管理者能力、公司治理与企业资本结构动态调整

Managerial Ability,Corporate Governance and Dynamic Adjustment of an Enterprise’s Capital Structure

管理者能力的强弱直接影响着企业财务决策效率的高低,而资本结构决策是财务决策的核心部分。以2010—2020年我国A股上市公司为样本,实证检验管理者能力对资本结构动态调整的影响。研究发现,增强管理者能力能够促进资本结构的调整速度,且在资本结构向上调整时,管理者能力对调整速度的促进作用更加显著;公司治理在管理者能力与资本结构调整速度间起到正向调节作用;与国有企业相比,民营企业资本结构调整速度更快,对管理者能力的促进作用更加显著。

The strength of managers’ability directly affects the efficiency of financial decision-making,and decision-making regarding capital structure is the core part of financial decision-making.Taking China’s A-share listed companies from 2010 to 2020as a sample,the impact of managers’abilities on the dynamic adjustment of capital structure is empirically tested.The results show that enhancing the ability of managers can promote the adjustment speed of capital structure,and the ability of managers can be more evident in improving the adjustment speed when capital structure is adjusted upwards.Corporate governance plays a positive adjustment role between the ability of managers and the speed of capital structure adjustment.Compared with state-owned enterprises,the capital structure adjustment of private enterprises is faster and the promoting effect of managers’ability is more significant.