经理层管理防御、股权激励与企业外源融资结构

发布时间：2018-09-11 09:57

【摘要】：企业外源融资结构主要取决于对经营决策具有决定作用的经理层的主观能动性,而经理层能动性受到客观存在的融资风险引发的自身利益损失和职位被替换等防御动机的影响。本文以GONE理论为基础分析了经理层管理防御影响企业外源融资结构的机理,并以我国上市公司为研究对象实证研究经理层管理防御水平强弱与企业外源融资结构的内在关系,进一步考察股权激励对两者关系的调节作用。研究发现:经理层管理防御是企业外源融资结构的主要影响因素,而股权激励能够弱化经理层管理防御对企业外源融资结构的不利影响,发挥对债权融资比向上的调节作用和对股权融资比、长期债务比向下的调节作用。因此,企业应重视运用经理层股权激励对经理层管理防御动机下外源融资结构偏好的调节作用。研究结论可为企业外源融资结构设计提供参考,为弱化经理层管理防御强度以形成合理的外源融资结构提供借鉴。
[Abstract]:The external financing structure of an enterprise mainly depends on the subjective initiative of the managers who have a decisive role in the management decision, and the initiative of the managers is influenced by the defensive motives such as the loss of their own interests caused by the objective financing risks and the replacement of positions. On the basis of GONE theory, this paper analyzes the mechanism of manager level management defense influencing the external financing structure of enterprises, and takes listed companies in China as the research object to study the relationship between the management defense level of managers and the external financing structure of enterprises. Further investigate the role of equity incentive in regulating the relationship between the two. It is found that the managerial defense is the main influencing factor of the external financing structure of the enterprise, and equity incentive can weaken the adverse effect of the managerial defense on the external financing structure of the enterprise. Play the role of adjusting the ratio of debt financing upward and equity financing, long-term debt ratio to adjust the downward role. Therefore, enterprises should pay more attention to the regulating effect of managerial equity incentive on exogenous financing structure preference under managerial defense motivation. The conclusion can provide reference for the design of external financing structure of enterprises and for weakening the defensive intensity of management in order to form a reasonable external financing structure.
【作者单位】：西安理工大学经济与管理学院;
【基金】：国家自然科学基金项目,项目编号:71272118 高等学校博士学科点专项科研基金项目,项目编号:20136118110008 陕西省高校重点学科专项资金建设项目,项目编号:107-00X902
【分类号】：F272.92;F275

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