高管团队金融背景特征与上市公司投融资决策的实证研究

发布时间：2018-11-03 15:36

【摘要】：企业的融资活动为企业提供经营运作所需的资金,而投资活动则能为企业带来经济利润,推动企业向前发展。融资活动和投资活动是企业非常重要的两项经营活动,因此,做出最合理的投融资决策对企业来说至关重要。决策最终的制定者是人,投融资活动的决策过程离不开高管团队的参与。高阶理论以心理学和社会学为理论基础,从人这个主观因素出发,指出高管团队的基本背景特征会对企业的战略及价值产生影响,这些基本背景特征包括年龄、性别、教育背景、职业背景及财务状况等。本文主要探讨的是高管团队金融背景特征对企业投融资决策的影响。本文以资本结构作为融资决策的替代变量,以投资-现金流敏感性作为投资决策的替代变量,以拥有银行工作经历的高管人数占高管团队总人数的比例作为高管团队银行背景特征变量,以拥有证券公司工作经历的高管人数占高管团队总人数的比例作为高管团队证券公司背景特征变量,以拥有金融经济类教授工作经历的高管人数占高管团队总人数的比例作为高管团队金融经济类教授背景特征变量,以499家A股上市公司高管为研究对象,结合这些上市公司2012年的财务数据,运用多元回归分析方法分析了高管团队银行、证券公司、金融经济类教授这三种金融背景特征与企业资本结构以及投资-现金流敏感性之间的关系。经过一系列的理论分析和实证分析,本文得出了以下结论：第一,高管团队中拥有银行工作经历的高管比例越大,则企业资产负债率越高。第二,高管的证券公司工作经历对企业资产负债率没有显著影响。第三,高管团队中拥有金融经济类教授工作经历的高管比例越大,则企业资产负债率越高。第四,高管团队中拥有银行工作经历的高管比例越大,则公司投资对现金流的敏感性越低。第五,高管团队中拥有证券公司工作经历的高管比例越大,公司投资对现金流的敏感性越低。第六,高管团队中拥有金融经济类教授工作经历的高管比例越大,公司投资对现金流的敏感性越高。本文不仅拓展了资本结构及投资-现金流敏感性研究的视角和范围,同时也丰富了有关行为金融领域的研究。另外,本文为企业聘任高管以及企业的投融资活动提供了一些参考。
[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.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F272.91

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