组织资本、融资约束与管理层激励  

Organizational Capital,Financing Constraints and Management Incentives

作　　者：蔡雪玲 Cai Xueling

机构地区：[1]兰州财经大学统计与数据科学学院

出　　处：《投资研究》2024年第9期119-133,共15页Review of Investment Studies

基　　金：甘肃省科技计划资助优秀博士生项目(23JRRA1188)。

摘　　要：基于2010—2022年我国A股上市企业面板数据,研究组织资本与管理层激励的关系与作用路径。进一步考虑企业内外部治理水平,检验上述关系是否存在差异性。研究结果表明组织资本能够显著增加管理层薪酬激励,降低股权激励,这一效果主要是通过缓解企业面临的融资约束所实现。异质性研究表明,在非国有企业、管理者能力较高企业、非四大会计事务所审计企业以及外部环境不确定性较高时,组织资本对管理层激励的影响更加显著。此外,排除可能存在的内生性问题,并通过一系列稳健性检验确保研究结论的客观真实性,研究结论深化组织资本对管理层激励的影响路径,为上市企业实施管理层激励具有参考意义。Based on the panel data of China's A-share listed enterprises from 2010 to 2022,this paper studies the relationship between organizational capital and management incentive and its functional path.Further consider the internal and external governance level of the enterprise,and test whether there are differences in the above relationships.The results show that organizational capital can significantly increase the compensation incentive of management and reduce the equity incentive,which is mainly achieved by easing the financing constraints faced by enterprises.Heterogeneity research shows that the impact of organizational capital on management incentives is more significant in non-state-owned enterprises,enterprises with high management ability,enterprises audited by non-Big four accounting firms and enterprises with high external environment uncertainty.In addition,the possible endogenous problems are excluded,and a series of robustness tests are conducted to ensure the objective authenticity of the research conclusions.The research conclusions deepen the influence path of organizational capital on management incentives,and have reference significance for the implementation of management incentives in listed enterprises.

关 键 词：组织资本 融资约束 管理层薪酬激励 管理层股权激励 

分 类 号：F832.51[经济管理—金融学] F275F272.9