代理冲突对财务柔性影响的实证研究

发布时间：2018-01-03 05:35

本文关键词：代理冲突对财务柔性影响的实证研究　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：当今世界经济处于疲软复苏时期,经济的全球化带来了机遇与挑战,经济危机从资本市场波及到实体经济,企业所处的经营环境充满了不确定性。在时刻变化的竞争市场中,企业一方面要充分防范不确定事件带来的冲击,另一方面也要把握好的投资增长机会。财务柔性作为企业重要的战略资源储备,通过财务柔性的预防和利用属性,可以有效地帮助企业在动荡的环境中取得竞争优势。目前理论界关于财务柔性的研究多集中于财务柔性的经济后果研究,例如财务柔性对企业投资效率、企业价值的影响等等,很少涉及财务柔性的前因研究,而内部治理结构对公司的资本结构决策有着重要的影响,因此本文在有关公司治理和财务柔性的相关研究基础之上,选取代理冲突的视角研究公司治理结构与财务柔性之间的关系。财务柔性主要来自于企业的现金持有水平以及未举债能力。因此本文选取了现金柔性以及负债柔性来衡量财务柔性。对于公司内部治理结构方面,主要从大小股东之间的代理冲突和股东与管理者之间的代理冲突来进行研究,选取股权集中度和股权制衡度来衡量大小股东之间的代理冲突,董事会规模、独立董事比例、管理层持股比例和高管薪酬来衡量股东与管理者之间的代理冲突。本文选取了2009-2015年沪深两市A股上市公司1561家作为研究对象,通过实证研究分析得到如下结论:股权集中度对现金柔性、负债柔性和财务柔性有显著正向影响;股权制衡度对现金柔性、负债柔性和财务柔性具有显著负向影响;管理层持股比例与现金柔性之间存在着显著的U型非线性关系,管理层持股比例与负债柔性、财务柔性之间存在正向关系;董事会规模、独立董事比例和高管薪酬与三者之间均不存在显著影响。基于此,探讨分析了可能的原因以及相关建议和未来展望。
[Abstract]:Today the world economy is in a weak recovery period, economic globalization has brought opportunities and challenges, the economic crisis from the capital market to the real economy. The operating environment of enterprises is full of uncertainty. In the ever-changing competitive market, enterprises should, on the one hand, take full precautions against the impact of uncertain events. On the other hand, we should also grasp the investment growth opportunities. Financial flexibility as an important strategic resource reserve, through the financial flexibility of the prevention and use of attributes. It can effectively help enterprises to gain competitive advantage in the turbulent environment. At present, the research on financial flexibility focuses on the economic consequences of financial flexibility, such as financial flexibility on the investment efficiency of enterprises. The influence of enterprise value and so on rarely involves the research on the antecedents of financial flexibility, while the internal governance structure has an important influence on the capital structure decision of the company. Therefore, this paper is based on the related research on corporate governance and financial flexibility. The relationship between corporate governance structure and financial flexibility is studied from the perspective of agency conflict. Financial flexibility mainly comes from the level of cash holding and the ability of unborrowed debt. Therefore, this paper selects cash flexibility and debt flexibility. To measure financial flexibility. For the internal governance structure of the company. Mainly from the large and small shareholders between the agency conflict and between shareholders and managers of the agency conflict to study the selection of equity concentration and equity checks and balances to measure the size of the large and small shareholders of the agency conflict board size. Proportion of independent directors. The proportion of managerial shareholding and executive compensation is used to measure the agency conflict between shareholders and managers. This paper selects 1561 A-share listed companies in Shanghai and Shenzhen from 2009-2015 as the research object. The conclusions are as follows: ownership concentration has a significant positive effect on cash flexibility, debt flexibility and financial flexibility; Equity balance has a significant negative impact on cash flexibility, debt flexibility and financial flexibility; There is a significant U-type nonlinear relationship between managerial shareholding ratio and cash flexibility, a positive relationship between managerial shareholding ratio and debt flexibility, and financial flexibility. There is no significant influence between board size, proportion of independent directors and executive compensation. Based on this, the possible reasons, related suggestions and future prospects are discussed and analyzed.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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