管理者能力、环境不确定性与信用评级
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摘要
在我国经济转型时期,上市公司面临的外部市场环境复杂多变,此时管理者能力显得愈发关键,直接影响公司经营效率与信息质量,进而影响信用评级。以2013—2017年主体信用评级的上市公司为样本,探讨环境不确定性与管理者能力对信用评级的影响和两者的交互作用。研究发现,环境不确定性带来的风险导致信用评级降低,而管理者能力增强可有效提升评级水平。进一步研究发现,管理者能力可有效缓解环境不确定性与信用评级的负相关关系,且这种缓解作用在非国有企业中更加显著。
In the transition economy of China,listed companies faced a complex and volatile external market environment,so managerial ability was increasingly critical under the such circumstances. It directly influenced the company's operating efficiency and information quality,and then influenced the credit rating. Taking the data of listed companies with credit rating during the period of 2013-2017 as the research sample,this paper made an empirical analysis to discuss the impact of environmental uncertainty and managerial competence on credit rating and the interaction. Empirical evidence found that the risk from environmental uncertainty led to lower credit ratings,and the enhancement of managers' ability could effectively improve the rating level. Further research showed that managers with higher ability could alleviate the negative correlation between environmental uncertainty and credit rating,and this alleviating action was more significant in non-state enterprises.
In the transition economy of China,listed companies faced a complex and volatile external market environment,so managerial ability was increasingly critical under the such circumstances. It directly influenced the company's operating efficiency and information quality,and then influenced the credit rating. Taking the data of listed companies with credit rating during the period of 2013-2017 as the research sample,this paper made an empirical analysis to discuss the impact of environmental uncertainty and managerial competence on credit rating and the interaction. Empirical evidence found that the risk from environmental uncertainty led to lower credit ratings,and the enhancement of managers' ability could effectively improve the rating level. Further research showed that managers with higher ability could alleviate the negative correlation between environmental uncertainty and credit rating,and this alleviating action was more significant in non-state enterprises.
引文
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[26]申慧慧,吴联生,肖泽忠.环境不确定性与审计意见:基于股权结构的考察[J].会计研究,2010,(12)∶57-64.
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[28]廖义刚,邓贤琨.环境不确定性、内部控制质量与投资效率[J].山西财经大学学报,2016,38(8)∶90-101.
[29]Lee S,Matsunaga S R,Park C W. Management Forecast Accuracy and CEO Turnover[J]. Accounting Review,2012,87(6)∶2095-2122.
[2]Faulkender M,Petersen M A. Does the Source of Capital Affect Capital Structure?[J]. Review of Financial Studies,2006,19(1)∶45-79.
[3]陈超,郭志明.我国企业债券融资、财务风险和债券评级[J].当代财经,2008,(2)∶39-48.
[4]敖小波,林晚发,李晓慧.内部控制质量与债券信用评级[J].审计研究,2017,(2)∶57-64.
[5]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012,(7)∶113-126.
[6]Lennox C. Do Companies Successfully Engage in Opinion-shopping?Evidence from the UK[J]. Journal of Accounting&Economics,2000,29(3)∶321-337.
[7]申慧慧.环境不确定性对盈余管理的影响[J].审计研究,2010,(1)∶91-98.
[8]陈国辉,孙莉儒,孙剑.环境不确定性、高管权力与权益资本成本[J].财经问题研究,2017,(6)∶79-85.
[9]Hambrick D C,Mason P A. Upper Echelons:The Organization as a Reflection of Its Top Managers[J]. Academy of Management Review,1984,9(2)∶193-206.
[10]Demerjian P,Mcvay S. Quantifying Managerial Ability:A New Measure and Validity Tests[J]. Management Science,2012,58(7)∶1229-1248.
[11]Andreou P C,Ehrlich D,Karasamani I,et al. Managerial Ability and Firm Performance:Evidence from the Global Financial Crisis[J].Social Science Electronic Publishing,2015,63(2)∶59-78.
[12]Koberg C S,Ungson G R. The Effects of Environmental Uncertainty and Dependence on Organizational Structure and Performance:A Comparative Study[J]. Journal of Management Official Journal of the Southern Management Association,1987,13(4)∶725-737.
[13]牛建波,赵静.信息成本、环境不确定性与独立董事溢价[J].南开管理评论,2012,15(2)∶70-80.
[14]王东清,刘静静.环境不确定性、会计稳健性与非效率投资——基于民营上市公司的经验证据[J].经济问题,2018,(3)∶131-135.
[15]周晓苏,王磊,陈沉.环境不确定性、财务报告透明度和股价暴跌风险[J].审计与经济研究,2016,31(6)∶57-66.
[16]王怀明,陈雪.高管持股、环境不确定性与债务融资规模[J].税务与经济,2017,(1)∶30-37.
[17]Ghosh D,Olsen L. Environmental Uuncertainty and Managers'Use of Discretionary Accruals[J]. Accounting Organizations&Society,2009,34(2)∶188-205.
[18]张敦力,江新峰.管理者能力与企业投资羊群行为:基于薪酬公平的调节作用[J].会计研究,2015,(8)∶41-48.
[19]Demerjian P R,Lewiswestern M F,Lev B,et al. Managerial Ability and Earnings Quality[J]. Social Science Electronic Publishing,2013,88(2)∶463-498.
[20]谢建,吴德军,唐洁珑.管理层能力、产权性质与会计信息价值相关性[J].当代财经,2015,(8)∶120-128.
[21]Baik B,Farber D B,Lee S. CEO Ability and Management Earnings Forecasts[J]. Contemporary Accounting Research,2011,28(5)∶1645-1668.
[22]张铁铸,沙曼.管理层能力、权力与在职消费研究[J].南开管理评论,2014,17(5)∶63-72.
[23]许宁宁.管理层能力与内部控制——来自中国上市公司的经验证据[J].审计研究,2017,(2)∶80-88.
[24]李延喜,盖宇坤,薛光.管理者能力与企业投资效率——基于中国A股上市公司的实证研究[J].东北大学学报(社会科学版),2018,20(2)∶131-139.
[25]何威风,刘巍,黄凯莉.管理者能力与企业风险承担[J].中国软科学,2016,(5)∶107-118.
[26]申慧慧,吴联生,肖泽忠.环境不确定性与审计意见:基于股权结构的考察[J].会计研究,2010,(12)∶57-64.
[27]方红星,施继坤,张广宝.产权性质、信息质量与公司债定价——来自中国资本市场的经验证据[J].金融研究,2013,(4)∶170-182.
[28]廖义刚,邓贤琨.环境不确定性、内部控制质量与投资效率[J].山西财经大学学报,2016,38(8)∶90-101.
[29]Lee S,Matsunaga S R,Park C W. Management Forecast Accuracy and CEO Turnover[J]. Accounting Review,2012,87(6)∶2095-2122.