基于堑壕效应的预算松弛生成机理及其经济后果研究

发布时间：2018-04-27 06:32

本文选题：堑壕效应 + 预算松弛　；参考：《重庆理工大学》2017年硕士论文

【摘要】：预算管理作为企业中一种重要的控制手段,不管是在企业财务管理方面,还是在公司治理层面,都受到了学术界和实务界的高度重视。但从国内外预算管理实践经验来看,预算管理效果存在很多争议,预算松弛便是其中之一。目前,国内对预算松弛的研究主要集中于中层管理和基层管理的预算松弛,对高层管理的研究较少,且大都没有从预算执行人所在岗位的共性特征来研究预算松弛的产生及其对公司的影响。本文以2011-2015年自愿披露预算数据的上市公司为研究对象,通过规范研究与实证研究的方法,详细剖析预算松弛的生成机理以及对公司业绩的影响,从而有利于进一步改进与完善预算管理制度,解决预算松弛问题具有重要的意义。本文的研究内容主要分为六章:第一章是绪论。主要介绍本文研究的背景和研究意义以及相关概念界定,提出本文研究的思路和主要内容,阐述了本文研究方法与创新。第二章是文献综述与评述。回顾与梳理国内外预算松弛的影响因素及其经济后果的研究,并对其进行了文献评述。第三章是理论基础与分析。基于委托代理理论与权变理论,从高管堑壕效应的视角,分析了预算松弛的动因。第四章是生成机理的实证研究。基于面板数据模型,详细地剖析了高管权力、股权集中度和股权性质对预算松弛的影响。第五章是经济后果的实证研究。在上一章的研究基础上,通过门槛面板模型,研究预算松弛与公司业绩之间的非线性关系,并且还进一步分析了在堑壕效应下,预算松弛对公司业绩的影响。第六章是结论与对策建议。根据前两章的实证结果,得出本文的研究结论并提出相应的建议。本文研究结论发现:1)高管权力、股权集中度和股权性质是产生预算松弛的重要因素。具体而言,在高管权力较大、股权分散的非国有企业中,高管出于职位安全性的考虑,倾向于构筑堑壕效应,减少被变更的风险,从而减少预算松弛的概率;而在高管权力较小、股权集中的国有企业中,高管为了获得良好的业绩评价和较高的报酬,更倾向于制定宽松的预算。2)预算松弛与公司业绩呈现出先弱后强再减弱的非线性关系。虽然预算松弛给公司造成一定的负面影响,但它的积极作用也不可忽视。适当的预算松弛不仅能缓解经理人与股东之前的利益问题,还能有效应对环境不确定性因素带来的风险,从而实现共赢的格局。
[Abstract]:Budget management as an important means of control in enterprises, whether in corporate financial management or corporate governance, has been highly valued by the academic and practical circles. But from the experience of budget management at home and abroad, there are many controversies on the effect of budget management, and budget relaxation is one of them. At present, the domestic research on budget relaxation mainly focuses on the budget relaxation of middle management and grass-roots management, while the research on senior management is less. And most of them do not study the generation of budget relaxation and its influence on the company from the common characteristics of the position of budget executor. This paper takes listed companies that voluntarily disclose budget data from 2011-2015 as the research object, through normative research and empirical research, analyzes the formation mechanism of budget relaxation and its impact on corporate performance in detail. Therefore, it is of great significance to further improve and perfect the budget management system and solve the problem of budget relaxation. The main content of this paper is divided into six chapters: the first chapter is an introduction. This paper mainly introduces the background and significance of this study and the definition of related concepts, puts forward the ideas and main contents of this study, and expounds the research methods and innovations of this paper. The second chapter is literature review and review. This paper reviews and reviews the influence factors and economic consequences of budgetary relaxation at home and abroad. The third chapter is the theoretical basis and analysis. Based on the principal-agent theory and contingency theory, this paper analyzes the causes of budget relaxation from the perspective of trench effect. Chapter four is an empirical study of the formation mechanism. Based on panel data model, the effects of executive power, ownership concentration and equity property on budget relaxation are analyzed in detail. The fifth chapter is the empirical study of economic consequences. Based on the previous chapter, the nonlinear relationship between budget relaxation and corporate performance is studied by the threshold panel model, and the influence of budget relaxation on corporate performance under trench effect is also analyzed. The sixth chapter is the conclusion and the countermeasure suggestion. According to the empirical results of the first two chapters, the conclusion of this paper and the corresponding recommendations are put forward. The conclusion of this paper is that executive power, ownership concentration and equity nature are important factors of budget relaxation. Specifically, in the non-state-owned enterprises with higher executive power and decentralized equity, the executives tend to build trench effect, reduce the risk of change and reduce the probability of budget relaxation because of the position security. In the case of state-owned enterprises with less executive power and concentrated equity, in order to obtain good performance evaluation and higher remuneration, It is more inclined to make a loose budget. 2) the relationship between the slack budget and the company's performance shows the nonlinear relationship between the weak and then the weak. Although the budget relaxation has a certain negative impact on the company, but its positive role can not be ignored. Proper budget relaxation can not only alleviate the interests of managers and shareholders, but also effectively deal with the risks caused by environmental uncertainties, thus realizing a win-win situation.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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