管理者自信会影响在职消费吗？——兼论融资融券制度的公司外部治理效应

摘要/Abstract

摘要：

本文以我国2008-2015年A股上市公司数据为样本，研究融资融券和管理者自信对在职消费的影响。结果发现，管理者自信与在职消费之间呈"U"型关系，即当管理者自信程度相对较低时，管理者自信与在职消费之间呈负相关关系；当管理者自信程度相对较高时，管理者自信与在职消费之间呈正相关关系。然后利用2010年我国开始实施的融资融券制度这一准自然实验，采用双重差分模型研究融资融券对在职消费的影响，发现在引入融资融券制度后，与控制组样本相比，处理组中的融资融券标的企业降低了超额在职消费水平；将管理者自信对在职消费的影响置于融资融券背景下研究，结果发现融资融券会削弱管理者自信对在职消费总额以及超额在职消费的抑制作用。上述结果表明融资融券制度具有显著的公司外部治理效应，这为我国深化相关金融制度改革、加强企业监管和完善薪酬契约提供了一定的理论参考。

关键词: 融资融券, 管理者自信, 在职消费, 公司治理

Abstract:

We investigate the influence of managers' confidence and margin trading on perks, using listed companies from 2008 to 2015 in China. The results show that the relationship between managers' confidence and perks is U shaped. Namely, when managers' confidence level is relatively low, the relationship between managers' confidence and perks is negative. However, when managers' confidence level is relatively high, the relationship between managers' confidence and perks is positive. At the same time, drawing upon the margin trading system that China introduced in 2010, which is a qusi-natural experiment, we use difference-in-differences to study the effect of margin trading on perks and find that after the introduction of margin trading system, compared with the control samples, companies in the treatment group reduce the excess perks. Based on this, under the background of margin trading, we find that the relationship between managers' confidence and perks is weakened. These results suggest that margin trading plays a certain external governance effect, which provides certain theory reference for deepening the financial reform in China.

Key words: margin trading, managers' confidence, perks, corporate governance

刘艳霞, 祁怀锦. 管理者自信会影响在职消费吗？——兼论融资融券制度的公司外部治理效应[J]. , 2019, 31(4): 187-205.

Liu Yanxia, Qi Huaijin. Will Managers' Confidence Affect Perks?——On the External Corporate Governance Effect of Margin Trading System[J]. , 2019, 31(4): 187-205.

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