区域文化、管理者特质与企业财务行为

发布时间：2018-03-23 19:57

本文选题：区域文化　切入点：管理者特质　出处：《对外经济贸易大学》2017年博士论文

【摘要】：文化是非正式制度的一个重要方面,探析文化对微观企业决策的影响有助于进一步明晰企业决策的影响因素,为投资者理解企业行为决策提供增量信息。进一步,明确高管特质对企业决策的影响对企业高管雇佣等具有重要影响。本文从我国各地区的文化差异出发,研究了区域文化差异对上市公司行为决策的影响,并在此基础上探析了公司高管文化特征与区域文化特征如何共同作用于企业决策,为利益相关者理解企业决策提供了经验证据。本文共分为八章,具体安排如下,第一章为引言,具体包括本文的研究问题、研究意义、研究框架和研究方法,并指出本文创新之处,同时厘清了本文主要概念的定义;第二章为文献回顾,分别从国内研究和国外研究两个方面回顾和梳理了文化及管理者特质对企业决策的影响,并在此基础上对现有研究进行评析;第三章是文化背景与理论分析,介绍了我国各地区文化背景及差异,同时对文化及管理者特质影响企业决策的理论进行总结;第四章至第七章是本文的实证研究部分,分别检验了区域文化对企业商业信用、现金持有水平、创新效率及企业社会责任表现的影响,在此基础上,进一步探析了高管个人文化特征如何作用于区域文化并对企业决策产生影响;第八章对文章进行总结,在此基础上指出本文的局限性以及未来可能的研究方向。本文的主要结论具体如下:(1)区域文化特征对我国上市公司商业信用的使用情况具有显著影响,具体表现为:地区文化的不确定性规避程度越高,境内上市公司要求获得的商业信用数量越多,即应付款项比例越高,相反,如果一个地区文化的不确定性规避程度越低,则境内上市公司对外提供商业信用的数量越多;一个地区文化的恃强性越高,则境内上市公司对外提供商业信用的水平越高。进一步,区分CEO文化特征后发现,当CEO个人文化特征与区域文化一致时,区域文化对企业商业信用的使用情况具有显著影响,而当CEO个人文化特征与区域文化产生冲突时,CEO个人的文化特征对企业决策的影响力更大,导致区域文化对商业信用的影响不再显著。(2)区域文化特征对我国上市公司现金持有水平具有显著影响。具体表现为:一个地区的文化越倡导未来导向,该地区的上市公司越愿意持有更多的现金以应对未来需要;同时一个地区的文化越强调集体主义,该地区的上市公司越愿意持有更多的现金。进一步,区分CEO文化特征后发现,当CEO个人文化特征与区域文化一致时,区域文化对上市公司现金持有水平具有显著影响,而当CEO个人文化特征与区域文化产生冲突时,区域文化对上市公司现金持有水平的影响不再显著。(3)区域文化特征对我国上市公司创新效率具有显著的影响,具体表现为:区域文化中的未来导向维度对企业创新效率具有显著的正向影响。进一步,我们探讨了企业高管个人的文化特征对区域文化与企业创新效率之间关系的影响。结果发现,当企业CEO的文化特征与企业所在地文化一致时,区域文化对企业创新效率产生显著影响。而当CEO身上承载的文化与公司所在区域文化不一致时,地区文化对企业创新效率的影响不再显著。(4)区域文化特征对我国上市公司社会责任表现具有显著的影响,具体表现为:地区文化的权利差距维度与企业社会责任表现负相关;地区文化的绩效导向维度与境内上市公司社会责任表现负相关;地区文化的性别平等维度与境内上市公司社会责任表现正相关。进一步,区分CEO文化特征后发现,当CEO个人文化特征与区域文化一致时,区域文化对上市公司社会责任表现仍然具有显著影响,而当CEO个人文化特征与区域文化产生冲突时,区域文化特征对境内上市公司社会责任表现不再具有显著影响。本文的创新之处主要体现在以下几个方面:(1)本文首次实证检验了中国各地区文化的差异对企业决策的影响,并进一步探讨了高管个人文化特质与区域文化如何相互作用进而影响企业决策;(2)本文丰富了非正式制度对微观企业行为影响的文献,证实了文化作为一种非正式制度对企业决策的影响,指出非正式制度可以在一定程度上替代正式制度发挥作用;(3)本文拓展了高管个人特征对企业决策影响的文献,从文化的视角证实了高管个人特质对企业决策的重要作用。
[Abstract]:Culture is an important aspect of the informal system, the influence factors of culture on micro enterprise decision is helpful to further clarify the decision-making, decision-making to provide incremental information for investors to understand the enterprise behavior. Further, a clear effect of executive characteristics on corporate decision-making has an important influence on the hiring of executives from the cultural differences of various regions. Of our country, study the influence of regional cultural differences on the decision-making behavior of listed companies, and on the basis of how the company executives of cultural characteristics and regional cultural characteristics play a role in the enterprise decision-making, provides empirical evidence for the stakeholders to understand the decision-making of the enterprise. This paper is divided into eight chapters, as follows, first the chapter is the introduction, including research questions, research significance, research framework and research methods, and points out the innovation of this paper, and clarify the The definition of the main concepts; the second chapter is the literature review, from the aspects of domestic research and foreign research two reviews and summarizes the influence of culture and management characteristics of decision-making, and on the basis of analysis of the existing research; the third chapter is the analysis of the cultural background and the theory, introduced the various regions of our country and cultural background at the same time difference, the impact of business decisions on culture and management characteristics of the theory are summarized; the fourth chapter to the seventh chapter is the empirical research part of this paper, tested the regional culture on business credit, cash holdings, influence innovation efficiency and corporate social responsibility, on this basis, further analysis of executive culture how to effect on the regional culture and the impact on business decisions; the eighth chapter summarizes the limitations of this study and the future can be pointed out on the basis of Direction. The main conclusions of this paper are as follows: (1) has a significant effect on the use of regional cultural characteristics of China's listed companies of commercial credit, specific performance: the culture of the region of uncertainty aversion degree is higher, the number of commercial credit requirements to obtain more domestic listed companies, namely the payment proportion is higher, on the contrary, if the culture of a region of uncertainty aversion degree is low, while the number of domestic listed companies to provide more commercial credit; the strength of culture of a region is high, while domestic listed companies provide commercial credit of the higher level. Further, to distinguish CEO cultural characteristics and found that when the CEO individual is consistent with regional cultural characteristics culture, has a significant effect on the use of regional culture on business credit, and when the conflict CEO individual cultural characteristics and regional culture, cultural characteristics of individual enterprises CEO The decision is more influential, leading to the influence of regional culture to the commercial credit is no longer significant. (2) the regional cultural characteristics have significant influence on the level of cash holdings of Listed Companies in China. The specific performance: the culture of a region is advocated more future oriented, the region's listed companies more willing to hold more cash to meet future needs at the same time; the culture of a region more emphasis on collectivism, the region's listed companies more willing to hold more cash. Further, to distinguish CEO cultural characteristics and found that when the CEO individual cultural characteristics consistent with regional culture, regional culture has a significant impact on the level of cash holdings of listed companies, and when the conflict of individual cultural character CEO with regional culture, regional culture is no longer significant influence on the level of cash holdings of listed companies. (3) the regional cultural characteristics have a significant impact on innovation efficiency of China's listed companies Ring, specific performance: the regional culture in the future orientation dimension has significant positive influence on enterprise innovation efficiency. Further, we explored the effect of cultural characteristics of individual business executives on the relationship between regional culture and enterprise innovation efficiency. The results showed that culture and cultural characteristics of enterprise when the enterprise CEO's location, area culture has a significant impact on enterprise innovation efficiency. And when the company culture and carrying CEO on the regional culture is inconsistent, influence of regional culture to enterprise innovation efficiency is no longer significant. (4) have significant influence performance of regional cultural characteristics of China's listed companies social responsibility, specific performance: the gap dimension and rights corporate social responsibility performance is negatively related to regional culture; regional culture orientation and performance of domestic listed companies social responsibility performance is negatively related to the local culture of gender equality; Dimensions and domestic listed companies social responsibility is related. Further, to distinguish CEO cultural characteristics and found that when the CEO individual cultural characteristics consistent with regional culture, regional culture and social responsibility of listed companies still has a significant impact, and when the conflict CEO individual cultural characteristics and regional culture, regional culture characteristics of domestic market corporate social responsibility has no significant effect. The innovation of this paper is mainly reflected in the following aspects: (1) the first empirical test of the cultural differences in each region China decision on the enterprise's influence, and further discusses the executive cultural characteristics and regional culture how they interact to affect decision-making; (2) the rich the influence of informal institution on micro enterprise behavior literature, confirmed the culture as an informal influence on business decisions, that is The system can replace the formal system to some extent. (3) this paper expands the literature about the influence of executives' personal characteristics on enterprise decision making, and confirms the important role of executives' personal traits to business decisions from a cultural perspective.

【学位授予单位】：对外经济贸易大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F275;F272.91;F270

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