管理层能力与资本投资效率研究——基于投资现金流敏感性的视角

发布时间：2018-05-11 02:43

本文选题：管理层能力 + 资本投资效率　；参考：《中央财经大学学报》2015年02期

【摘要】：一直以来,高层管理人员作为公司重要的人力资源备受关注,然而高层管理人员的管理能力对公司的资本投资效率有无影响和有什么样的影响一直缺乏实证研究。笔者以2003—2013年在沪深两市A股主板上市的制造业公司为研究样本,基于投资现金流敏感性的视角研究了高层管理者的能力与资本投资效率之间的关系。研究得出以下结论:样本公司中资本投资均对其内部现金流高度敏感,而管理能力高的高层管理者能有效减缓资本投资与内部现金流之间的敏感性。分组后进一步的研究表明:管理能力高的高层管理者不仅能有效降低融资约束导致的资本投资现金流敏感性,而且还能有效缓解代理冲突形成的资本投资现金流敏感性问题。本研究从一个新的视角证明:随着公司高层管理者能力的提高,管理者会越来越注重缓解信息的不对称性,通过缓和融资约束和代理冲突问题,可有效改善公司的资本投资效率。
[Abstract]:As an important human resource of the company, senior management has been paid more and more attention. However, there is a lack of empirical research on whether or not the management ability of the senior management has an impact on the efficiency of the company's capital investment. From 2003 to 2013, the author studied the relationship between the ability of senior managers and the efficiency of capital investment from the perspective of the sensitivity of investment cash flow to the manufacturing companies listed on the main board of Shanghai and Shenzhen stock markets from 2003 to 2013. The conclusions are as follows: the capital investment is highly sensitive to the internal cash flow in the sample companies, while the senior management with high management ability can effectively reduce the sensitivity between capital investment and internal cash flow. The further research after grouping shows that the senior managers with high management ability can not only reduce the sensitivity of capital investment cash flow caused by financing constraints, but also alleviate the sensitivity of capital investment cash flow caused by agency conflicts. This study proves from a new perspective: with the improvement of the ability of senior managers, managers will pay more and more attention to alleviating the asymmetry of information, by easing the financing constraints and agency conflicts. Can effectively improve the efficiency of the company's capital investment.
【作者单位】：中央财经大学;华北水利水电大学;
【基金】：国家社会科学基金重点项目“自然灾害、事故灾害、公共卫生事件、社会安全事件的舆论演变形态分析”(基金项目编号:11AXW006) 教育部人文社科研究项目“基于MAS的企业集团财务协同控制研究”(基金项目编号:12YJA630030) 河南省教育厅科学技术研究重点项目“基于金融功能视角的中小企业信贷融资服务研究”(基金项目号:13A790726)
【分类号】：F272.91;F275

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