摘要
在考虑资本结构调整速度存在非对称性特征的基础上,将资本结构实际偏差定义为向上偏差和向下偏差的情况下,通过构建经理管理防御指数,建立了内化目标资本结构的动态资本结构调整模型,采用了一阶差分后的广义距估计(GMM)方法,并以2008-2012年我国制造业上市公司为研究样本,实证检验了经理管理防御对公司资本结构调整速度的影响。研究发现:经理管理防御对公司资本结构调整速度有显著影响,相对于不同类型偏差其对调整速度影响存在差异性,经理管理防御与公司资本结构向下调整速度正相关,而与公司资本结构向上调整速度负相关;相对于资本结构向上偏差,非国有公司经理人管理防御对资本结构调整速度的影响比国有公司更为明显;而相对于资本结构向下偏差,国有公司经理人管理防御对资本结构调整速度的影响比非国有公司更为明显。
Based on the asymmetry characteristics of the capital structure adjustment speed,this paper divides the actual deviation of capital structure into upward deviation and downward deviation,constructs a dynamic capital structure adjustment model under the'Internalization'target of capital structure,applies the GMM and the first-difference transformation to empirically test the effect of the managerial entrenchment on capital structure adjustment speed by using the data of listed manufacturing companies from 2008 to 2012. The empirical results show that: managerial entrenchment has a significant influence on the corporate capital structure adjustment speed,there is a positive correlation in the managerial entrenchment and speed of downward adjustment,but a negative correlation in speed of upward adjustment; under upward deviation conditions,the effect on non state-owned enterprise managerial entrenchment to capital structure adjustment speed is more obvious than state-owned enterprises; under downward deviation conditions,the effect on state-owned enterprises managerial entrenchment to capital structure adjustment speed is more obvious than non state-owned enterprises.
出处
《管理评论》
CSSCI
北大核心
2014年第9期149-159,共11页
Management Review
基金
国家社会科学基金项目(12CGL030)
甘肃省高等学校科研项目(2013A-105)
天水师范学院"青蓝"人才工程基金资助
关键词
经理管理防御
资本结构调整
资本结构偏差
managerial entrenchment,capital structure adjustment,the deviation of capital structure
