企业文化对中国上市公司管理团队雇佣决策的影响

Empirical Research on the Effect of Corporate Culture to Capital Structure of Listed Companies

公司文化的重要性正日益得到人们的重视。与流行的利用企业问卷调查度量企业文化方法不同,本文尝试利用公开资料来刻画企业文化强度。本文利用上海和深圳证券交易所上市公司的数据,分析了企业文化对公司管理人员晋升决策的影响。本文的研究表明,企业文化强势的企业倾向于从企业内部晋升经理。

Corporate culture does matter. Compared to the popular measurement method, this article seeks to measure corporate culture by collecting open materials about corporate. Using firms＇ data from 2000--2006, we have shown that the strength of corporate culture significantly affects corporate governance,capital structure and corporate performance. The empirical results show that： In strong-culture firms internally promoted managers constitute more of the management team than in weak-culture firms.