为市场环境维度的测量变量。本研究将从3个维度、6个要素层面选取13项指标来对管理防御程度进行测量,综合考虑了管理者的自身因素和从业背景、管理者受监督约束和激励机制的影响以及处于转型经济时期经济环境和竞争激烈的市场环境,从而更加全面而深入的研究管理者的防御行为及其对资本结构和企业绩效的影响。以资本结构为中介变量,构建理论分析框架和研究模型,分别从管理防御的三个测量维度来分析管理防御通过影响资本结构进而影响企业绩效。在验证资本结构的中介效应前首先采用主成分分析法构建F模型对管理防御测量要素层进行量化赋值,其次再利用因子分析从要素中提取出主因子得分对管理防御三个测量维度进行量化赋值,从而更加准确地验证资本结构在管理防御各测量维度与企业绩效之间的中介效应。这为企业绩效间接影响因素问题的研究提供了一个思路。
[Abstract]:The enterprises in China have serious defects in corporate governance, for example, some of the listed company's board of directors and shareholders useless, lack of supervision and restraint function, control of lead managers to unconstrained maximization, financial decision making is not based on the interests of the company to develop, but based on personal preferences and management the interests of the individual development, scientific decision-making, rational degree greatly reduced, resulting in low efficiency of management of enterprises, these problems reflect the managerial entrenchment behavior characteristics of managers. The special institutional background in China determines the complexity of defense management problems of Chinese enterprises, mainly in: the members of the board of directors most sources in the controlling shareholders, ownership concentration is higher; the proportion of the state or legal person shares, supervision of the managers in a weak control; the board of supervisors did not play an effective supervision Since the function of.2008 during the financial crisis, China's economy is in the transition period of development, enterprises with the country is facing severe challenges in the transformation of extensive economic growth, China's enterprises has been in a low debt level and low level of profitability, defensive behavior is increasing the objective driving management of resource and environmental constraints facing the key the problem of enterprise and contradictions. The seriousness of the problem of driving defense management, complexity and environmental factors will damage the interests of the shareholders, and the capital structure is a centralized reflection of stakeholders' rights and obligations, under the influence of corporate governance structure and then affect the enterprise performance. This paper from the agency theory, has important theoretical and practical significance. The significance of capital structure and corporate performance problems caused by the asymmetric information theory and control theory of the defense management perspective to study enterprise top management theory. As to the enterprise managers will affect the choice of the enterprise strategy influences the performance of enterprises. The capital structure is the enterprise long-term financing behavior and result of the accumulation of enterprises to adopt what kind of financing behavior, financing decision-making power of enterprises is firmly in the hands of managers. The principal-agent theory point of view, there is interest contrary problem holding a lower proportion of managers and shareholders. Among the two asymmetric information theory point of view, to grasp the enterprise managers shareholders belong to the advantages of information one. Management control of business decision-making power of enterprises, and then develop their defensive behavior will affect the enterprise's financial strategy affect the enterprise performance. The existing literature in the study of influence Defense Management on capital structure and corporate performance, only from the characteristics of human capital and enterprise internal supervision and the incentive mechanism of measurement management and defense, research The influence of the capital structure and corporate performance. And our country is in the economic transition period, the economic environment is dynamic and complex, defensive behavior of market competition of these factors will drive managers, thus affecting the capital structure and corporate performance. The research direction in the future research prospect mentioned by some scholars, but not deeply study. Therefore, this article will feature management defense divided into management, internal governance mechanism and external market environment in three dimensions to study its impact on the capital structure and corporate performance. Based on the above ideas, the main research work includes three aspects: (1) the management characteristics, internal governance mechanism and market environment as the three dimensions of management defense, constructing capital structure as the intermediary variable of the management of defense, the relationship between capital structure and corporate performance in the framework of theoretical analysis. According to the theory of The logical relationship between the three variables in the analysis frame of this research hypothesis. (2) the empirical research design. Firstly, based on the theoretical analysis in the framework of independent variables and dependent variables, mediating variables and related control variables measuring variables, and define the measurement variables. 13 indexes were selected to construct the management Entrenchment index evaluation the measurement system of Defense Management degree from 3 dimensions and 6 factors; select asset liability ratio to measure capital structure; considering the financial performance and market performance, select Tobin Q measure of corporate performance. Secondly according to the theoretical analysis framework for the subsequent empirical analysis to construct three group regression model. Finally the selection of research samples, using 2009-2013 as the data window choose, deep, Shanghai two, 5 listed companies as research samples, through screening final observation value of 10177, and from the Tai'an database and wind data base screen Selection and summary of financial, corporate governance and macroeconomic and other relevant data. (3) on the management of defense, makes an empirical analysis of the relationship between capital structure and corporate performance. Firstly, the descriptive statistical analysis on samples, the overall distribution of the observation; correlation analysis of the measurement variables and defense management of capital structure and business performance; third impact on the capital structure management defense test and regression analysis, research hypothesis, influence of Managerial Entrenchment on enterprise performance and capital structure on corporate performance; finally, analysis of the capital structure of the intermediary effect, this paper tests the mediating effect of using stepwise regression analysis, the regression analysis using principal component analysis prior to measurement of defense element management layer quantization the assignment, then adopting the method of factor analysis dimension quantitative evaluation management defense measure, after verification of capital structure in the The management features, the mediating effect between internal governance mechanism and market environment in three dimensions and corporate performance. Through empirical analysis, this paper concludes four main research: (1) the management of defense has a negative effect on capital structure. The management features, internal governance mechanism and external market environment influence degree of managerial entrenchment, more the high degree of managerial entrenchment, corporate debt ratio is low. (2) the management of defense has a negative impact on corporate performance. The management features, internal governance mechanism and external market environment management defense degree, the higher degree of managerial entrenchment, enterprise performance is worse. (3) the capital structure has positive effect on firm performance. (4) the capital structure has a mediating effect between managerial entrenchment and enterprise performance. The capital structure has mediating effect between manager characteristics and corporate performance; capital structure in the internal governance mechanism and Has partial mediating effect between corporate performance; capital structure has a partial mediating effect between market environment and enterprise performance. The innovation of this paper is mainly reflected in the following aspects: the factors affect the defense management as the starting point, from the personal management, enterprise internal and external factors affecting the management characteristics of three measurement dimensions for defense management and the three dimensions of internal governance mechanism and market environment, selected to reflect the management of their own factors of age, gender, education and occupation tenure managers reflect the experience and business background as measured variables management features and dimensions; selection of shareholding ratio reflect the enterprise incentive mechanism, salary and reflect the enterprise supervision and restraint mechanism of the size of the board of directors two, post setting, the proportion of independent directors and the conversion cost as the measurement dimensions of internal governance mechanisms are selected to reflect the macro; The concept of economic fluctuations and macroeconomic climate index to reflect the external market competition over the main business profit rate as the measured variable market environment dimension. This study from 3 dimensions, 6 factors selected 13 indicators to measure the management and prevention of degree, considering the factors of managers and professional background. Effect of management by supervision and restraint and incentive mechanism in the period of economy transition and economic environment and competitive market environment, which is more comprehensive and in-depth research on the management of defensive behavior and its impact on the capital structure and corporate performance. Based on the capital structure as the intermediary variable, constructs the theoretical analysis framework and research model, respectively from three dimensions of management to analyze the influence of defense defense management and firm performance through affecting capital structure. Firstly, in the mediating effect of verification of capital structure before Construction of the quantitative evaluation of the management of defense measure elements layer F model with principal component analysis method, then use factor analysis to extract the main factors from the factor score to quantify the assignment of defense management three dimensions, and thus a more accurate verification of capital structure in the mediating effect between the dimensions of anti imperial management and corporate performance. This provides a way to study the problem of indirect factors of enterprise performance.

【学位授予单位】：辽宁大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F275

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