管理者能力与资本结构调整成本研究——基于薪酬落差和人情机制的调节效应

Managerial Ability and Capital Structure Adjustment Cost——The Moderating Effect of Compensation Gap and Renqing Relationship

本文在动态权衡理论的分析框架下,以深沪两市上市公司为样本,研究管理者能力对资本结构调整成本的影响以及薪酬落差和人情机制的调节效应。研究发现:管理者能力与资本结构调整成本负相关;在管理者能力影响资本结构调整成本中,薪酬落差和人情机制均起着负向调节作用。考察产权性质后发现,无论是薪酬落差,还是人情机制在非国有企业中负向调节作用更为明显。这些研究结论为激发管理者能力实现目标资本结构提供了理论依据,同时对深化国有企业产权改革具有一定的启示意义。

Under the framework of dynamic trade-off theory,the paper investigates the effects of managerial ability on capital structure by using a sample of a listed firms.Our results reveal that managerial ability significantly negative correlate with firm adjustment cost.The compensation gap and Renqing relationship play a negative role in the adjustment cost influenced by managers’ability.it is found that both the compensation gap and the renqing relationship have more negative effects on the non-state-owned enterprises.These conclusions provide the theoretical basis for stimulating managerial ability to achieve the target capital structure.