经理管理防御与企业可持续增长相关性分析——以新能源行业为例 75页

'______________________jklmnᢈᜧắêᦻ______________________EmpiricalAnalysisofInfluenceofManagerialEntrenchmentonSustainableGrowth------EvidencefromListedCompaniesinNewEnergyIndustrySpeciality:AccountingGraduate:YangXing-xingSupervisor:Prof.LiLinABSTRACTDesiringforProfitgrowthisthenatureoftheenterprise.Intoday"ssociety,withthemarketbecomingmoreandmorecompetitive,manyenterprisesmakeProfitgrowththeirverygoal,regardlessoftheconnotationofthegrowth,sopell-melldevelopmentisnotdesirable.Basedonalargenumberofstudies,itcouldbeeasilyconcludedthattakingthewronggrowthstrategieswillthrowtheenterpriseintoinatightcorner.Growingtoofastoralackofgrowthisnotconducivetothedevelopmentoftheenterprise.Growingtoofastwillresultinashortageoffinancialresources,sotheinvestmentandfinancingcapacitycan"tmeetthegrowthoftheenterprise,eventheruptureofthecapitalchain,Eventuallyitwillleadtheenterpriseintoafinancialcrisisandworestillthebankruptcy,whilewithamuchslowergrowth,theenterprisefundscouldn"tbefullyutilized,sobeingeliminatedorboughtbyaPerceptivemanagersisaninescapablefate.Onlyabenigngrowthcanguaranteetheprofitsincrease,soastoenlargeandexpandaswellasmaintainalong-termdevelopmentoftheenterprise.Thisissocalledsustainablegrowth.Comparedwiththeforeigncountries,Chinadidn"tpayenoughattentiontothestrategyofthesustainablegrowthwhichisusuallyinfluencedbymanyfactors.Thisessayselectsperspectiveofmanagerialentrenchmentasthestartpointtostudythesustainablegrowth.Choosingthemanagerialentrenchmenteffectonthementalprocessandmotivationofsustainablegrowthofenterprisesasthemainline,thispaperisOnthebasisofsummarizingandabsorbingtherelevantresearchresultsathomeandabroad.Withthehelpofagencytheory,upperechelonstheory,resourcetheory,Iexploredthe万方数据 jklmnᢈᜧắêᦻmechanisminfluenceofmanagerialentrenchmentonsustainablegrowthofenterprises.Secondly,IanalyzedthecurrentsituationofChina"snewenergyindustry,WiththehelpofProfessorHiggins，sustainablegrowthmodel,basedontheChina"snewenergylistedcompaniesreportdatafrom2007to2012,IExploredthenewenergygrowthoflistedcompaniestofindthatMorethanhalfofnewenergylistedcompaniesgrewtoofast.Inresponsetothesephenomena,Myarticleanalyzedthereasonsofexcessivegrowthofnewenergycompaniesfromamanagementpointofviewofprevention.Giventheuncertaintyofmanagingthedefensemeasure,Iputforwardthreehypotheseswithanumberofvariables,First,Iselectedthecharacteristicsofthemanagerswhoinfluencethemanagementlevelofdefensivebehavior;secondlytheIncentivesmeasuresfacedbymanagers,thirdtheCorporateRegulationandSupervisionSystem.Accordingtothefinalscreeningbasedontheselected43newenergylistedcompanies,Combinedwithstructuralequation,Istudiedtherelationshipbetweenthedefensivemanagementandsustainablegrowth.Onthisbasis,Ifurtherstudiedtherelationshipbetweenthevariousfactorsofdefensivemanagementandsustainablegrowththroughanalysismethod,Ididsomeexplanationbasedontheoutputofempiricalanalysis.Accordingtotheaboveresearchresults,fromtheperspectiveofmanagerialentrenchment,IputforwardthefollowingsuggestionsonthesustainablegrowthofnewenergylistingCorporation:establishaneffectivemanagerselectionmechanism;establishaneffectiveincentivemechanism;enhancetheboardofdirectorsofthecompanyofinternalsupervisionmechanism;optimizetheownershipstructure;perfecttheindependentdirectorsystem.Theresultsshowsthatmanagerialentrenchmentandenterprise"ssustainablegrowtharenegativelyrelatedtoeachother;theAgeandtenureofthemanagerarepositivelyrelatedtomanagerialentrenchment,whilenegativetoitssustainablegrowth;Manager"slevelofeducation,salary,andtheINDIRarenegativelyrelatedtothemanagerialentrenchment,whilethesehaveapositivecorrelationwithsustainablegrowth;sustainablegrowthofenterpriseshavenosignificantnegativecorrelationwithmanager"sprofessionalbackgroundandmanagerialentrenchment;sotheoriginalhypothesisisnotsupported;Managers"socialbackground,andtheINSTOarenegativelyrelatedtothemanagerialentrenchment，whilepositivelycorrelatedwiththesustainablegrowthofenterprises，Butthecorrelationisnotsignificantenough；the万方数据 jklmnᢈᜧắêᦻownershipconcentrationispositivelycorrelatedwithmanagerialentrenchment，theypresenteda"U"relationshipwiththesustainablegrowthofenterprises,Whentheownershipconcentrationgoessmall,itisnegativelyassociatedwiththeenterprises"sustainablegrowth;Whentheownershipconcentrationbecomeslarge,itwillpositivelycorrelatewiththesustainablegrowthofenterprises.Keywords:NewEnergyIndustry;Managerialentrenchment;Sustainablegrowth万方数据 万方数据 jklmnᢈᜧắêᦻ¶1^......................................................................................................................................11.1ẆÎÏ....................................................................................................................................11.2ẆḄÎÕ.....................................................................................................................21.2.1ẆḄḄ.....................................................................................................................21.2.2ẆḄÎÕ.....................................................................................................................21.3{ᑁ᜜Ẇn.....................................................................................................................41.3.1{ᑁ᜜ᐵ$-ᳮBᳮ■yẆn.....................................................................41.3.2{ᑁ᜜ᐵ$ᢝP÷øẆn..........................................................................71.4ẆḄᑁ2᪾×<᪀.....................................................................................................111.4.1ᦻḄẆᑁ2.........................................................................................................111.4.2ᦻḄẆ᪾×<᪀Ø...........................................................................................131.5ẆḄN/.............................................................................................................................132ᳮᳮ■ᢝᳮ..............................................................152.1-ᳮBᳮ■yᳮÙ.....................................................................................................152.1.1-ᳮBᳮ■yᎷ¬ḄÀª......................................................................................152.1.2-ᳮBᳮ■yḄᭆÛ................................................................................................162.1.3-ᳮBᳮ■yÜᡂḄÉÄ......................................................................................172.2ᢝP÷øᳮÙ.........................................................................................................182.2.1ùìᢝP÷øḄᑁ...........................................................................................192.2.2ᢝP÷ø᳛..............................................................................................................192.2.3ᢝP÷øḄᑖ᪆...........................................................................................202.3-ᳮBᳮ■yJùìᢝP÷øcᐵឋᳮᑖ᪆................................................212.3.1$ᡲᳮᳮ.....................................................................................................212.3.2$▤ᳮ..............................................................................................................212.3.3$Z"Ạᳮ.....................................................................................................223ᢝᑖ᪆........................................................................................233.1Q,"、Q,"ÒýhḄᭆÛÞu........................................................................233.2Q,"ìn...................................................................................................................233.3Q,"ÒýhᢝP÷ø.................................................................................25I万方数据 ______________________jklmnᢈᜧắêᦻ______________________4-ᳮBᳮ■yJùìᢝP÷øcᐵឋl½.......................................................274.1ẆᎷ¬..................................................................................................................................274.1.1Bᳮ■yJùìᢝP÷ø...................................................................................274.1.2Bᳮὅäßᱯ、Bᳮ■yJᢝP÷ø......................................................284.1.3Bᳮὅ☢¡Ḅ¢£¤、Bᳮ■yJᢝP÷ø........................................314.1.4ù쥦§ṓᑴ、Bᳮ■yJᢝP÷ø.................................................324.2᪵Ḅ⌱!Jᦪ¹Ḅᩭ"................................................................................................344.2.1᪵Ḅ⌱!....................................................................................................................344.2.2ᦪ¹Ḅᩭ"....................................................................................................................344.3ẆN/........................................................................................................................354.3.1<᪀Nᑖ᪆N/............................................................................................354.3.2µ¶Nᑖ᪆N/......................................................................................................354.4©¬í..................................................................................................................................364.4.1BᳮὅḄÞu................................................................................................................364.4.2Ä©Ḅ⌱!................................................................................................................364.4.3ä©Ḅ⌱!................................................................................................................364.4.4áᑴ©Ḅ⌱!...........................................................................................................364.5᪀l..................................................................................................................................374.5.1<᪀N᪀l......................................................................................................374.5.2µ¶N᪀l......................................................................................................385]¸ᑖ᪆.........................................................................................................................................415.1<᪀Nᑖ᪆..............................................................................................................415.2âឋSí<$Jᑖ᪆.....................................................................................................435.3©Ḅcᐵឋᑖ᪆..............................................................................................................445.4ᐗµ¶<$ᑖ᪆..............................................................................................................465.5Bᳮ■yJᢝP÷øẆ<$iº........................................................................496NJl¼....................................................................................................................................516.1l½ᨵᦔḄ-ᳮ⌱¿ᑴ...........................................................................................516.2l½ᨵᦔḄ-ᳮ¢ᑴ...........................................................................................526.3÷JhℏÁ¾G}Ḅᑁ}§ṓᑴ...................................................................526.4WᓄhÃᩗ<᪀..............................................................................................................53II万方数据 jklmnᢈᜧắêᦻ6.5gᗐŽℏÁᑴa..............................................................................................................537....................................................................................................................................557.1Ẇ<.................................................................................................................................557.2ẆḄä▲ឋJ%ö.........................................................................................................56®..................................................................................................................................57!ὃᦻ$..................................................................................................................................59Pft%..................................................................................................................................67III万方数据 万方数据 jklmnᢈᜧắêᦻ1/1.1Ẇ$01,"ì{|9ì<%ḄÑæឋ9ì^K，ᙠ᦮{è-é<%°¾´+ø¨êëḼ4ᡈ)Ḅz⁐，ᡠKíYᑮîï、°¾ḄarJᐵÚ，{|ðªñ⚗îᜧ-ᢄᢝ,"ìḄ<%，J¢L×，-éḄ`<%，I"ᡃ{N,"Ḅ◤A43÷ø，,"ìḄᵨÐ"ôG⌕。,"Ḅkᐰᐵ³ᑮ{|Ḅᡊᶍkᐰ，ᡃ{,-wᡊᶍaᜧ-<%,"9ì。ᓝöᜧTÀª⌕áᑴ,"Ḅ÷ø，IJ⁚,ú᣸，üý÷ὑ，Ñᢝ⁚,ýÿ9ìQ,"、î,"<%，Tq{|,"kᐰ[1]。äᦋ☩Øᩭ，,"Ḅᜧ-Ø?@┦ḄBᳮὅᦈD。ᢝP÷ø⌕ùì]▭÷øßmäßḄ&ÃZ"c¢£，ᒹ6KÆË⊝÷øḄ¥ᳮpi，ÃH]n&ᨬᜧᓄḄøj᪗。J{᜜ùìc，ᡃ{ùìN÷øBᳮḄrajj4᜜{ùì，Ä¢，Ẇᡃ{ùì÷ø⚪，ôᐸÒýhḄ÷ø⚪ᐹᨵᜧḄÎÕ。sᢝP÷øḄÄtu，ᦻwBᳮ■yzaª<，Ẇ-ᳮBᳮ■yNùìᢝP÷øḄs´ᐹᨵᓝᑖ⌕ḄÎÕ。,"ìGᡃ{ḄẠឋ9ì，Yᑮ[ḄᐵÚ，{è-éḄ<%.¦§Yᑮᐸ<%Ḅs。ᡃ{,"÷ὑ᣸¥;Þ¨，G*q¸ᡃ{-éḄᏉl<%，ßmüýNRS,"Ḅ¯ឋ，ᜧ-<%Q,"，wi,"Ḅᨵ▲3万方数据 jklmnᢈᜧắêᦻឋh᎛©ᨨ³⚪。Q,"ÒýhᙠpQ,"ì<%Ḅ@+<ᢵḼ4ªḄᵨ，BḄ÷øNO4o¾sᑮùìäßḄᡂø，q¾N᦮ìᏉl、ᢝP、«uḄ<%9îs。Ä¢，Q,"ÒýhḄᢝP÷ø,-4Yᑮ!qḄr，NᐸẆðß⌕Ḅ，ᨵ$TqQ,"9ìḄᏉl<%。᜜，ᦻ´Ẇ᪵TuᙠQ,"ì，¬,I<$ᐹᨵìᱯ，,IẆ<ðᐹᨵ┐NឋᢣÎÕ。1.36ᑁ᜜Ẇ$9:1.3.1,ᑁ᜜ᐵ/ᳮᳮ■Ẇ"(1){᜜ᐵ$-ᳮBᳮ■yẆnäwMorck、ShleiferVishnyÀª*Bᳮ■yᎷU^，ὅZ$ùìᑁ᜜§Bᑴ，w4LN☢Ẇ-ᳮḄBᳮ■yG。Narayanan(1985)[3]»@Ẇ-ᳮḄf¨NᢗZ⌱vḄs，<$⊤-ᳮf¨Qø,Bᳮ■yQJ，ᢗZrQg。Stulz(1988)[4]Ẇ᪀1.4.10ᦻḄẆ"ᑁ1ᦻ-ᳮBᳮ■y{ᳮ|NùìᢝP÷øḄsG}~，ᙠ<ᔾᦈ{ᑁ᜜cᐵẆᡂ$ḄẠÒ，<ᔠᡃ{O-é<%Q,"ìḄ]▭，-ᳮBᳮ■yNùìᢝP÷øḄsᑴs@。ᦻ✌ᐜwBᳮὅäßᱯ、Bᳮὅ☢¡Ḅ¢£¤、ù쥦§ṓᑴÑN☢▊*-ᳮBᳮ■yNùìᢝP÷øḄsᳮ。<ᔠ1ᦟᣴḄᢝP÷ø，11万方数据 jklmnᢈᜧắêᦻ2007-2012ÏQ,"ìÒýhGẆ᪵，<ᔠ<᪀NẆBᳮ■yᔜsÄt᝞dᵨ$ùìᢝP÷ø，¨pùìᢝP÷ø，wG-ᳮBᳮ■yGẆ、ùìᢝP÷øẆNḄᑴuÀÁKu¯¹。ᨬ，ᙠOᦻẆḄẠÒN-ᳮBᳮ■yJùìᢝP÷ø^²Ḅᐵ³<。ᐰᦻᐳᑖG}ᑖ，ᔜ}ᑖᑁ2ᭆh᝞：¨K：。}⌕wᦻẆḄÎÏ、Ḅ、ÎÕª<，TuẆḄᑁ2、᪾×<᪀ẆN/，VᑖMw-ᳮBᳮ■yùìᢝP÷øzaᦻRÙÔᳮcᐵ⚞ßḄnᨵẆᡂ$，wẆn+ªᐹᨵ␺ÎÕḄᳮᡂ$J]-Ó，GᦻḄẆᝈu*Ạ。¨：-ᳮBᳮ■yJᢝP÷øᳮÙ。✌ᐜÏÐBᳮ■yᎷ¬ḄÀª，VÏÐBᳮ■yḄᭆÛ，ᑖ᪆Bᳮ■y9îḄÉÄ，ᐸᑖ᪆ùìᢝP÷øḄᑁ，ᨬ$ᡲᳮᳮ、▤ᳮ、Z"Ạᳮᑖ᪆Bᳮ■yJᢝP÷ø^²Ḅcᐵឋ。¨Ñ：Q,"ìᢝP÷ønᑖ᪆，ᑁ2✌ᐜNQ,"、Q,"ÒýhḄᭆÛÞu，ᐸᑖ᪆ᡃ{Q,"ìnÒýhᢝP÷ø,-。¨i：-ᳮBᳮ■yJùìᢝP÷øcᐵឋl½。$OᦻḄᳮᑖ᪆¶¡ªBᳮ■yJᢝP÷øḄᑁᙠὶ³，᪀lBᳮ■yJᢝP÷ø<᪀N，ḼwBᳮὅäßᱯ、Bᳮὅ☢¡Ḅ¢£¤、ù쥦§ṓᑴÑN☢▊*-ᳮBᳮ■yNùìᢝP÷øḄsᳮ，ᙠ¢ẠÒÀªᦻḄẆᎷ¬。ᐸNiº©、iº©áᑴ©ᑖM*uÕJU，Vᙠ¢ẠÒ¬í*Ó¸Ꮇ¬Ḅµ¶ᑖ᪆。¨：]¸ᑖ᪆。ᦻ$Q,"ì，NᐸÒýhḄ⊤ᦈ:、᦮ᳮ，VNᡠᵨᦪ¹cᐵᜐᳮ，»@<᪀Nᑖ᪆、âឋSí、cᐵᑖ᪆ᐗ~ឋµ¶ᑖ᪆c<ᔠḄN/，N-ᳮBᳮ■yJùìᢝP÷øḄcᐵឋᎷ¬*ÒÓ，u¢Iª-ᳮBᳮ■yᐸᔜsÄtJùìᢝP÷øcᐵa，"ª]¸<$，ÒÓ*Ḅᔠᳮឋ。¨o：l¼JN。᪷¹ÒᦻḄᑖ᪆，<ᔠᡃ{,"ÒýhḄn，wBᳮ■yzaÀª┐NឋḄᨵ$Q,"ÒýhᢝP÷øḄNl¼。¨：<。<ᐰᦻ，ÀªᦻḄẆ4!üᦋḄᙢN。12万方数据 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jklmnᢈᜧắêᦻ⊤5.4ä©âឋSí<$NᨬÔJᨬᜧJᙳJ᪗{æLNage2583.67884.01193.85240.0697age25839.600055.250047.22061.2738year2580.370011.54003.88221.6030DEGR2582.00005.00003.43020.6023EDU2580.00001.00000.39380.4618SOC2580.00001.00000.52480.4183NWP25811.832816.570614.12140.7329MSR2580.00000.66560.02160.0867IND2580.12500.38890.19430.0425LS2580.00000.73670.31450.1441SIZE25819.906425.135422.36341.0566ROE2580.00040.66160.08640.1005⊤5.5ᦻẆḄÄ©ḄâឋSí<$，w4⊤ZªᢝP÷ø᳛ḄᙳJG0.1984，᪗{æG0.3963，[|ÊÓᜧ;]▭÷ø᳛ḄᙳJG0.2851，᪗{æG0.5101，[|ÊÓᜧ；æà÷ø᳛ḄᙳJG0.0867，᪗{æG0.4659，ᵫ$]▭÷ø᳛JᢝP÷ø᳛Ḅ[|Óᜧ，ᡠæà÷ø᳛ᕈnªÓᜧḄ[|Ê，¢᜜æà÷ø᳛ḄËᙳJGã，U]▭÷ø᳛ᜧ$ᢝP÷ø᳛Ḅᓰᜧᦪ，w⊤5.6AZªDGR>0ḄᓰᑮḄẆ᪵Ḅ68.22%，DGR<0ᡠᓰG31.78%，Uᜧ}ᑖÒýhḄ]▭÷ø᳛ᜧ$ᢝP÷ø᳛，w"ªQ,"Òýhªn÷ø@Ḅn。⊤5.5Ä©âឋSí<$NᨬÔJᨬᜧJᙳJ᪗{æg258-0.54894.29720.28510.5101SGR258-0.45133.87610.19840.3963DGR258-2.53803.93320.08670.4659⊤5.62007-2012Ẇ᪵Òýhæà÷ø᳛Sí⊤Ẇ᪵DGR>0ḄDGR<0Ḅ1aᦪᦪᡠᓰᦪᦪᡠᓰᦪ2007-201225817668.22%8231.78%5.3]^Ḅ!ᐵឋᑖ᪆ᙠµ¶ᑖ᪆^O，G*6´Aä©JÄ©^²Ḅᐵ³Ó¸ᔜ©^²ᔲᙠᐳ~，Nᔜ©cᐵឋᑖ᪆。44万方数据 jklmnᢈᜧắêᦻ⊤5.7ä©^²Ḅcᐵឋᑖ᪆LNageyearDEGREDUSOCaLNage1.0000.3590.039-0.0690.186ayear0.3591.000-0.0390.097-0.100DEGR0.039-0.0391.000-0.036-0.091EDU-0.0690.097-0.0361.0000.076aSOC0.186-0.100-0.0910.0761.000aaaNWP0.1990.1180.205-0.0890.198ૄaaMSR0.1980.035-0.172-0.240*0.157*aaIND-0.1120.269-0.1040.193*0.100LS-0.036-0.0200.0360.117-0.122SIZE0.032-0.0010.212**0.011-0.110ૄROE-0.070-0.1510.003-0.0310.028Ú：①***、>W、*ᑖM⊤Wᙠ0.01、0.05、0.1ḄÊËÒcᐵឋÐ℉⊤5.8ä©^²Ḅcᐵឋᑖ᪆NWPMSRINDLSSIZEROEૄૄLNage0.1990.198-0.112-0.0360.032-0.070aayear0.1180.0350.269*-0.020-0.001-0.151*aaDEGR0.205-0.172-0.1040.0360.212**0.003aaEDU-0.089-0.2400.1930.1170.011-0.031aaSOC0.1980.1570.100-0.122-0.1100.028aaNWP1.0000.130-0.081-0.1850.3810.291ૄaMSR0.1301.0000.006-0.1570.0950.153*IND-0.0810.0061.0000.106-0.118-0.007aaLS-0.185-0.1570.1061.0000.0800.087ૄSIZE0.3810.095-0.1180.0801.0000.259*aaROE0.2910.153-0.0070.0870.2591.000Ú：①《*、《、*ᑖM⊤Wᙠ0.01、0.05、0.1ḄÊËÒcᐵឋÐ℉ᦻ!SpearmancᐵឋÒÓN/，⊤5.7、5.8ᔜ©^²ḄcᐵឋSí<$，K(ᩭUcᐵ³ᦪᙠ0.5᣸◀ᐳ~ឋ⚪，w⊤5.7、5.8Zª：BᳮὅḄÏÈJᔊ、ëìÎÏ、ŽℏÁ、¨KᜧÃHᢝÃáᑴ©^²4ᙠÐ℉cᐵᐵ³，Jf¨、°¾ÎÏ、ÌÍᢝÃᙠ0.1ḄÊËÒÐ℉cᐵ，Òcᐵ³ᦪᙳÔ$0.4，UBZ^²Ò4ᙠᐳ~⚪；f¨JÏÈ、ŽℏÁ±Z9ᦈᙠ0.1ḄÊËÒÐ℉cᐵ，Òcᐵ³ᦪᙳÔ$0.4，UBZ^²Ò4ᙠᐳ~⚪，VÑJᐸ8©^²4ᙠÐ℉cᐵᐵ³；ᔊJÌÍ、ᢝÃJZ9tᙠ0.05ḄÊËÒÐ℉cᐵ，Òcᐵ³ᦪᙳÔ$0.4，UBZ^²Ò4ᙠᐳ~⚪，45万方数据 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