管理防御对资本结构的影响

The Influence of Managerial Entrenchment on Capital Structure

本文立足于管理防御与资本结构关系这一研究主题,尝试将管理防御划分为管理者自身因素、内部治理机制和外部市场环境三个维度,分别从这三个维度来探讨管理防御对资本结构的影响。利用上市公司数据进行实证分析,得出结论,管理防御对资本结构具有负向影响,管理者自身因素、内部治理机制和外部市场环境因素影响企业的资本结构,但三个维度的影响程度存在一定的差异。

This paper emphasizes on the relationship between managerial entrenchmem and capital structure. It tries to divide managerial entrenchment into three different dimensions, including administrators＇ own qualities, internal governance mechanism and external market environment, through which discussing how managerial entrenchment affects capital structure. By utilizing the data of the listed companies, a conclusion is drawn through the empirical research that managerial entrenchment has a negative influence on capital structm＇e. Moreover, administrators＇ own qualities, internal governance mechanism and external market environment can affect the enterprise capital structure in different levels.