股权融资还是债务融资——绩效反馈与融资决策的关系研究
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摘要
目前已有的文献对于企业股权融资和债务融资的决策动机尚未得出一致的结论。基于企业行为理论,探讨业绩期望差距对于融资决策行为的影响及其影响机制,利用中国2011—2017年沪深A股数据实证得到以下结论:当企业的实际绩效与期望绩效差距的绝对值越大时,即实际经营结果与预期期望相差越远时,企业更倾向于股权融资。同时,本文进一步考虑外部利益相关者分析师和公众媒体带来的调节作用,企业的非完全理性经理人所作出的管理决策会受到外部利益者的影响。因此,利益相关者带来的外部压力削弱了业绩期望差距与企业经理人所作出的融资决策关系。
At present,the existing literature has not reached a consistent conclusion on the motivation of corporate equity financing and debt financing decision-making.Based on the theory of enterprise behavior,this paper explores the impact of performance expectation gap on financing decision-making behavior and its influencing mechanism.Empirical analysis of Shanghai and Shenzhen A-share data from 2011 to 2017 shows that when the absolute value of the gap between actual performance and expected performance is larger,that is,when the actual operating results are far from expected,the enterprises prefer equity financing.At the same time,this paper further considers the regulatory role of external stakeholder analysts and the public media.From the perspective of behavioral theory,the analysis shows that the management decisions made by enterprise's irrational managers will be influenced by external stakeholders.Therefore,the external pressure brought by stakeholders weakens the relationship between performance expectation gap and financing decisions made by managers.
At present,the existing literature has not reached a consistent conclusion on the motivation of corporate equity financing and debt financing decision-making.Based on the theory of enterprise behavior,this paper explores the impact of performance expectation gap on financing decision-making behavior and its influencing mechanism.Empirical analysis of Shanghai and Shenzhen A-share data from 2011 to 2017 shows that when the absolute value of the gap between actual performance and expected performance is larger,that is,when the actual operating results are far from expected,the enterprises prefer equity financing.At the same time,this paper further considers the regulatory role of external stakeholder analysts and the public media.From the perspective of behavioral theory,the analysis shows that the management decisions made by enterprise's irrational managers will be influenced by external stakeholders.Therefore,the external pressure brought by stakeholders weakens the relationship between performance expectation gap and financing decisions made by managers.
引文
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[34]LIM ENK,MCCANN B T.The influence of relative values of outside director stock options on firm strategic risk from a multiagent perspective[J].Strategic Management Journal,2013,34(13):1568-1590.
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[37]HARRIS J,BROMILEY P.Incentives to cheat:the influence of executive compensation and firm performance on financial misrepresentation[J].Organization Science,2007,18(3):350-367.
[38]李斌,孙月静.中国上市公司融资方式影响因素的实证研究[J].中国软科学,2013(7):122-131.
[39]STREBULAEV I A.Do tests of capital structure theory mean what they say?[J].Social Science E-lectronic Publishing,2007,62(4):1747-1787.
[40]TITMAN S,WESSELS R.The determinants of capital structure choice[J].Journal of Finance,1988,43(1):1-19.
[41]RAJAN R G,ZINGALES L.What do we know about capital structure?Some evidence from international data[J].Journal of Finance,1995,50(5):1421-1460.
[42]GRAHAM J R,TUCKER A L.Tax shelters and corporate debt policy[J].Journal of Financial Economics,2006,81(3):563-594.
[43]陆正飞,叶康涛.中国上市公司股权融资偏好解析---偏好股权融资就是缘于融资成本低吗?[J].经济研究,2004(4):50-59.
[2]O'BRIEN J P,DAVID P.Firm growth and type of debt:the paradox of discretion[J].Industrial and Corporate Change,2010,19(1):51-80.
[3]DAVID P,O’BRIEN P J,YOSHIKAWA T.The implications of debt heterogeneity for R&D investment and firm performance[J].Academy of Management Journal,2008,51(1):165-181.
[4]童盼,陆正飞.负债融资、负债来源与企业投资行为---来自中国上市公司的经验证据[J].经济研究,2005(5):75-84.
[5]CYERT R M,MARCH J G,CLARKSON G P E.A behavioral theory of the firm[M].[S.l.:s.n.],1963.
[6]WILLIAMSON O E.Corporate finance and corporate governance[J].Journal of Finance,1988,43(3):567-591.
[7]MATSA D A.Capital structure as a strategic variable:evidence from collective bargaining[J].The Journal of Finance,2010,65(3):1197-1232.
[8]MODIGLIANI F,MILLER M H.The cost of capital,corporation finance and the theory of investment[J].American Economic Review,1959,48(3):261-297.
[9]KRAUS A,LITZENBERGER R H.A state-preference model of optimal financial leverage[J].Journal of Finance,1973,28(4):911-922.
[10]MYERS S C.Capital structure puzzle[J].Social Science Electronic Publishing,1984,39(3):575-592.
[11]GROSSMAN S J,HART O D.The costs and benefits of ownership:a theory of vertical and lateral integration[J].Journal of Political Economy,1986,94(4):691-719.
[12]JENSEN M C,MECKLING W H.Specific and general knowledge and organizational structure[J].Journal of Applied Corporate Finance,1995,8(2):4-18.
[13]O’BRIEN J,FOLTA T.Sunk costs,uncertainty and market exit:a real options perspective[J].Industrial&Corporate Change,2009,18(5):807-833.
[14]GREVE H R.A behavioral theory of R&D expenditures and innovations:evidence from shipbuilding[J].Academy of Management Journal,2003,46(6):685-702.
[15]FRANK M Z,GOYAL V K.Testing the pecking order theory of capital structure[J].Journal of Financial Economics,2003,67(2):217-248.
[16]HAX A C,MAJLUF N S.The corporate strategic planning process[J].Interfaces,1984,14(1):47-60.
[17]FAMA E F,FRENCH K R.Testing trade-off and pecking order predictions about dividends and debt[J].Review of Financial Studies,2002,15(1):1-33.
[18]GROSSMAN S J,HART O D.An analysis of the principal-agent problem[J].Econometrica,1983,51(1):7-45.
[19]MITHANI M A.Fallacies of adaptation:the limits of power and learning in organizations:Rensselaer Digital Collections[R].Troy,NY:Rensselaer Polytechnic Institute,2012.
[20]MATSA D A.Capital structure as a strategic variable:evidence from collective bargaining[J].The Journal of Finance,2010,65(3):1197-1232.
[21]GREVE R H.A behavioral theory of R&D expenditures and innovations:evidence from shipbuilding[J].Academy of Management Journal,2003,46(6):685-702.
[22]PENROSE E.The theory of the growth of the firm[M].New York:John Wiley and Sons,1959.
[23]PANDIAN J T M R.The resource-based view within the conversation of strategic management[J].Strategic Management Journal,1992,13(5):363-380.
[24]STREBULAEV I A.Do tests of capital structure theory mean what they say?[J].Social Science E-lectronic Publishing,2007,62(4):1747-1787.
[25]PANDIAN J T M R.The resource-based view within the conversation of strategic management[J].Strategic Management Journal,1992,13(5):363-380.
[26]FANG L,PERESS J.Media coverage and the cross-section of stock returns[J].Journal of Finance,2009,64(5):2023-2052.
[27]熊艳,李常青,魏志华.媒体报道与IPO定价效率:基于信息不对称与行为金融视角[J].世界经济,2014(5):135-160.
[28]DYCK A,VOLCHKOVA N,ZINGALES L.The corporate governance role of the media:evidence from Russia[J].Journal of Finance,2008,63(3):1093-1135.
[29]李培功,徐淑美.媒体的公司治理作用---共识与分歧[J].金融研究,2013(4):196-206.
[30]SCHIPPER K,SMITH A.Effects of management buyouts on corporate interest and depreciation tax deductions[J].Journal of Law&Economics,1991,34(2):295-341.
[31]DIXIT J.Performance feedback and financing decisions:exploring complementarities between TCEand BTF[J].Academy of Management Proceedings,2014.
[32]LIM E N K.The role of reference point in CEO restricted stock and its impact on R&D intensity in high-technology firms[J].Strategic Management Journal,2015,36(6):872-889.
[33]CHEN W R,MILLER K D.Situational and institutional determinants of firms'R&D search intensity[J].Strategic Management Journal,2007,28(4):369-381.
[34]LIM ENK,MCCANN B T.The influence of relative values of outside director stock options on firm strategic risk from a multiagent perspective[J].Strategic Management Journal,2013,34(13):1568-1590.
[35]LIM E N,MCCANN B T.Performance feedback and firm risk taking:the moderating effects of CEOand outside director stock options[J].Organization Science,2014,25(1):262-282.
[36]O’BRIEN J P,DAVID P.Reciprocity and R&Dsearch:applying the behavioral theory of the firm to a communitarian context[J].Strategic Management Journal,2014,35(4):550-565.
[37]HARRIS J,BROMILEY P.Incentives to cheat:the influence of executive compensation and firm performance on financial misrepresentation[J].Organization Science,2007,18(3):350-367.
[38]李斌,孙月静.中国上市公司融资方式影响因素的实证研究[J].中国软科学,2013(7):122-131.
[39]STREBULAEV I A.Do tests of capital structure theory mean what they say?[J].Social Science E-lectronic Publishing,2007,62(4):1747-1787.
[40]TITMAN S,WESSELS R.The determinants of capital structure choice[J].Journal of Finance,1988,43(1):1-19.
[41]RAJAN R G,ZINGALES L.What do we know about capital structure?Some evidence from international data[J].Journal of Finance,1995,50(5):1421-1460.
[42]GRAHAM J R,TUCKER A L.Tax shelters and corporate debt policy[J].Journal of Financial Economics,2006,81(3):563-594.
[43]陆正飞,叶康涛.中国上市公司股权融资偏好解析---偏好股权融资就是缘于融资成本低吗?[J].经济研究,2004(4):50-59.