高管持股、环境不确定性与债务融资规模  

Senior Management Shareholding,Environmental Uncertainty and the Scale of Debt Financing

作　　者：王怀明[1] 陈雪[1] 

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《税务与经济》2017年第1期30-37,共8页Taxation and Economy

基　　金：国家自然科学基金项目(项目编号:71173108)阶段性成果

摘　　要：以2011~2014年深沪A股上市公司为研究对象,实证分析环境不确定性与高管持股对债务融资规模的影响。将债务融资规模分为银行借款融资规模和商业信用融资规模,研究发现,高管持股和银行借款融资规模显著正相关,这说明企业高管持有一定股份,可以增加银行借款融资规模;但是高管持股与商业信用融资规模没有通过显著性检验。同时,环境不确定性削弱了高管持股与债务融资规模的正相关关系。研究结果表明:企业应该完善股权激励制度,提高其财务和战略柔性,积极应对外部环境的不确定性。A-share listed companies of Shenzhen and Shanghai in China from 2011 to 2014 are the subjects in this paper. An empirical study is conducted to analyze the impact of environmental uncertainty and senior management shareholding on the scale of debt financing. The scale of debt financing is divided into bank loan financing and business credit financing in this study. The result shows that there is a positive correlation between senior management shareholding and the scale of bank loan financing,which indicates that if the corporate executives hold certain shares,the scale of bank loan financing would be increased. However,there is no significant correlation between senior management shareholding and the scale of business credit financing. Meanwhile,the environmental uncertainty may reduce the positive correlation between senior management shareholding and the scale of debt financing. The result still depicts that enterprises should improve the stock incentive systems,enhance financial and strategic flexibility and actively respond to the uncertainty of the external environment.

关 键 词：高管持股 银行借款融资规模 商业信用融资规模 环境不确定性 

分 类 号：F715.2[经济管理—产业经济] F830.5