创业企业的资本结构选择——基于管理层和董事会群体决策的视角  

Entrepreneurial Enterprise’s Capital Structure Choice--From Management and Board of Directors’Group Decision-making Perspective

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作  者:刘新民[1] 孙田田[1] 王垒[1] LIU Xinmin;SUN Tiantian;WANG Lei(Shandong University of Science and Technology,Qingdao 266590)

机构地区:[1]山东科技大学经济管理学院,山东青岛266590

出  处:《首都经济贸易大学学报》2019年第2期82-92,共11页Journal of Capital University of Economics and Business

基  金:国家自然科学基金面上项目“多任务委托代理关系下国企高管行为策略选择及优化研究”(71371111);国家社会科学基金青年项目“机构投资者异质性对创业股东治理行为影响的管理策略研究”(18CGL009);教育部人文社会科学研究青年基金项目“考虑组织经营期望的异质机构投资者行为及管理策略研究”(17YJC630154);山东科技大学科研创新团队项目“组织治理与系统决策”(2015TDJH103).

摘  要:以2010—2016年创业板上市公司为研究样本,从群体决策视角出发,实证分析创业板上市公司管理层所有权强度与董事会非正式层级清晰度及其交互作用对资本结构的影响。研究结果表明:管理层所有权强度会显著减少公司的资产负债率;董事会非正式层级清晰度会显著增加资产负债率,其交互作用会显著减少公司的资产负债率。进一步地将管理层所有权强度与董事会非正式层级清晰度各自分为高低两类,交叉形成四种不同组合分别进行验证,研究发现:高管理层所有权强度与高董事会非正式层级清晰度的交互作用及低管理层所有权强度与高董事会非正式层级清晰度的交互作用均显著减少资产负债率;低管理层所有权强度与低董事会非正式层级清晰度的交互作用及高管理层所有权强度与低董事会非正式层级清晰度的交互作用均显著增加资产负债率。在高管理层所有权强度-低董事会非正式层级清晰度和低管理层所有权强度-高董事会非正式层级清晰度的组合中,管理层所有权强度与董事会非正式层级清晰度存在替代作用。Taking China’s GEM listed companies from 2010 to 2016 as research samples,from the perspective of group decision-making,this paper empirically analysed the influence of the ownership strength of the management board and the informal hierarchy of the board of directors and their interactions on the capital structure.The results show that the strength of management’s ownership will significantly reduce the company’s asset-liability ratio;the informal hierarchy of the board of directors will significantly increase the asset-liability ratio;their interactions will significantly reduce the company’s asset-liability ratio.Further studies show that the interaction between high management ownership intensity and the informal hierarchy level of the board of directors,and the interaction between the low-management level of ownership and the high-level informal hierarchy of the board of directors both significantly reduce the debt-to-asset ratio;while the interaction of low-level informal hierarchy of the board of directors and the intensity of ownership of high-level management,and the interaction of low-level informal hierarchy of the board of directors both significantly increase the debt-to-asset ratio.In the combination of high management ownership intensity plus low-level informal hierarchy of the board,and low management ownership intensity plus high-level informal hierarchy,there is an alternative role for management ownership intensity and the informal hierarchy of the board.

关 键 词:群体决策 董事会非正式层级 创业企业 资本结构 

分 类 号:F272.3[经济管理—企业管理;经济管理—国民经济]

 

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