机构投资者、自由现金流量与在职消费的关系研究

发布时间：2018-04-25 01:39

本文选题：机构投资者 + 自由现金流量　；参考：《新疆财经大学》2016年硕士论文

【摘要】：自从企业所有权和经营权分离以来,管理层在职消费问题就一直存在于企业的经营管理之中。近年来,我国上市公司管理层在职消费行为更是越演越烈,奢侈浪费现象频繁出现。政府出台的“六项禁令”“八项规定”等肃清社会奢靡风气的政策虽然有一定威慑作用,但是并没有根治企业的管理层在职消费行为,反而滋生出“矿泉水瓶装名酒”、“地下会所”等畸形消费行为,管理层的这些隐性消费行为严重损害了企业及利益相关者的利益。鉴于此,应当加强公司治理,控制管理层在职消费行为。2000年,证监会提出了大力发展机构投资者的战略,这为我国机构投资者后来的发展打下了坚实的政策基础,自此以后,机构投资者总体规模迅速扩张,并呈现出多元化的发展局面,包括证券投资基金、社保基金、券商理财产品、证券公司、QFII、保险公司、企业年金、信托公司、财务公司和其它机构投资者等。2005年开始的股权分置改革,又给我国机构投资者提供了良好的机遇,随着机构投资者持股日益增多,企业股东结构在悄然发生着变化,机构投资者在公司治理中的作用逐渐引起了学者们的关注。本文契合时事背景,主要研究了机构投资者在公司中对在职消费的抑制作用,试图找出机构投资者治理在职消费的作用途径。一直以来,自由现金流量一直被认为是导致在职消费的必要条件,本文的创新之处在于首次将机构投资者、自由现金流量与在职消费同时并入一个研究框架中,视角新颖。首先,本文将机构投资者划分为基金持股和非基金持股,分别讨论这两种类型的机构投资者对在职消费的影响情况。然后,分别讨论了基金持股和非基金持股对企业自由现金流量的影响情况以及检验自由现金流与在职消费的关系。最后,将机构投资者、自由现金流量与在职消费同时并入一个研究框架,探究不同类型机构投资者对在职消费的作用机制。研究发现,相对于非基金持股,基金持股能够起到抑制管理层在职消费的作用;基金持股与自由现金流量呈负向相关关系;自由现金流量与在职消费呈正向相关关系;自由现金流量在基金持股对在职消费的影响中起到了部分中介作用,即基金持股一方面直接抑制了管理层的在职消费,另一方面则通过降低企业自由现金流量的途径从而实现降低管理层在职消费的作用。针对上述研究结论,本文最后提出了一些建议和对策以期能够有助于改善我国现有的公司治理机制,提高企业绩效:继续推进和完善机构投资者发展战略;加强机构投资者的联动机制;规范在职消费披露制度;建立企业自有现金流量预警机制。
[Abstract]:Since the separation of enterprise ownership and management right, the problem of management's on-the-job consumption has always existed in the enterprise's management. In recent years, China's listed companies on the job consumption behavior is more and more intense, extravagance and waste frequently. Although the government's "six prohibitions," "eight regulations," and other policies to eliminate social extravagance have a certain deterrent effect, they do not root out the in-service consumption behavior of the management of enterprises, but instead breed "mineral water bottles filled with famous wine." "Underground clubhouse" and other abnormal consumption behavior, management of these hidden consumption behavior seriously damaged the interests of enterprises and stakeholders. In view of this, we should strengthen corporate governance and control the in-service consumption of management. In 2000, the CSRC put forward a strategy for vigorously developing institutional investors, which laid a solid policy foundation for the subsequent development of institutional investors in our country, and since then, The overall size of institutional investors has expanded rapidly, and has shown diversified development, including securities investment funds, social security funds, securities firms financial products, securities companies QFIIs, insurance companies, enterprise annuities, trust companies, Finance companies and other institutional investors. The split share structure reform, which began in 2005, has provided good opportunities for institutional investors in China. With the increasing number of institutional investors' shareholdings, the shareholder structure of enterprises is quietly changing. The role of institutional investors in corporate governance has gradually attracted the attention of scholars. In line with the background of current events, this paper mainly studies the restraining effect of institutional investors on on-the-job consumption in the company, and tries to find out the ways of institutional investors' governance of in-service consumption. Free cash flow has always been regarded as a necessary condition to lead to on-the-job consumption. The innovation of this paper is that the institutional investors, free cash flow and in-service consumption are incorporated into a research framework for the first time, and the perspective is novel. Firstly, this paper divides institutional investors into fund holding and non-fund holding, and discusses the influence of these two types of institutional investors on in-service consumption. Then, the influence of fund holding and non-fund holding on free cash flow and the relationship between free cash flow and in-service consumption are discussed respectively. Finally, the institutional investors, free cash flows and in-service consumption are merged into a research framework to explore the mechanism of the different types of institutional investors on on-the-job consumption. It is found that compared with non-fund shareholding, fund shareholding can inhibit the in-service consumption of management, fund holding has a negative correlation with free cash flow, free cash flow has a positive correlation with on-the-job consumption. Free cash flow plays an intermediary role in the influence of fund shareholding on on-the-job consumption, that is, on the one hand, fund holding directly inhibits the in-service consumption of management. On the other hand, by reducing the free cash flow, the management can reduce the in-service consumption. In view of the above conclusions, this paper finally puts forward some suggestions and countermeasures in order to help improve the existing corporate governance mechanism, improve enterprise performance: continue to promote and improve the development strategy of institutional investors; We should strengthen the linkage mechanism of institutional investors, standardize the disclosure system of in-service consumption, and establish an early warning mechanism of enterprise's own cash flow.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F275;F272.91

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