异质管理者风格形成机制分析及实证检验

发布时间：2019-01-22 19:07

【摘要】：利用1999-2012年间我国上市企业管理者变更的数据,通过管理者风格的固定效应模型,研究了管理者风格的形成机制、影响因素及其对外部投资者的影响。研究认为:异质管理者风格的形成机制存在差异,同时它可以被外部投资者有效识别。实际新投资率、每股收益及货币资金量等为影响管理者风格的中介变量。(1)管理者风格与企业特征相适应时,管理者风格将会被强化;管理者风格与企业特征相抵触,且管理者能够改变企业决策特征时,企业决策能够体现出管理者风格。否则,管理者效应将混同于企业效应,企业决策不能体现出管理者风格。(2)异质管理者风格不仅能被企业识别,也能被企业外部投资者有效识别。实际新投资率、每股收益及货币资金量等变量可以作为反应管理者风格的中介变量。同时,管理者的学历、职务及兼职情况与管理者风格中介变量显著性相关。管理者的学历越高、职务越高,其企业经营决策越稳健。在不同风格特征的管理者样本中,管理者的年龄段及兼职情况对中介变量的影响存在差异。
[Abstract]:Based on the data of managers' changes in Chinese listed enterprises from 1999 to 2012, this paper studies the formation mechanism, influencing factors and their influence on external investors of managers' style through the fixed effect model of managers' style. It is concluded that the formation mechanism of heterogeneous manager style is different, and it can be effectively identified by external investors. The actual new investment rate, earnings per share and the amount of money are the intermediary variables that affect the manager's style. (1) when the manager's style is suitable to the enterprise's characteristics, the manager's style will be strengthened; When the manager's style conflicts with the enterprise's characteristics, and when the manager can change the enterprise's decision-making feature, the enterprise's decision can reflect the manager's style. Otherwise, the manager effect will be mixed with the enterprise effect, and the enterprise decision-making can not reflect the manager style. (2) the heterogeneous manager style can not only be recognized by the enterprise, but also can be effectively identified by the external investors. The actual new investment rate, earnings per share and monetary capital can be used as mediating variables reflecting the manager's style. At the same time, the educational background, position and part-time of managers were significantly related to the intermediary variables of managers' style. The higher the educational background and the higher the position, the more stable the business decision. In the sample of managers with different style characteristics, the influence of age and part-time work on intermediary variables is different.
【作者单位】：山东财经大学金融学院;
【基金】：国家社会科学基金项目“管理者风格与企业投融资决策研究”(项目编号:13BJY083) 山东省金融产业优化与区域发展管理协同创新中心竞争性项目“山东省中小企业股权融资平台制度创新研究”(项目编号:14xtyb09)及“山东小额贷款公司业务模式细分与效益评价研究”(项目编号:14xtyb20) 博士后基金面上项目“政策性融资担保贷款的风险识别与风险分担机制研究”(项目编号:2016M602114)的阶段性成果
【分类号】：F272.91;F832.51

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