高管财务背景和资本结构对公司绩效的影响研究

发布时间：2018-05-03 06:39

  本文选题：财务背景 + 公司绩效　； 参考：《南京大学》2017年硕士论文

【摘要】：资本结构是现代财务管理研究的核心要素之一,同时公司做出的资本结构选择会对其绩效水平产生重大影响。在最近的债券市场上,广西有色因为没有选择合适的资本结构,不能按期偿还债务,被南宁中级法院宣布破产清算。此外,为了能从激烈的市场竞争中胜出,上市公司不仅需要做出最优的资本结构决策,还需要聘用合格的管理者。从国内外学者的研究中发现,上市企业中有财务经验CEO的比例呈逐年上升的趋。基于此,本文从高层梯队理论和资本结构理论出发,研究高管财务背景和资本结构对公司绩效的影响。本文主要研究高管财务背景和资本结构对公司绩效的影响。首先,在国内外研究结果的基础上,从理论上分析上市公司高管中财务背景比例和资本结构对公司绩效水平的影响。其次,对文中的能够用到的研究变量进行设定和选取2005-2015年沪深A股上市公司作为研究样本,构建面板数据。再次,提出研究假设和根据假设建立模型。最后,运用计量软件对所建模型进行实证检验和得出本文的研究结论。通过对实证结果分析发现,公司的资本结构对公司绩效水平产生显著的负面影响,且不论公司是国有还是非国有的,此种关系都存在。高管财务背景会对公司绩效水平产生显著的正向影响,而这种关系不受高管财务背景比例高低和产权性质影响。在高管财务背景高值组、国有样本组和非国有样本组中,高管财务背景与资本结构的交叉项与公司绩效水平之间存在"U"型关系。而在高管财务背景低值组中,高管财务背景与资本结构的交叉项与公司绩效之间不存在"U"型关系,两者只存在显著的负面关系。此外,第一股东持股比例、公司上市年数及公司的成长能力都对其绩效水平产生明显的负面影响,公司规模与公司绩效之间存在显著正相关。此外,高管性别、高管持股情况及有形资产比例均对绩效水平无明显的影响。因而,为了提高上市企业的绩效水平,上市公司管理者在公司经营过程中应将资本结构控制在一个的适当水平,并且上市公司的实际控制者应该根据自身实际情况,选择合适的管理者和组建高质量的管理团队。
[Abstract]:Capital structure is one of the core elements of modern financial management research. At the same time, the choice of capital structure made by the company will have a significant impact on its performance. In the recent bond market, Guangxi colored, because it does not choose the appropriate capital structure, can not repay the debt on time, and has been declared bankruptcy liquidation by the Nanning intermediate court. In addition, To win from the fierce market competition, the listed company not only needs to make the optimal capital structure decision, but also needs to employ qualified managers. From the research of domestic and foreign scholars, the proportion of financial experience CEO in the listed enterprises is increasing year by year. Based on this, this paper starts from the theory of top echelon and the theory of capital structure. Study the influence of executive financial background and capital structure on corporate performance. This paper mainly studies the influence of executive financial background and capital structure on corporate performance. First, on the basis of research results at home and abroad, the influence of financial background ratio and capital structure on the performance level of the listed company is theoretically analyzed. Secondly, the article is on the article. The research variables that can be used in the study are set up and selected for 2005-2015 years of Shanghai and Shenzhen A shares listed companies as research samples to build panel data. Thirdly, the research hypothesis and the hypothesis are set up. Finally, the empirical test and conclusion of the model are carried out with the measurement software, and the results are analyzed by the empirical results. Now, the company's capital structure has a significant negative impact on the performance level of the company, and whether the company is state-owned or non-state-owned, this relationship exists. The executive financial background will have a significant positive impact on the performance level of the company, and this relationship is not affected by the proportion of executive financial scenes and property rights. In the high value group, the state-owned sample group and the non-state-owned sample group, there is a "U" relationship between the cross term of top executive financial background and capital structure and the performance level of the company. In the low value group of senior executive financial background, there is no "U" relationship between the cross term of executive financial background and capital structure and the performance of the company, and there is only a significant negative effect. In addition, the proportion of the first shareholders, the number of companies listed and the company's growth ability have a significant negative impact on the performance level. There is a significant positive correlation between the company size and the company performance. In addition, the gender, executive stock ownership and tangible assets have no obvious effect on the performance level. In order to improve the performance level of listed companies, the managers of listed companies should control the capital structure in the proper level of the company, and the actual controllers of the listed companies should choose the right managers and set up a high quality management team according to their own actual conditions.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F272.91
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本文编号：1837447