高管薪酬影响企业债务融资的研究综述与未来展望
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外国经济与管理 2014 年 第 36 卷第 08 期, 页码：23 - 32
摘要
参考文献
摘要
代理理论一直将高管薪酬作为激励高管与股东利益保持一致的工具,然而对于高管薪酬给企业利益相关者带来的影响直到最近才受到关注。高管薪酬既会影响债权人的决策,也会影响高管对债务契约的选择,因而最终会影响企业债务融资;无论从企业价值最大化还是从社会福利最大化的角度,这一问题都值得重视。本文从企业融资约束状况和经济外部性理论的视角,总结了高管薪酬影响企业债务融资的三个理论假说,并据此分析了三类高管薪酬对企业债务融资的影响机理,在梳理了现有实证研究的证据后发现,高管薪酬对企业债务成本、期限、条款及债权人的会计稳健性需求等均有显著影响。本文所总结的研究假说及提出的未来展望,对于未来的研究以及公司治理实践均有重要启示作用。
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[3]Beladi H and Quijano M.CEO incentives for risk shifting and its effect on corporate bank loan cost[J].International Review of Financial Analysis,2013,30:182-188.
[4]Berger P G,et al.Managerial entrenchment and capital structure decisions[J].The Journal of Finance,1997,52(4):1411-1438.
[5]Brander J A and Poitevin M.Managerial compensation and the agency costs of debt finance[J].Managerial and Decision Economics,1992,13(1):55-64.
[6]Brockman P,et al.Executive compensation and the maturity structure of corporate debt[J].The Journal of Finance,2010,65(3):1123-1161.
[7]Cassell C A,et al.Seeking safety:The relation between CEO inside debt holdings and the riskiness of firm investment and financial policies[J].Journal of Financial Economics,2012,103(3):588-610.
[8]Chafik K and Younes B.The nature of the relationship between debt and managerial entrenchment[J].Economics and Finance Review,2012,2(2):47-54.
[9]Coles J L,et al.Managerial incentives and risk-taking[J].Journal of Financial Economics,2006,79(2):431-468.
[10]Datta S,et al.Managerial stock ownership and the maturity structure of corporate debt[J].The Journal of Finance,2005,60(5):2333-2350.
[11]Duru A,et al.Earnings-based bonus plans and the agency costs of debt[J].Journal of Accounting and Public Policy,2005,24(5):431-447.
[12]Edmans A and Liu Q.Inside debt[J].Review of Finance,2011,15(1):75-102.
[13]Han J H.CEO Inside debt and costs of bank debt financing[J].Seoul Journal of Business,2011,17(2):123-149
[14]Healy P M.The effect of bonus schemes on accounting decisions[J].Journal of Accounting and Economics,1985,7(1):85-107.
[15]Holthausen R W,et al.Annual bonus schemes and the manipulation of earnings[J].Journal of Accounting and Economics,1995,19(1):29-74.
[16]Ittner C D,et al.The structure and performance consequences of equity grants to employees of new economy firms[J].Journal of Accounting and Economics,2003,34(1):89-127.
[17]Jung K,et al.Timing,investment opportunities,managerial discretion,and the security issue decision[J].Journal of Financial Economics,1996,42(2):159-186.
[18]Jensen M C and Meckling W H.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[19]John T A and John K.Top-management compensation and capital structure[J].The Journal of Finance,1993,48(3):949-974.
[20]Kabir R,et al.Executive compensation and the cost of debt[J].Journal of Banking&Finance,2013,37(8):2893-2907.
[21]Lafond R and Roychowdhury S.Managerial ownership and accounting conservatism[J].Journal of Accounting Research,2008,46(1):101-135.
[22]Matsunaga S R and Park C W.The effect of missing aquarterly earnings benchmark on the CEO’s annual bonus[J].The Accounting Review,2001,76(3):313-332.
[23]Ortiz-Molina H.Executive compensation and capital structure:The effects of convertible debt and straight debt on CEO pay[J].Journal of Accounting and Economics,2007,43(1):69-93.
[24]Shaw K W.CEO incentives and the cost of debt[J].Review of Quantitative Finance and Accounting,2012,38(3):323-346.
[25]Smith C W J and Warner J B.On financial contracting:An analysis of bond covenants[J].Journal of Financial Economics,1979,7(2):117-161.
[26]Smith C W J and Watts R L.The investment opportunity set and corporate financing,dividend,and compensation policies[J].Journal of Financial Economics,1992,32(3):263-292.
[27]Sundaram R K and Yermack D L.Pay me later:Inside debt and its role in managerial compensation[J].The Journal of Finance,2007,62(4):1551-1588.
[28]Watts R L.Conservatism in accounting partⅠ:Explanations and implications[J].Accounting Horizons,2003,17(3):207-221.
[29]Wei C and Yermack D.Investor reactions to CEOs’inside debt incentives[J].Review of Financial Studies,2011,24(11):3813-3840.
[30]Zwiebel J.Dynamic capital structure under managerial entrenchment[J].American Economic Review,1996,86(5):1197-1215.
引用本文
张兴亮. 高管薪酬影响企业债务融资的研究综述与未来展望[J]. 外国经济与管理, 2014, 36(8): 23–32.
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