管理者过度自信对中国上市公司融资决策影响的实证研究

发布时间：2018-04-02 23:34

本文选题：管理者过度自信　切入点：资本结构　出处：《西南交通大学》2012年硕士论文

【摘要】：随着行为公司财务学的兴起,管理者非理性尤其是管理者过度自信与公司财务决策关系的研究逐渐成为一个新的研究热点。而在我国,有关行为公司财务理论的相关研究仍处于起步阶段。本文抛弃传统公司财务理论中管理者完全理性的假设,从行为公司金融的角度出发,站在管理者存在过度自信的角度,探讨了管理者过度自信对中国上市公司融资政策的影响,并且提出有针对性的政策建议。因此本文的研究在理论和显示方面都具有一定意义。本文为了分析研究管理者的过度自信与上市公司的融资政策之间存在的关系,抽取了沪深两市上市公司2005年至2010年的样本数据,考虑了其他可能影响融资政策的因素,并建立实证模型对本文提出的假设进行了检验。本文的实证结果表明：管理者的过度自信与上市公司的负债比例正相关,而过度自信的管理者更倾向于激进的短期负债；管理者过度自信还与上市公司的信用融资规模正相关。因此,本文认为管理者过度自信是影响中国上市公司资本结构的重要因素,且与公司的债务期限和信用融资规模密切相关。通过理论分析和实证研究,本文得出如下结论：中国上市公司资本结构的选择受到管理者过度自信的显著影响；管理者的过度自信将会导致我国上市公司更加激进的负债行为；管理者过度自信会使得上市公司运用更多的信用融资。
[Abstract]:With the rise of behavioral corporate finance, the research on the relationship between managers' overconfidence and corporate financial decision has gradually become a new research hotspot.But in our country, the related research about the behavior company finance theory is still in the initial stage.This paper discards the assumption that managers are completely rational in traditional corporate finance theory, and from the perspective of behavioral corporate finance, discusses the influence of managers' overconfidence on the financing policies of listed companies in China from the point of view of managers' overconfidence.And put forward targeted policy recommendations.Therefore, the research of this paper has some significance in theory and display.In order to analyze the relationship between overconfidence of managers and financing policies of listed companies, this paper takes sample data from 2005 to 2010 of listed companies in Shanghai and Shenzhen stock markets, and considers other factors that may affect financing policies.An empirical model is established to test the hypothesis put forward in this paper.The empirical results show that the overconfidence of managers is positively related to the debt ratio of listed companies, while the overconfident managers tend to be aggressive short-term liabilities, and the overconfidence of managers is also positively related to the credit financing scale of listed companies.Therefore, this paper argues that manager overconfidence is an important factor affecting the capital structure of listed companies in China, and is closely related to debt maturity and credit financing scale.Through theoretical analysis and empirical research, this paper draws the following conclusions: the choice of capital structure of listed companies in China is significantly affected by overconfidence of managers, which will lead to more radical debt behavior of listed companies in China;Management overconfidence will enable listed companies to use more credit financing.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】