企业家薪酬如何影响中小企业融资能力  

How does Entrepreneurs’Salaries Affect External Financing Ability of SMEs

作　　者：殷炼乾 钱秋业 李翠萍 汪贵州 YIN Lianqian;QIAN Quiye;LI Cuiping;WANG Guizhou

机构地区：[1]暨南大学国际商学院金融学系 [2]中国银保监会城市银行部 [3]安永华明会计师事务所(特殊普通合伙) [4]斯塔万格大学

出　　处：《金融监管研究》2021年第5期16-32,共17页Financial Regulation Research

基　　金：广东省哲学社会科学“十二五”规划项目“我国与南亚太新兴市场经济合作中的风险传染效应及缓冲机制研究”的资助,项目编号:GD14XYJ30。

摘　　要：本文基于信贷配给理论建立多元回归模型,研究企业家私人收益与中小企业外部融资能力的关系,并通过倾向值匹配与增加控制变量的方式进行了稳健性分析。研究得出以下结论:中小企业的企业家私人收益越小,外部融资能力越大;中小企业的负债会降低企业家私人收益,由此增大企业的外部融资能力;中小企业的企业家年龄越大,企业的股权越集中,则私人收益对企业外部融资能力的影响越显著。综上,建议中小企业可以通过增加企业大股东的数量来形成股权制衡,增加对企业家的监督约束,以降低企业家卸责的可能性。The paper makes a multiple regression model based on the theory of credit rationing to study how the entrepreneurs’salaries influence the external financing ability for SMEs,and the robustness analysis is carried out by means of propensity matching and adding control variables,which draws the following conclusion that for SMEs,the smaller salaries of entrepreneurs are,the stronger the external financing ability of SME is.The debt of SMEs will reduce the salaries of entrepreneurs,so as to improve the external financing ability of enterprises.The older the entrepreneurs of SMEs are or the more concentrated the equities of SMEs are,the more significant the influence of salaries on the external financing ability of enterprises is.It is suggested that SMEs can form an equity balance by increasing the number of large shareholders,and increase the supervision and restraint on entrepreneurs,in order to reduce the possibility of entrepreneurs discharging their responsibilities.

关 键 词：制造业 中小企业 信贷配给 融资能力 银行贷款 

分 类 号：F832[经济管理—金融学]