| 制度因素对内部资本市场价值创造影响的实证研究 |
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| 引用本文： | 冯丽霞,尹慧.制度因素对内部资本市场价值创造影响的实证研究[J].长沙理工大学学报(社会科学版),2009,24(3):11-17. |
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| 作者姓名： | 冯丽霞 尹慧 |
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| 作者单位： | 1. 长沙理工大学,经济与管理学院,湖南,长沙,410114
2. 中国大唐集团,新能源有限责任公司,024000 |
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| 基金项目： | 湖南省自然科学基金"内部资本市场租金创造研究" |
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| 摘 要： | 论文以新制度经济学为理论基础，实证地研究了差异性的制度安排对内部资本市场价值创造的影响，着重探讨了制度因素的具体表现形式——盈余管理行为的存在效应。研究结果表明，监事总规模、高管薪酬、高管持股与内部资本市场价值创造显著正相关，公司高管决策一致性与内部资本市场价值创造显著负相关，盈余管理行为的存在会降低内部资本市场配置效率，对内部资本市场价值创造具有消极影响。
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| 关 键 词： | 制度因素 内部资本市场 价值创造 盈余管理 |
An Empirical Analysis of the Impact of Institution Factors on the Value Creation of Internal Capital Market |
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| FENG Li-xia,YIN Hui.An Empirical Analysis of the Impact of Institution Factors on the Value Creation of Internal Capital Market[J].Journal of Changsha University of Science & Technology,2009,24(3):11-17. |
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| Authors: | FENG Li-xia YIN Hui |
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| Institution: | FENG Li-xia1,YIN Hui2(1.School of Economy , Management,Changsha University of Science ,Technology,Changsha,Hunan410114,China,2.New Energy Resources Company Limited,China Big Tang Group 024000,China) |
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| Abstract: | On the theoretical basis of new institution economy,this article probes into impact of the differences in the institutional arrangements upon value creation of the internal capital market with focus on the specific manifestations of institutional factors,i.e.the existential effects of the earnings management behavior.The result of this research shows that the value creation of internal capital market is significantly positive to the size of Supervisory Committee,managerial ownership and salary,and interest ... |
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| Keywords: | institution factors internal capital market value creation management of earnings |
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