收获当下还是投资未来?制造业上市公司中控股股东对财务冗余积累及配置决策的影响研究  

Invest for the future or reap the present?A study on the influence of owner identity on a firm's slack allocation decision

作　　者：游夏蕾 贾生华[2] YOU Xialei;JIA Shenghua(School of Management,Zhejiang University of Technology,Hangzhou 310023,China;School of Management,Zhejiang University,Hangzhou 310058,China)

机构地区：[1]浙江工业大学管理学院,浙江杭州310023 [2]浙江大学管理学院,浙江杭州310058

出　　处：《管理工程学报》2024年第3期91-107,共17页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金项目(72102213、72072159)。

摘　　要：本文将控股股东这一决策主体带入到财务冗余保有与配置决策中,首次检验了组织冗余理论研究中对财务冗余可能配置去向的基本猜想。基于2012—2017年间A股制造业上市公司的数据分析结果显示:财务冗余对收益获取(即分红)的影响完全受股权结构因素的调节,其对创新投入的影响受控股股东身份的调节。具体而言,在受益型股东控制的企业中,财务冗余对创新投入具有显著的正向影响,对收益获取的影响显著为负,并且这种负向影响会被股权集中度进一步强化。这样的结果表明,控股股东对剩余收益权和剩余控制权的行使会影响企业中财务冗余的配置,相较于财务冗余可能引发的代理问题,控股股东(尤其是受益型股东)更关心财务冗余对企业未来价值创造可能产生的积极影响。本研究有助于增进我们对企业应该保留还是消除财务冗余这一重大理论争议的理解和认识。Whether a firm should retain organizational slack and where should the retained organizational slack be allocated are basic and important theoretical questions in organizational studies.The existing literature has documented both positive and negative attributes of organizational slack,and different scholars have given their own answers to the above questions based on their understanding of such attributes.However,few studies have considered the decision makers’perspective on the allocation of a firm’s slack resources.In fact,as a kind of“remaining”or“excess”resources,organizational slack is objective and neutral.Whether it will be a“loss of efficiency”or a“need of flexibility”depends on where and how the slack resources are deployed and used,while these allocation decisions are further determined by who owns and controls these resources.To answer such basic questions,we introduce the controlling shareholders,as a typical decision-maker in determining the allocation of a firm’s slack resources,into our theoretical model and analyze how they affect the allocation of a firm’s financial slack related to their decision-makings.The reason why some scholars hold a negative view on financial slack is that they regard it as an important source of agency problems.In the real business world,if the controlling shareholders regard financial slack as a source of agency problems,they will try their best to reduce the existence of these resources or weaken the control of managers on the existing financial slack,among which dividend is an effective strategy.Conversely,if the controlling shareholders hold a positive view on financial slack,i.e.,they believe that financial slack can contribute to the innovation and future growth of their firm,they may give up the capture of the immediate value,i.e.to use these resources for dividends,but tend to leave these resources in the firm and transfer the control of them to the managers to support their innovation decisions.In this regard,this paper tries to analyze

关 键 词：组织冗余 财务冗余 冗余配置 股东身份 股权集中度 

分 类 号：F275[经济管理—企业管理]