政治关联、管理者内部地位与企业流动性风险水平——基于民营企业的实证分析
发布时间：2018-11-11 18:27
【摘要】：以货币现金/短期借款、流动资产/流动负债和速动资产/流动负债三个指标度量的流动性风险水平为因变量,以高层管理人员的政治关联虚拟变量、管理者内部地位水平及政治关联虚拟变量与管理者内部地位的交乘项为自变量进行OLS回归,研究发现:具有政治关联的民营企业流动性风险显著更高;管理者在民营企业的内部地位与其所做决策流动性风险水平显著正相关;在民营企业中具有政府背景的管理者占据更高的管理地位会加剧企业决策流动性风险。
[Abstract]:Taking the liquidity risk level measured by the three indexes of currency cash / short-term borrowing, current assets / current liabilities and liquid assets / current liabilities as dependent variables, and taking the political association of senior management as virtual variables, The internal status level of managers and the multiplying terms between the virtual variables of political connection and the internal position of managers are independent variables for OLS regression. The results show that: the liquidity risk of private enterprises with political connection is significantly higher; The internal position of managers in private enterprises is significantly positively related to the level of liquidity risk in their decision-making, and the higher management position of managers with government background in private enterprises will aggravate the decision-making liquidity risk of enterprises.
【作者单位】： 河南财政金融学院;
【分类号】：D0;F272.91;F275
，
本文编号：2325745
[Abstract]:Taking the liquidity risk level measured by the three indexes of currency cash / short-term borrowing, current assets / current liabilities and liquid assets / current liabilities as dependent variables, and taking the political association of senior management as virtual variables, The internal status level of managers and the multiplying terms between the virtual variables of political connection and the internal position of managers are independent variables for OLS regression. The results show that: the liquidity risk of private enterprises with political connection is significantly higher; The internal position of managers in private enterprises is significantly positively related to the level of liquidity risk in their decision-making, and the higher management position of managers with government background in private enterprises will aggravate the decision-making liquidity risk of enterprises.
【作者单位】： 河南财政金融学院;
【分类号】：D0;F272.91;F275
，
本文编号：2325745
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