摘要
当前市场经济活动中,企业普遍面临着融资约束的问题。本文从管理层面的角度研究了管理层能力对企业融资约束的影响。选取2012~2018年沪深A股上市公司作为样本,研究结果表明:管理层能力越强,企业融资约束问题就越容易解决;管理层能力越强,企业存在内部控制缺陷的可能性越低;内部控制缺陷中介了管理层能力与企业融资约束之间的关系。同时,进一步研究发现,与国有企业相比,管理层能力对企业融资约束的影响在非国有企业中更为显著;与没有采取股权激励的企业相比,管理层能力对企业融资约束的影响在进行股权激励的企业中更为显著。
In the current market economic activities,enterprises are generally faced with the problem of financing constraints.From the perspective of management,this paper studies the impact of managerial ability on corporate financing constraints.Taking A-share listed companies in Shanghai and Shenzhen from 2012 to 2018 as samples,the research results show that:the stronger the managerial ability,it is easier to solve the problem of enterprise financing constraints;the stronger the managerial ability,the lower the possibility of internal control weakness;internal control weakness mediates the relationship between managerial ability and corporate financing constraints.At the same time,further research finds that compared with state-owned enterprises,the influence of managerial ability on enterprise financing constraints is more significant in non-state-owned enterprises;compared with enterprises without equity incentive,the influence of managerial ability on enterprise financing constraints is more significant in enterprises with equity incentive.
作者
闫一石
YAN Yi-shi(Dong Furen Institute Economic & Social Development School, Wuhan University, Beijing 100010, China)
出处
《预测》
CSSCI
北大核心
2020年第4期24-30,共7页
Forecasting
基金
教育部人文社会科学基金青年资助项目(16YJC820052)。
关键词
管理层能力
内部控制缺陷
融资约束
产权性质
股权激励
managerial ability
internal control weakness
financing constraints
property rights
equity incentive
