公司管理层权力与银行信贷融资决策

摘要

Using the relevant data of Chinese listed companies from 2010 to 2013,this paper makes an exploration on the rela-tionship between top managerial power,financing structure and resources allocation of bank credit. The results indicate that management structure of the company and the managerial power are the important reasons for company's financing policy choice and bank credit resource allocation,when the company's management have greater top managerial power,the firm lend more short-term loan,the company's management power have a positive relation with short-term borrowing structure. Under the effect of debt constraint,in view of personal tenure and control desire,the management will make decisions influencing the corporate financing decision. In corporate bank credit financing,bank credit financing scale is negatively correlated with com-pany managerial power. Namely,the more power the management has,the less resources of bank credit. We also find that the company's management structure power and the owner power have a significant effect on corporate credit decision-making.%运用中国上市公司2010—2013年相关数据，考察公司管理层权力与公司融资结构及银行信贷资源配置，结果显示：公司的管理层结构及高管层权力是公司融资政策选择和银行信贷资源配置的重要动因，公司管理层权力越大，管理层向银行借入短期借款越多，公司管理层权力与短期借款结构正相关。在债务约束效应下，管理层可能会出于个人任期和控制权私利的原因做出影响公司融资决策的行为，在公司银行信贷融资中表现为银行信贷融资规模与公司管理层权力呈现负相关关系，即管理层权力越大，公司配置的银行信贷资源越少；同时，公司管理层权力中结构权力与所有者权力对公司信贷决策有重要影响。