武汉理工大学学报(信息与管理工程版)
武漢理工大學學報(信息與管理工程版)
무한리공대학학보(신식여관리공정판)
JOURNAL OF WUHAN AUTOMOTIVE POLYTECHNIC UNIVERSITY
2014年
4期
571-575,580
,共6页
管理层权力%过度投资%寻租
管理層權力%過度投資%尋租
관리층권력%과도투자%심조
managerial power%overinvestment%rent extraction
以2007-2011年我国主板上市企业为样本,采用多元回归方法实证分析了管理层权力对企业过度投资的影响。研究结果表明,我国上市企业管理层的综合权力越大,企业过度投资现象越严重。管理层如果担任内部董事或同时在其他单位任职,管理层的组织权力和声望权力更大,越有可能通过过度投资寻租。管理层职称越高,管理层的专家权力越大,越有可能实施过度投资。
以2007-2011年我國主闆上市企業為樣本,採用多元迴歸方法實證分析瞭管理層權力對企業過度投資的影響。研究結果錶明,我國上市企業管理層的綜閤權力越大,企業過度投資現象越嚴重。管理層如果擔任內部董事或同時在其他單位任職,管理層的組織權力和聲望權力更大,越有可能通過過度投資尋租。管理層職稱越高,管理層的專傢權力越大,越有可能實施過度投資。
이2007-2011년아국주판상시기업위양본,채용다원회귀방법실증분석료관리층권력대기업과도투자적영향。연구결과표명,아국상시기업관리층적종합권력월대,기업과도투자현상월엄중。관리층여과담임내부동사혹동시재기타단위임직,관리층적조직권력화성망권력경대,월유가능통과과도투자심조。관리층직칭월고,관리층적전가권력월대,월유가능실시과도투자。
Based on the data of Chinese listed firms on main board during year 2007-2011, the impact of managerial power on overinvestment was investigated using multiple regression method .The results show that there is significantly positive relation-ship between overinvestment and managerial power .The manager who is an internal director and the manager in other firm will own greater structure power and prestige power , and will be more likely to power -rent through overinvestment .The results also show that the higher the manager's professional title which can bring greater expert power , the more likely the managers extract rents in the way of overinvestment in listed firms in China .