董事会特征、财务弹性与企业资本结构

Board Characteristics, Financial Flexibility and Corporate Capital Structure

未来的不确定突发事件已经成为影响一个企业生死存亡及可持续发展的关键因素,为了应对这种不确定的风险,企业通常采用持有超额现金或降低负债比例的财务弹性策略来保证技术创新投入的连续性,促进科技成果转化,这种策略往往会影响企业的资本结构,董事会特征作为企业治理能力的重要因素又会起到什么样的调节作用?本文利用2014~2018年上市A股制造业上市企业数据为研究样本,探讨财务弹性与企业资本结构的关联,进而讨论了财务弹性与资本结构之间的关系是否受到董事会不同特征影响。实证研究表明:财务弹性储备水平越高的企业越倾向于指定资产负债率越低的资本结构策略。董事会激励特征和董事会行为特征会显著增加财务弹性与资本结构的负相关关系,而董事会组织特征会削弱财务弹性与资本结构的负相关关系。

The future uncertain emergency has become a key factor affecting the survival and sustainable development of an enterprise.In order to deal with this kind of uncertain risk,enterprises usually adopt the financial flexibility strategy of holding excess cash or reducing the proportion of debt to ensure the continuity of technological innovation investment and promote the transformation of scientific and technological achievements.This strategy often affects the capital structure of the enterprise,and the board of directors of the board of directors of the board of directors of the board of directors As an important factor of corporate governance ability,what kind of regulatory role will the characteristics of board of directors play?This paper uses the data of listed A-share manufacturing companies from 2014 to 2018 as the research sample to explore the relationship between financial flexibility and corporate capital structure,and then discusses whether the relationship between financial flexibility and capital structure is affected by different characteristics of the board of directors.The empirical study shows that:the higher the level of financial flexible reserve,the more enterprises tend to specify the capital structure strategy with lower asset liability ratio.The incentive characteristics and behavior characteristics of the board of directors will significantly increase the negative correlation between financial flexibility and capital structure,while the organizational characteristics of the board of directors will weaken the negative correlation between financial flexibility and capital structure.