企业预算松弛影响因素分析——来自2010-2013年沪市主板上市公司的数据分析

Analysis of Influence Factors of Budgetary Slack--Data from the Shanghai Main Board Listed companies from 2010 to 2013

预算松弛是预算管理过程中的一个难点问题。基于委托代理理论、权变理论和性别特征,通过对2010-2013年上市公司的公开预算信息进行数据分析,研究管理者性别、业绩预期及其他相关因素对预算松弛的影响。研究结果显示:股权激励、资产负债率、业绩预期与预算松弛负相关,股权集中度、股权质押、管理者性别与预算松弛正相关,非标准无保留意见的审计意见更易出现预算松弛,而四大会计师事务所审计的上市公司不易出现预算松弛。根据结论,应适当减少女性高管的比例,多采用股权激励等方式来奖励管理者,减少股权质押、降低股权集中度对预算松弛都具有有利影响。

Budgetary slack is a difficult problem in budget management. Based on the principal-agent theory, contingency theory and gender characteristics, through the data analysis of the public budgeting information of listed companies from 2010 to 2013, I study the influence of the gender of managers, the expected performance and other relevant factors over the budgetary slack. The conclusion is followed, the equity incentive, the asset-liability ratio, the expected performance are negatively correlated with the budgetary slack, while equity concentration, the equity pledge, the gender of managers are related with the budgetary slack. Budgetary slack is more likely to occur under non-standard unqualified audit opinion, and the listed companies audited by the big four accounting firms are hard to generate the budgetary slack. According to the conclusion, the proportion of female executives should be appropriate to reduce, inspire the manager by the equity incentive, and reduce the equity pledge and the equity concentration, which all have beneficial effect on the budgetary slack.