| 管理层权力、制度环境与企业资本扩张; Managerial Power, Institutional Environment and Capital Expansion | |
| 贺琛 ; 陈少华 ; 余晴 | |
| 2015-08-01 | |
| 关键词 | 管理层权力 制度环境 控制权理论 资本扩张 过度投资 managerial power institutional environment control theory capital expansion excessive investment |
| 英文摘要 | 文章立足于我国转轨经济的制度背景,以制度经济学与控制权理论为基础,选取2009-2013年我国资本市场A股上市公司的数据,实证检验了管理层权力、制度环境与企业资本扩张之间的关系。检验结果发现;管理层集权具有更大的资本扩张倾向,表现为显著提高了企业过度投资的水平,且这种影响在民营企业表现得更显著;制度环境对管理层的投资扩张行为具有显著的制约作用,分组检验也同样支持了制度环境的约束作用。文章分别从宏观环境和微观企业的角度提出了相应的治理对策。; Based on the institutional economics and the control theory,and combining with the institutional context of eco-nomic transition period in China,this paper,by selecting the data of China's A-share listed corporations from 2009 to2013,empirically tests the correlation among managerial power,institutional environment and capital expansion.The empir-ical results show that the centralized management is more inclined to capital expansion,which manifests the significant in-crease of the level of excessive investment,especially in private enterprises.However,the institutional environment notablycurbs the capital expansion behavior of management,which is also verified by grouping empirical research.Finally,this pa-per puts forward some policy recommendations from the perspective of both macro environment and micro enterprises respec-tively.; 教育部人文社会科学研究项目(11JJD790006) |
| 语种 | zh_CN |
| 内容类型 | 期刊论文 |
| 源URL | [http://dspace.xmu.edu.cn/handle/2288/103306]  |
| 专题 | 管理学院－已发表论文 |
| 推荐引用方式 GB/T 7714 | 贺琛,陈少华,余晴. 管理层权力、制度环境与企业资本扩张, Managerial Power, Institutional Environment and Capital Expansion[J],2015. |
| APA | 贺琛,陈少华,&余晴.(2015).管理层权力、制度环境与企业资本扩张.. |
| MLA | 贺琛,et al."管理层权力、制度环境与企业资本扩张".(2015). |
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