管理者风格对企业投融资决策影响模式的实证研究——基于中国上市公司的数据

Study on the Influence Patterns of Managerial Style on Investment and Financing Decisions of Enterprises

近年来,国外学者将管理者风格因素纳入企业投融资等决策范畴的研究逐渐增多,但对其影响过程、影响模式的研究并不多见:管理者将自身具备的独特风格主导性地施予企业,对企业决策形成管理者"烙印"与影响(称之为"管理者主导模式"),还是企业(董事会)主动选择可识别的管理者风格、形成有别于其他企业的决策特征(称之为"企业主导模式")?文章从管理者外生性变更的角度,以中国上市公司的投融资决策为研究对象对此进行了实证研究,其结果并未支持"管理者主导模式"。

Although the literature abroad concerning the effect of the managerial style in investment and financing decision- making of enterprises has increased gradually in recent years,little research has been done focusing on the influence mechanism of the managerial style. Are there causal managerial style effects that are idiosyncratic and not fully observed and controlled by the board of firms,or casual style effects that are fully anticipated by the board when choosing a new manager？ This paper studies the influence mechanism of managerial style from the perspective of exogenous manager departures based on the listed companies in China.