基于管理防御的经理权力与非权力特征对企业再融资方式研究  

Research on the Effect of Manager Power and Non-Power Characteristics Based on Managerial Entrenchment upon Enterprise Refinancing Ways

作　　者：李秉祥[1] 张海龙[1] 

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054

出　　处：《西安理工大学学报》2010年第3期361-367,共7页Journal of Xi'an University of Technology

基　　金：国家自然科学基金资助项目(70872092);高等学校博士学科点专项科研基金资助项目(200807000009);教育部人文社会科学研究基金资助项目(09YJA630130)

摘　　要：以经理权力和非权力特征作为切入点,研究经理人在管理防御影响下,对公司再融资决策的影响。运用典型相关分析方法,以2002—2007年我国上市公司数据为研究样本,实证检验了经理权力和非权力特征对再融资方式选择的影响,结果表明:经理权力与非权力特征对上市公司再融资方式选择具有显著影响,但各因素影响程度不同。体现经理自主权大小的经理领导力、经理任期影响力较强,而体现经理所有权的持股比例对再融资方式选择影响较弱;在经理非权力特征中,转换工作成本、年龄对再融资方式的选择影响较强。With the manager power and non-power characteristic as the tangent point, this paper deals with the effect of the managers under managerial entrenchment upon the decision-making of enterprise refinancing. Also, the typical correlation analysis method is employed to study samples of the listed enterprises in the years of 2002--2007 in our country. The utility study has testified the effect of the manager power and non-power characteristics upon the selection of refinancing ways. The results indicate that the manager power and non-power characteristics have had a remarkable effect upon the select of refinancing ways of the listed enterprises, with each factor having different degrees. In effect, the embodiment of manager independent power is the managers leading ability and the strong effect of managers terms upon the refinancing, while the reflection of manager ownership on holding stock percentage has the weaker effect upon the refinancing ways. In the manager non-power characteristics, the conversion of work cost and age have had a strong effect upon the selection of refinancing ways.

关 键 词：经理管理防御 再融资方式 经理权力与非权力特征 

分 类 号：F275[经济管理—企业管理]