董监高银行背景与资本结构动态调整

Bank Background of Directors,Supervisors and Senior Managers with Dynamic Adjustment of Enterprise Capital Structure

文章选取2012—2018年我国A股非金融上市公司674家为研究样本,借助一阶差分广义矩估计法探究董监高银行背景对企业资本结构动态调整的影响。研究发现:相比于董监高中无银行背景的上市公司,董监高中有银行背景成员的上市公司资本结构动态调整较快,且随着银行背景程度的加深调整速度越快。进一步的研究结果显示:不同产权性质下,企业董监高是否具有银行背景及不同背景深度对资本结构动态调整的影响各有差异。文章丰富了资本结构动态调整影响因素方面的研究,也为企业合理利用社会资本进行资本结构决策提供理论依据。

Using 674 China's non-financial A-share listed companies from 2012-2018 as the research sample,this paper explores the influence of bank background of directors,supervisors and senior managers on the dynamic adjustment of enterprise capital structure by means of first difference GMM.The research finds that:compared with the listed companies whose directors,supervisors or senior managers do not have or did not have bank background,the listed companies with bank background of directors,supervisors and senior managers have faster dynamic adjustment of capital structure.And the adjustment speed go faster with bank background of directors,supervisors and senior managers deepening.Further research results show that under different property rights,the influence of the existence of the bank background of directors,supervisors and senior managers and its depth degree on the dynamic adjustment of capital structure varies.This paper enriches the research on the influencing factors of the dynamic adjustment of capital structure and provides theoretical basis for enterprises to use social capital rationally when making capital structure decisions.