摘要
根据融资优序理论,本论文在充分考虑中小板上市公司融资特点的基础上,以行为公司金融为视角,以内源融资研究为起点,企业绩效为终点,以管理者自信作为内源融资与企业绩效的调节点,利用深沪两市2010—2013年的中小板上市公司动态面板数据为样本,深入探讨内源融资、管理者自信与企业绩效的内在影响机制。研究结果表明,企业留存收益与企业绩效增长存在正相关关系;而企业定额负债与公司绩效存在不显著的正相关关系;同时管理者自信在每股留存收益和定额负债对企业绩效的内在影响机制中均有正向调节作用。
According to Pecking Order Theory,this article will,on the basis of fully considering the characteristics of the financing of the small and medium-sized board listed companies,explores deeply the internal influence mechanism between the endogenous financing,managers＂confidence and enterprise performance by taking the behavior corporate finance as the perspective,the research on the endogenous financing as the starting point,the enterprise performance as the end point,the managers＂confidence as the adjusting point of the endogenous financing and enterprise performance and by using the small and medium-sized board listed companies＂dynamic panel data from 2010-2013 as the samples.The research result shows that there is a positive correlation between the enterprises＂retained earnings and the enterprise performance growth;there is not an obvious positive correlation between the enterprises＂quota liabilities and the enterprise performance;and meanwhile,the managers＂confidence has apositive adjusting function in the internal influence mechanism of the retained earnings per share and the quota liabilities on the enterprise performance.
出处
《华中师范大学学报（人文社会科学版）》
CSSCI
北大核心
2015年第5期46-54,共9页
Journal of Central China Normal University:Humanities and Social Sciences
基金
国家自然科学基金青年项目"制度转型背景下董事会资本
国际化程度与企业绩效的作用机理研究:中国企业的经验数据"(71102121)
关键词
内源融资
管理者自信
企业绩效
面板数据
endogenous financing
managers＇ confidence
corporate performance
panel data
