上市公司高管人员过度自信对股利分配决策的影响研究

发布时间：2018-01-09 22:33

本文关键词：上市公司高管人员过度自信对股利分配决策的影响研究　出处：《重庆大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着股票市场的产生和发展，上市公司已经成为现代股份公司的主要存在形式，其特有的组织结构和运作方式已经使股利分配决策成为上市公司高管人员面临的重要决策之一，，受到了学术界和企业管理实务界的高度关注。过度自信作为人们的一种经常性心理偏好,已经对人类经济活动产生了重要作用。公司高管人员的过度自信心理偏好更强于一般人的过度自信心理偏好，其必将对公司经营决策和股利分配决策产生重大而深远的影响。因此，从理论和实证上系统深入地研究上市公司高管人员的过度自信心理偏好对公司股利分配决策的影响对于强化中国上市公司经营决策科学性、提高中国上市公司经营效率、改善中国上市公司治理水平进而保障中国股票市场健康、稳定、持续发展具有非常重要的理论和现实意义。本文的主要研究工作体现在如下两个方面： ①在现有相关研究成果的基础上，在假设公司高管人员过度自信的条件下，以公司现有股东在项目投资周期内获得的总收入（由公司现在分配的现金股利和未来的每股净资产组成）最大化为决策目标，建立恰当的数学模型从理论上研究了上市公司高管人员的过度自信心理偏好对公司股利分配决策的影响机理。研究结果表明，当上市公司高管人员对未来经营环境比较乐观时，其现金股利分配水平和债务融资数量将随着其过度自信程度的提高而增多；当上市公司高管人员对未来经营环境比较悲观时，其现金股利分配水平和债务融资数量将随着其过度自信程度的提高而减少。上市公司的现金股利分配水平和债务融资数量随着公司股票价格上涨和债务融资利息率上升而减少；股权融资数量随着公司股票价格上涨和债务融资利息率上升而增加。 ②在对现有相关研究文献中提出的过度自信度量方法进行分析和总结的基础上，提出了更加合理的过度自信度量方法。并以此为基础，以2004至2010期间我国上市公司高管人员持股情况和股利分配情况的相关数据为样本，利用恰当的计量经济学模型实证研究了我国上市公司高管人员的过度自信心理偏好对股利分配决策的影响。实证研究结果表明,我国上市公司高管人员的过度自信心理偏好、公司规模和现金流可得性都将对公司股利分配决策产生显著的正向影响，而公司资产负债率将对公司股利分配决策产生显著的负向影响。
[Abstract]:Along with the development of the stock market, the listed company has become the main form of the modern joint-stock company, its unique organizational structure and operation way has already made the decision of dividend distribution has become one of the most important decisions facing the executives of listed companies, has been highly concerned by academic circles and business management circles. Overconfidence as a regular the psychological preference of people, has played an important role in human economic activities. More overconfidence psychological preference of company executives from the general people's overconfidence psychological preference, which is bound to the business decision and dividend policy have a significant and far-reaching impact. Therefore, the in-depth study of overconfidence psychological preference of executives the listed company system theory and empirical research on corporate dividend policy influence to strengthen Chinese scientific decision in the management of listed companies, Improving the efficiency of Chinese listed companies, improving the governance level of Chinese listed companies, and ensuring the healthy, stable and sustainable development of China's stock market are of great theoretical and practical significance.
The main research work of this paper is reflected in the following two aspects:
In the basis of the existing related research results, executives overconfidence in assuming the company under the condition of total revenue to the company's existing shareholders in the investment cycle (the company now consists of the distribution of cash dividends and future net assets per share) to maximize the decision goal, establish appropriate mathematical model to study the mechanism of effect of Chinese listed company executives overconfidence psychologicalpreferences on corporate dividend policy in theory. The results show that, when the executives of listed companies to more optimistic about the future business environment, the cash dividend and debt financing amount will increase with the degree of overconfidence increases; when the executives of Listed Companies in the future the business environment is pessimistic, the cash dividend and debt financing amount will be reduced with the degree of overconfidence increases public. The cash dividend distribution level and the number of debt financing decrease with the increase of stock price and debt financing interest rate. The number of equity financing increases with the increase of corporate stock price and interest rate of debt financing.
The basis of the analysis and summary on the overconfidence put forward the existing research in the measurement method, puts forward a more reasonable measure of overconfidence. And on this basis, from 2004 to 2010 during the relevant data of China's listed company executives holdings and dividend distribution situation as samples, using empirical appropriate econometric model of China's listed company executives overconfidence psychological preferences on the decision of dividend distribution. The empirical results show that China's listed company executives overconfidence psychological preference, company size and the availability of cash flow have significant positive impact on corporate dividend policy, and the company the rate of assets and liabilities of corporate dividend policy has a significant negative effect.

【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275.4;F224

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