管理层的近视会促使企业过度融资吗? 来自中国上市公司的证据
Yanchi Chen1, Ju Ye1, Qi Shi2
1Institute of Food and Strategic Reserves, Nanjing University of Finance and Economics, Nanjing, Jiangsu, China.
PloS one
|September 5, 2024
概括
管理层的近视或短视,推动了企业的过度融资. 金融困境和限制加剧了这一趋势,导致过度积累金融资产.
科学领域:
- 工商管理 工商管理
- 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:
- 企业经理可能表现出短视,影响资源分配.
- 过度融资,以过度积累金融资产为特征,是企业金融领域日益关注的问题.
研究的目的:
- 分析管理近视与企业过度融资之间的联系.
- 调查财务困境和融资限制如何影响这种关系.
主要方法:
- 对企业年度报告进行分析,以发现管理层的短视.
- 利用公司财务报表数据来衡量过度融资.
- 使用因果推理模型,包括仪器变量分析 (经理的饥荒经验).
主要成果:
- 管理层的近视是企业过度融资的一个重要驱动因素.
- 这一发现在不同的分析方法中仍然很强大.
- 金融困境和融资约束加剧了短期关注的经理人积累金融资产的趋势.
结论:
- 解决管理层的短视是缓解企业过度融资的关键.
- 公司治理机制应考虑管理的行为方面.
- 了解金融困境的放大效应是金融稳定的关键.
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