Organizational Capital,Financing Constraints and Management Incentives
Based on the panel data of China's A-share listed enterprises from 2010 to 2022,this paper studies the relationship be-tween organizational capital and management incentive and its functional path.Further consider the internal and external gover-nance level of the enterprise,and test whether there are differences in the above relationships.The results show that organization-al capital can significantly increase the compensation incentive of management and reduce the equity incentive,which is mainly achieved by easing the financing constraints faced by enterprises.Heterogeneity research shows that the impact of organizational capital on management incentives is more significant in non-state-owned enterprises,enterprises with high management ability,enterprises audited by non-Big four accounting firms and enterprises with high external environment uncertainty.In addition,the possible endogenous problems are excluded,and a series of robustnesstests are conducted to ensure the objective authenticity of the research conclusions.The research conclusions deepen the influence path of organizational capital on management incentives,and have reference significance for the implementation of management incentives in listed enterprises.
NETL
NSTL
万方数据
