CAJ | 학술논문

随着现代公司体制的发展,管理者在企业中的核心地位越来越稳固,尤其是在制定企业重大决策时起到主导作用.基于管理防御假说,追求自身效用最大化的管理者会依照其个人目标和偏好做出融资决策,而从本质上来说,资本结构是融资行为的结果,因此管理防御会影响资本结构,这一结论已得到国内外学者的论证.企业资本结构揭示了债务的保障程度和产权的归属,同时也能够反映企业的融资风险,管理者面对不同程度的风险将会采取不同程度的防御行为,即资本结构会影响管理防御.通过构建管理防御与资本结构联立方程模型,采用GMM对联立方程模型进行估计,并利用上市公司相关数据验证管理防御与资本结构之间的互动关系.
수착현대공사체제적발전,관리자재기업중적핵심지위월래월은고,우기시재제정기업중대결책시기도주도작용.기우관리방어가설,추구자신효용최대화적관리자회의조기개인목표화편호주출융자결책,이종본질상래설,자본결구시융자행위적결과,인차관리방어회영향자본결구,저일결론이득도국내외학자적론증.기업자본결구게시료채무적보장정도화산권적귀속,동시야능구반영기업적융자풍험,관리자면대불동정도적풍험장회채취불동정도적방어행위,즉자본결구회영향관리방어.통과구건관리방어여자본결구련립방정모형,채용GMM대련립방정모형진행고계,병이용상시공사상관수거험증관리방어여자본결구지간적호동관계.
With the development of the system of companies,the core role of managers becomes more sta-ble,especially the leading functions in making vital decisions for the companies.Based on the hypothesis of managerial entrenchment,those managers who pursue utility will make financial decisions in terms of their personal aim or preference.The capital structure of an enterprise is essentially the outcome of finan-cing behaviors.Therefore,the managerial entrenchment will influence the capital structure of a company, which is testified worldwide.The capital structure of an enterprise can reveal the property ownership,the debt coverage,and financial risks.Tackling different levels of risks,the managers with managerial en-trenchment will adopt different degrees of entrenchment.Consequently,the capital structure of a compa-ny,will influence managerial entrenchment.This paper has established the simultaneous equations model, and estimated with the Gaussian Mixture Model to research on interactive relationship between managerial entrenchment and capital structure based on the empirical study of the listed companies.