管理者过度自信对我国上市公司融资优序的影响研究

发布时间：2018-09-13 10:39

【摘要】：自从公司金融领域著名的MM理论提出以后,学者们不断加深公司在资本结构和投资融资方面的研究,逐步放松许多严格的假设,试图从多方面更深层次地研究公司在投资融资方面的最优决策。随后在公司金融领域有着许多著名的理论：MM理论、权衡理论、信息不对称理论、代理理论、融资啄序理论。但这些理论都拘束于传统金融学的一大假设：理性人假设,它们都假定管理者和投资者是追求效用最大化的理性行为人。以行为金融学为代表的日益发展的大量心理学和行为科学的研究指出,包括管理者和投资者的大多数人由于认知过程的局限,存在影响其决策的行为偏差。近年来,行为金融理论影响广泛,也逐渐关注投资者或管理者非理性对公司资源配置行为的影响以及投资者或管理者的行为偏差对公司的投融资决策产生重要影响。相对投资者非理性行为的研究而言,关于管理者的非理性行为对公司决策影响的相关研究相对不足并且相对表浅,而这一领域的研究中,实证研究又明显滞后于理论研究。本文研究将选择过度自信样本,考察管理者过度自信心理因素对公司融资决策行为的影响,并加以实证。最终得出以下基本结论：第一,管理者是非理性的,在作出决策的时候往往存在过度自信；第二,过度自信的行为偏差能够影响公司的金融决策；第三,管理者的过度自信对公司融资顺序产生影响。另外,对于所有管理者来说,不能认为我国的管理者偏好外部融资还是内源融资、股票融资还是债务融资的筹资方式。
[Abstract]:Since the famous MM theory in the field of corporate finance has been put forward, scholars have deepened the research on capital structure and investment financing, and gradually relaxed many strict assumptions. This paper attempts to study the optimal decision of the company in the aspect of investment and financing from many aspects. Then there are many famous theories in the field of corporate finance: the theory of: MM, the theory of trade-off, the theory of information asymmetry, the theory of agency, the theory of pecking order of financing. However, these theories are confined to one of the major assumptions of traditional finance: rational man hypothesis, they all assume that managers and investors are rational actors who pursue utility maximization. A large number of psychological and behavioral science studies, represented by behavioral finance, point out that most people, including managers and investors, have behavioral deviations that affect their decision-making due to the limitations of cognitive processes. In recent years, behavioral finance theory has a wide range of influence, but also gradually pay attention to the irrational impact of investors or managers on corporate resource allocation behavior and the behavior deviation of investors or managers has an important impact on the investment and financing decisions of the company. Relative to the research of investors' irrational behavior, the related research on the influence of managers' irrational behavior on corporate decision-making is relatively inadequate and superficial. In this field, the empirical research lags behind the theoretical research. In this paper, we choose a sample of overconfidence to investigate the influence of managers' overconfidence psychological factors on corporate financing decision-making behavior, and make an empirical study. Finally, the following basic conclusions are drawn: first, managers are irrational, often overconfident when making decisions; second, overconfident behavior deviation can affect the financial decisions of the company; third, The overconfidence of managers has an impact on the financing order of the company. In addition, for all managers, we can not think that our managers prefer external financing or endogenous financing, stock financing or debt financing.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.4

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