摘要
在中国现行企业缺乏正式制度规范的形势下,依托差序格局所形成的董事会非正式层级成为影响企业决策效率的关键因素。本研究以2008-2017年中国A股上市公司为研究对象,从微观视角出发,就董事会非正式层级对资本结构决策效率的影响进行研究。研究结果表明:董事会非正式层级清晰度越高,越能够加快资本结构动态调整速度、降低资本结构偏离程度;与向下偏离目标相比,董事会非正式层级清晰度的增加更可能加快向上偏离目标资本结构的动态调整速度、降低向上偏离目标资本结构的程度。
In the absence of formal institution norms in Chinese current enterprises, the informal hierarchy of the board of directors formed by the differential mode of association becomes the key factor affecting the decision-making efficiency of enterprises. Based on a micro perspective, this study takes A-share listed enterprises in China from 2008 to 2017 as the research objects, and studies the impact of the informal hierarchy of the board of directors on the decision-making efficiency of capital structure. The results show that the clearer the informal hierarchy of the board of directors is, the faster the dynamic adjustment of the capital structure will be and the less the actual capital structure will deviate from the target capital structure;Compared with the downward deviation from the corporate target capital structure, the increase of informal hierarchy clarity of the board of directors is more likely to accelerate the dynamic adjustment speed of the upward deviation from the target capital structure and reduce the degree of upward deviation from the target capital structure.
作者
王晓亮
邓可斌
Wang Xiaoliang;Deng Kebin
出处
《会计研究》
CSSCI
北大核心
2020年第8期77-90,共14页
Accounting Research
基金
山西省“1331工程”重点创新团队建设计划资助(晋教科[2017]12号)
教育部人文社科规划基金项目(18YJA630112)
关键词
董事会非正式层级
资本结构动态调整
资本结构偏离程度
Informal Hierarchy of the Board of Directors
Dynamic Adjustment of the Capital Structure
Degree of Deviation from the Capital Structure
