控制股东的股份承诺是否加剧了企业的过度融资? - - 从绩效压力角度看的证据
Yue Xie1, Tianhui Wang1, Jinhua Zhang1
1School of Economics, Zhejiang University of Technology, Hangzhou, China.
PloS one
|July 19, 2023
概括
控股股东抵押股票会增加企业过度融资. 这是因为质押股票导致业绩低于预期,鼓励管理层.
科学领域:
- 企业金融公司财务
- 行为经济学是一种行为经济学.
背景情况:
- 控制股东的股票质押是一种常见的企业融资策略.
- 过度金融化可能会对公司的业绩和长期价值产生负面影响.
- 了解过度金融化的驱动因素对于公司治理至关重要.
研究的目的:
- 调查控股股东股票质押对过度金融化的影响.
- 探索将股票承诺与融资行为联系起来的内部机制.
- 检查影响这种关系的调节因素.
主要方法:
- 企业财务数据的实证分析.
- 统计建模以评估股票质押和融资之间的相关性.
- 调节和调节效应的检查.
主要成果:
- 控制股东的股票质押与过度金融化之间存在显著的正相关性.
- 股票质押导致业绩不佳,激励短期管理行为.
- 这种效应在经济政策不确定性较低,行业竞争较弱,经验丰富的高管的环境中更为明显.
结论:
- 控制股东的股票质押可以通过绩效压力和管理层的短视来加速过度金融化.
- 公司治理机制应解决股票质押协议产生的潜在冲突.
- 特定的公司和环境因素在这种行为的表现中发挥着作用.
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