金融关联能否影响民营企业的资本成本——兼论对高管薪酬的连带效应  

Whether Financial Correlation can Affect Capital Cost of Private Enterprise: On Cascading Effect of Executive Compensation

作　　者：李珊珊 LI Shan-shan(Department of Accounting, Fujian Business University, Fuzhou 350012, China)

机构地区：[1]福建商学院会计系,福建福州350012

出　　处：《福建商学院学报》2017年第5期36-40,56,共6页Journal of Fujian Business University

摘　　要：以2009年至2015年长三角地区上市民营企业为研究样本,实证分析了金融关联程度和资本成本的关系以及金融背景高管的加入对企业高管层薪酬的影响。研究结果显示,长三角地区37.6%的上市民营企业存在金融关联现象,金融关联程度高,企业的长期借款资本成本会相对降低。同时,金融背景的高管进入公司后,会提高公司高管层的薪酬水平,而未引入金融背景的企业高管薪酬增速明显较低。对于民营企业而言,金融关联可以缓解融资约束、降低资本成本,也会刺激高管薪酬制度改变。Using the sample of listed private enterprises in the Yangtze River Delta region from 2009 to 2015,this article analyzes the relationship between financial degree and capital cost,and the influence of financial background executives on the salary of senior executives. The results show that there are financial correlations,which accounts for37. 6% of the listed private enterprises in the Yangtze River Delta. The higher the degree of financial correlation,the lower the cost of long-term borrowing capital. Financial background executives will increase the pay of company＇s senior executives,while the pay growth is significantly lower in those enterprises without financial background executives. For private enterprises,financial correlation can ease financing constraints,reduce capital costs,and stimulate the reform for executive compensation system.

关 键 词：资本成本 金融关联 高管薪酬 民营企业 

分 类 号：F276.5[经济管理—企业管理]