高管金融网络关系、融资约束与资本结构
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摘要
基于社会网络理论,本文探讨高管团队的金融网络与资本结构和资本结构动态调整速度之间的关系,分析金融网络关系与资本结构之间的作用机制。研究结论表明:高管的金融网络关系嵌入越丰富,企业的负债率越高,资本结构动态调整的速度越快;融资约束在高管金融网络关系与资本结构中存在部分中介作用机制,即高管的金融网络关系通过降低企业的融资约束,从而使得企业能够获得更多的资本市场资源,提高企业的负债率,加快企业资本结构动态调整的速度。
Based on the social network theory, the authors of this paper explore the relationship between the financial network of top manager team and the capital structure and dynamic adjustment speed of capital structure, and analyze the mechanism of interaction between financial network relationship and capital structure. The results of the paper show that,the more the financial network relationship embedding in top managers is, the higher the debt ratio of the firm and the faster the dynamic adjustment of capital structure; the financing constraint play a role of partial intermediary mechanism between top manager's financial network relationship and capital structure, which means that the top manager's financial network relationship reduces the financing constraints of the firm so that the firm gains more resources in capital market,the debt ratio rises and the dynamic adjustment in capital structure accelerates.
Based on the social network theory, the authors of this paper explore the relationship between the financial network of top manager team and the capital structure and dynamic adjustment speed of capital structure, and analyze the mechanism of interaction between financial network relationship and capital structure. The results of the paper show that,the more the financial network relationship embedding in top managers is, the higher the debt ratio of the firm and the faster the dynamic adjustment of capital structure; the financing constraint play a role of partial intermediary mechanism between top manager's financial network relationship and capital structure, which means that the top manager's financial network relationship reduces the financing constraints of the firm so that the firm gains more resources in capital market,the debt ratio rises and the dynamic adjustment in capital structure accelerates.
引文
陈仕华、姜广省、卢昌崇,2013.董事联结、目标公司选择与并购绩效——基于并购双方之间信息不对称的研究视角[J].管理世界,(12):117-132.
陈运森、谢德仁,2011.网络位置、独立董事治理与投资效率[J].管理世界,(7):113-127.
韩洁、田高良、李留闯,2015.连锁董事与社会责任报告披露:基于组织间模仿视角[J].管理科学,(1):18-31.
黄继承、朱冰、向东,2014.法律环境与资本结构动态调整[J].管理世界,(5):142-156.
姜付秀、黄继承,2013.CEO财务经历与资本结构决策[J].会计研究,(5):27-34.
李留闯、田高良、马勇等,2012.连锁董事和股价同步性波动:基于网络视角的考察[J].管理科学,(6):86-100.
李敏娜、王铁男,2014.董事网络、高管薪酬激励与公司成长性[J].中国软科学,(4):138-148.
陆贤伟、王建琼、董大勇,2013.董事网络、信息传递与债务融资成本[J].管理科学,(3):55-64.
盛明泉、张敏、马黎珺等,2012.国有产权、预算软约束与资本结构动态调整[J].管理世界,(3):151-157.
谭庆美、李月、陈欣,2018.两任CEO权力差异对资本结构调整的影响研究[J].软科学,(2):67-70.
温忠麟、叶宝娟,2014.中介效应分析:方法和模型发展[J].心理科学进展,(5):731-745.
武力超、乔鑫皓、陈玉春、黄颖,2016.资本结构对企业绩效影响的新证据——基于产品市场竞争程度的研究[J].金融论坛,(8):62-80.
邢天才、王璇璇、郭凯,2017.中国融资成本的长期影响因素——基于结构和预期视角的实证研究[J].金融论坛,(10):18-29.
闫永海、孔玉生,2010.总经理过度自信对资本结构影响的实证分析[J].预测,(4):58-63.
余鹏翼、王满四,2018.上市公司董事多重职位与企业并购绩效研究[J].中国软科学,(1):100-109.
曾海舰、苏冬蔚,2010.信贷政策与公司资本结构[J].世界经济,(8):17-42.
张俊瑞、王良辉、汪方军,2017.高管-独董任职联结与“机会主义”的费用粘性——基于独立董事外生离任所构建的拟自然实验[J].山西财经大学学报,(10):85-99.
张敏、童丽静、许浩然,2015.社会网络与企业风险承担——基于我国上市公司的经验证据[J].管理世界,(11):161-175.
Anderson,T.W.,and Hsiao,C.,1982.Formulation and Estimation of Dynamic Models Using Panel Data[J].Journal of Econometrics,18(1):47-82.
Arellano,M.,and Bond,S.,1991.Some Tests of Specification for Panel Data:Monte Carlo Evidence and an Application to Employment Equations[J].The Review of Economic Studies,58(2):277-297.
Asker,J.,Farre-Mensa,J.,and Ljungqvist,A.,2014.Corporate Investment and Stock Market Listing:A Puzzle?[J].The Review of Financial Studies,28(2):342-390.
Baum,J.A.C.,Calabrese,T.,and Silverman,B.S.,2000.Don’t go it Alone:Alliance Network Composition and Startups’Performance in Canadian Biotechnology[J].Strategic Management Journal,21(3):267-294.
Beckman,E.J.,2004.Supercritical and Near-critical CO2in Green Chemical Synthesis and Processing[J].The Journal of Supercritical Fluids,28(2-3):121-191.
Booth,L.,Aivazian,V.,Demirguc-Kunt,A.,et al.,2001.Capital Structures in Developing Countries[J].The Journal of Finance,56(1):87-130.
Boumahdi,R.,and Thomas,A.,1991.A Testing for Unit Roots Using Panel Data:Application to the French Stock Market Efficiency[J].Economics Letter,37(1):77-79.
Burt,R.S.,2000.The Network Structure of Social Capital[J].Research in Organizational Behavior,22:345-423.
Burt,R.S.,1992.Structure Holes:The Social Structure of Competition,Cambridge[M].MA:Harvard University Press.
Coleman,J.S.,1990.Foundation of Social Theory.Cambridge[M].MA:Harvard University Press.
Coleman,J.S.,1988.Social Capital in the Development of Human Capital:The Ambiguous Position of Private Schools[J].The American Journal of Socialogy,94:95-120.
Doidge,C.,Karolyi,G.A.,and Stulz,R.M.,2004.Why are Foreign Firms Listed in the US Worth More?[J].Journal of Financial Economics,71(2):205-238.
Gornall,W.,and Strebulaev,I.A.,2018.Financing as a Supply Chain:The Capital Structure of Banks and Borrowers[J].Journal of Financial Economics,129(3):510-530.
Granovetter,M.,1973.The Strength of Weak Ties[J].American Journal of Sociology,78:1360-1380.
Hackbarth,D.,2008.Managerial Traits and Capital Structure Decisions[J].Journal of Financial and Quantitative Analysis,43(4):843-881.
Hambrick,D.C.,and Mason,P.A.,1984.Upper Echelons:The Organization as a Reflection of Its Top Managers[J].Academy of Management Review,9(2):193-206.
Heaton,J.B.,2002.Managerial Optimism and Corporate Finance[J].Financial Management,33-45.
Huang,J.,and Kisgen,D.J.,2013.Gender and Corporate Finance:Are Male Executives Overconfident Relative to Female Executives?[J].Journal of Financial Economics,108(3):822-839.
Jalilv,A.,and Harris,R.S.,1984.Corporate Behavior in Adjusting to Capital Structure and Dividend Targets:An Econometric Study[J].The Journal of Finance,39(1):127-145.
Malmendier,U.,and Tate,G.,2015.Behavioral CEOs:The Role of Managerial Overconfidence[J].Journal of Economic Perspectives,29(4):37-60.
Pelled,L.H.,1996.Demographic Diversity,Conflict,and Work Group Outcomes:An Intervening Process Theory[J].Organization Science,7(6):615-631.
Powell,W.W.,Koput,K.W.,and Smith-Doerr,L.,1996.Interorganizational Collaboration and the Locus of Innovation:Networks of Learning in Biotechnology[J].Administrative Science Quarterly,41(1):116-145.
Rowley,T.,Behrens,D.,and Krackhardt,D.,2000.Redundant Governance Structures:An Analysis of Structural and Relational Embeddedness in the Steel and Semiconductor Industries[J].Strategic Management Journal,21(3):369-386.
Welbourne,T.M.,and Cyr,L.A.,1999.The Human Resource Executive Effect in Initial Public Offering Firms[J].Academy of Management Journal,42(6):616-629.
Wiersema,M.F.,and Bantel,K.A.,1992.Top Management Team Demography and Corporate Strategic Change[J].Academy of Management Journal,35(1):91-121.
Wijesinghe,D.,and Samudrage,D.,2016.Top Manager Orientation,Management Accounting Systems and Strategy Implementation:Evidence from the Sri Lankan Manufacturing Sector[J].NSBM Journal of Management,1(1):73-83.
(1)CSMAR数据库(URL):http://www.gtarsc.com/.
(2)WIND数据库(URL):http://www.wind.com.cn/.
陈运森、谢德仁,2011.网络位置、独立董事治理与投资效率[J].管理世界,(7):113-127.
韩洁、田高良、李留闯,2015.连锁董事与社会责任报告披露:基于组织间模仿视角[J].管理科学,(1):18-31.
黄继承、朱冰、向东,2014.法律环境与资本结构动态调整[J].管理世界,(5):142-156.
姜付秀、黄继承,2013.CEO财务经历与资本结构决策[J].会计研究,(5):27-34.
李留闯、田高良、马勇等,2012.连锁董事和股价同步性波动:基于网络视角的考察[J].管理科学,(6):86-100.
李敏娜、王铁男,2014.董事网络、高管薪酬激励与公司成长性[J].中国软科学,(4):138-148.
陆贤伟、王建琼、董大勇,2013.董事网络、信息传递与债务融资成本[J].管理科学,(3):55-64.
盛明泉、张敏、马黎珺等,2012.国有产权、预算软约束与资本结构动态调整[J].管理世界,(3):151-157.
谭庆美、李月、陈欣,2018.两任CEO权力差异对资本结构调整的影响研究[J].软科学,(2):67-70.
温忠麟、叶宝娟,2014.中介效应分析:方法和模型发展[J].心理科学进展,(5):731-745.
武力超、乔鑫皓、陈玉春、黄颖,2016.资本结构对企业绩效影响的新证据——基于产品市场竞争程度的研究[J].金融论坛,(8):62-80.
邢天才、王璇璇、郭凯,2017.中国融资成本的长期影响因素——基于结构和预期视角的实证研究[J].金融论坛,(10):18-29.
闫永海、孔玉生,2010.总经理过度自信对资本结构影响的实证分析[J].预测,(4):58-63.
余鹏翼、王满四,2018.上市公司董事多重职位与企业并购绩效研究[J].中国软科学,(1):100-109.
曾海舰、苏冬蔚,2010.信贷政策与公司资本结构[J].世界经济,(8):17-42.
张俊瑞、王良辉、汪方军,2017.高管-独董任职联结与“机会主义”的费用粘性——基于独立董事外生离任所构建的拟自然实验[J].山西财经大学学报,(10):85-99.
张敏、童丽静、许浩然,2015.社会网络与企业风险承担——基于我国上市公司的经验证据[J].管理世界,(11):161-175.
Anderson,T.W.,and Hsiao,C.,1982.Formulation and Estimation of Dynamic Models Using Panel Data[J].Journal of Econometrics,18(1):47-82.
Arellano,M.,and Bond,S.,1991.Some Tests of Specification for Panel Data:Monte Carlo Evidence and an Application to Employment Equations[J].The Review of Economic Studies,58(2):277-297.
Asker,J.,Farre-Mensa,J.,and Ljungqvist,A.,2014.Corporate Investment and Stock Market Listing:A Puzzle?[J].The Review of Financial Studies,28(2):342-390.
Baum,J.A.C.,Calabrese,T.,and Silverman,B.S.,2000.Don’t go it Alone:Alliance Network Composition and Startups’Performance in Canadian Biotechnology[J].Strategic Management Journal,21(3):267-294.
Beckman,E.J.,2004.Supercritical and Near-critical CO2in Green Chemical Synthesis and Processing[J].The Journal of Supercritical Fluids,28(2-3):121-191.
Booth,L.,Aivazian,V.,Demirguc-Kunt,A.,et al.,2001.Capital Structures in Developing Countries[J].The Journal of Finance,56(1):87-130.
Boumahdi,R.,and Thomas,A.,1991.A Testing for Unit Roots Using Panel Data:Application to the French Stock Market Efficiency[J].Economics Letter,37(1):77-79.
Burt,R.S.,2000.The Network Structure of Social Capital[J].Research in Organizational Behavior,22:345-423.
Burt,R.S.,1992.Structure Holes:The Social Structure of Competition,Cambridge[M].MA:Harvard University Press.
Coleman,J.S.,1990.Foundation of Social Theory.Cambridge[M].MA:Harvard University Press.
Coleman,J.S.,1988.Social Capital in the Development of Human Capital:The Ambiguous Position of Private Schools[J].The American Journal of Socialogy,94:95-120.
Doidge,C.,Karolyi,G.A.,and Stulz,R.M.,2004.Why are Foreign Firms Listed in the US Worth More?[J].Journal of Financial Economics,71(2):205-238.
Gornall,W.,and Strebulaev,I.A.,2018.Financing as a Supply Chain:The Capital Structure of Banks and Borrowers[J].Journal of Financial Economics,129(3):510-530.
Granovetter,M.,1973.The Strength of Weak Ties[J].American Journal of Sociology,78:1360-1380.
Hackbarth,D.,2008.Managerial Traits and Capital Structure Decisions[J].Journal of Financial and Quantitative Analysis,43(4):843-881.
Hambrick,D.C.,and Mason,P.A.,1984.Upper Echelons:The Organization as a Reflection of Its Top Managers[J].Academy of Management Review,9(2):193-206.
Heaton,J.B.,2002.Managerial Optimism and Corporate Finance[J].Financial Management,33-45.
Huang,J.,and Kisgen,D.J.,2013.Gender and Corporate Finance:Are Male Executives Overconfident Relative to Female Executives?[J].Journal of Financial Economics,108(3):822-839.
Jalilv,A.,and Harris,R.S.,1984.Corporate Behavior in Adjusting to Capital Structure and Dividend Targets:An Econometric Study[J].The Journal of Finance,39(1):127-145.
Malmendier,U.,and Tate,G.,2015.Behavioral CEOs:The Role of Managerial Overconfidence[J].Journal of Economic Perspectives,29(4):37-60.
Pelled,L.H.,1996.Demographic Diversity,Conflict,and Work Group Outcomes:An Intervening Process Theory[J].Organization Science,7(6):615-631.
Powell,W.W.,Koput,K.W.,and Smith-Doerr,L.,1996.Interorganizational Collaboration and the Locus of Innovation:Networks of Learning in Biotechnology[J].Administrative Science Quarterly,41(1):116-145.
Rowley,T.,Behrens,D.,and Krackhardt,D.,2000.Redundant Governance Structures:An Analysis of Structural and Relational Embeddedness in the Steel and Semiconductor Industries[J].Strategic Management Journal,21(3):369-386.
Welbourne,T.M.,and Cyr,L.A.,1999.The Human Resource Executive Effect in Initial Public Offering Firms[J].Academy of Management Journal,42(6):616-629.
Wiersema,M.F.,and Bantel,K.A.,1992.Top Management Team Demography and Corporate Strategic Change[J].Academy of Management Journal,35(1):91-121.
Wijesinghe,D.,and Samudrage,D.,2016.Top Manager Orientation,Management Accounting Systems and Strategy Implementation:Evidence from the Sri Lankan Manufacturing Sector[J].NSBM Journal of Management,1(1):73-83.
(1)CSMAR数据库(URL):http://www.gtarsc.com/.
(2)WIND数据库(URL):http://www.wind.com.cn/.