摘要
基于公司治理理论,以2015-2019年发行债券的企业为研究对象,运用数据包络分析法度量管理者能力,利用二分类别变量中介效应检验方法,探究管理者能力对债券违约风险的影响和作用机制。研究发现随着管理者能力的提高,企业债券违约风险显著降低,且管理者能力可通过抑制“非效率投资”的中介效应渠道来降低企业债券违约风险。进一步地,基于不同产权性质债券发行主体的实证结果表明,非国有企业中管理者能力对债券违约风险的缓解作用更显著。基于不同制度环境债券发行主体的实证结果表明,管理者能力通过改善投资效率对债券违约风险的缓解作用在制度完善的地区中更显著。
Based on corporate governance theory,taking firms that issued bonds from 2015-2019 as research subjects and using data envelopment analysis to measure the managerial competence,the impact and influencing mechanism of managerial competence on bond default risk is explored by using dichotomous category variable mediation effect test.It is found that with the improvement of managers'ability,corporate bond default risk decreases significantly,and the management ability can reduce the risk of corporate bond default by inhibiting the mediating effect channel of"inefficient investment".Furthermore,the empirical results based on bond issuers'different property rights show that the managers'ability in non-state-owned enterprises has a more significant effect on the mitigation of bond default risk.The empirical results of bond issuers in different institutional environments show that the mitigating effect of managers'ability on bond default risk through improving investment efficiency is more significant in the regions with perfect institutions.
作者
张馨月
ZHANG Xinyue(Department of Economics and Management, East China Normal University, Shanghai 200062,China)
出处
《经济与管理评论》
CSSCI
北大核心
2021年第4期113-124,共12页
Review of Economy and Management
基金
国家自然科学基金面上项目“合作、制度及其演化”(71873076)。
关键词
管理者能力
非效率投资
债券违约风险
中介效应
managers'ability
inefficient investment
bond default risk
mediating effect
