南方经济
南方經濟
남방경제
South China journal of Economy
2011年
9期
3~16
,共null页
关系 董事会 羊群行为 掏空
關繫 董事會 羊群行為 掏空
관계 동사회 양군행위 도공
Guanxi ; The Board of Directors ; Herd Behavior ; Tunneling
受中国文化影响，董事在决策时存在关系差序偏好，加上群体决策时的羊群行为，会影响董事会独立性，加剧对公司的掏空。本文以资金占用和盈余管理作为掏空的代理变量，实证结果表明：董事会中存在某种可观测的关系结构会加剧掏空，且在关系差序偏好的作用下，随着关系结构的强弱，掏空的形式或掏空的程度会有所不同；董事长变更会导致关系格局发生改变，加剧资金占用；领取报酬的董事数量越多，羊群行为越易形成，资金占用额越大。
受中國文化影響，董事在決策時存在關繫差序偏好，加上群體決策時的羊群行為，會影響董事會獨立性，加劇對公司的掏空。本文以資金佔用和盈餘管理作為掏空的代理變量，實證結果錶明：董事會中存在某種可觀測的關繫結構會加劇掏空，且在關繫差序偏好的作用下，隨著關繫結構的彊弱，掏空的形式或掏空的程度會有所不同；董事長變更會導緻關繫格跼髮生改變，加劇資金佔用；領取報酬的董事數量越多，羊群行為越易形成，資金佔用額越大。
수중국문화영향，동사재결책시존재관계차서편호，가상군체결책시적양군행위，회영향동사회독립성，가극대공사적도공。본문이자금점용화영여관리작위도공적대리변량，실증결과표명：동사회중존재모충가관측적관계결구회가극도공，차재관계차서편호적작용하，수착관계결구적강약，도공적형식혹도공적정도회유소불동；동사장변경회도치관계격국발생개변，가극자금점용；령취보수적동사수량월다，양군행위월역형성，자금점용액월대。
There is a preference about the differential mode of Guanxi affected by Chinese culture, when directors make decisions. There is also herd behavior in group decision. So the independence of the board will be affected, and the probability of tunneling will increase. Intercorporate loans and earnings management are used as proxy variables of tunneling. The empirical result indicates that： if there are some Guanxi structures in the board, which can be observed, the probability of tunneling will increase. Affected by the differential mode of Guanxi, as the Guanxi structures change, the mode or degree of tunneling will be different： the change of chairman of the board will lead to the change of Guanxi structures, which makes intercorporate loans increased; The more directors who receive compensation, the easier herd behavior forms, and the more intercorporate loans are.
