高管团队垂直对特征、财务弹性与企业价值创造

Executive Team’s Vertical Pair Feature,Financial Elasticity and Enterprise Value Creation

管理者是企业运行的核心,其垂直对特征差异必然会对企业财务弹性及价值产生影响。以2011—2016年间上市公司作为样本,实证分析了高管团队垂直对特征对财务弹性高低的影响,以及不同高管团队垂直对特征下财务弹性与企业价值之间的关系。实证结果表明:高管团队年龄、学历、任职期限等差异越大,企业的财务弹性越大;企业财务弹性对企业价值的影响呈倒U型关系,既先增加后减少。高管团队垂直对差异越大,财务弹性与企业价值的倒U型关系越平缓,均衡点右移,说明高管团队垂直对特征越大,财务弹性对企业价值的缓冲效应越强,代理效应越弱。

Managers are the core elements of enterprise operation,and the differences of their vertical pair characteristics will inevitably have an impact on the financial elasticity and value of enterprises. Taking listed companies from 2011 to 2016 as samples,this paper empirically analyzes the influence of vertical pair characteristics of executive teams on financial elasticity and the relationship between financial elasticity and corporate value under different vertical pair characteristics of executive teams. Empirical results show that the greater the difference in age,academic background and tenure of the executive team,the greater the financial elasticity of enterprise. The impact of financial elasticity on corporate value is inverted U-shaped,which increases first and then decreases. The greater the difference between vertical pair of executive team,the more smooth the inverted U shape relationship between financial elasticity and enterprise value is,and the balance point moves to the right. It shows that the bigger the vertical pair is,the stronger the buffer effect of financial elasticity is to the enterprise value,and the weaker the agency effect is.