军人CEO从军经历对其企业激进投融资行为的影响研究

发布时间：2018-04-06 21:17

本文选题：行为公司金融　切入点：军人CEO　出处：《中南大学》2012年硕士论文

【摘要】：本文以当下备受瞩目的军人CEO作为研究对象,试图在行为公司金融的理论框架下,研究军人CEO的投融资决策行为,力求证明军人CEO的从军经历对其后期的公司决策行为会产生显著的影响。文章首先通过理论梳理和机理分析,得出军人CEO主要受到军人核心价值观、部队强化训练和作战经历三个方面的共同影响,形成了高风险偏好和过度自信、攻击性、激进等特有的军人个性。然后,采用案例分析和统计分析的研究方法,得出我国军人CEO上市公司普遍呈现出激进并购行为和高风险的负债行为。在实证研究方面,本文基于手工搜集和确定的我国沪、深A股2002-2010年军人CEO上市公司样本,采用多元线性回归的方法,对我国军人CEO从军经历对其企业激进投融资决策行为的影响做了进一步分析,发现：(1)军人CEO上市公司在投资决策方面,有着更高的并购倾向,并且有着更高的并购频率；(2)军人CEO上市公司在融资决策方面,有着更高的公司总负债,并且在风险程度更高的短期负债方面,军人CEO上市公司承担着高财务风险的高短期负债率；(3)军人CEO上市公司的负债融资中,更多的来自于银行借款,其有着更高的银行借款比例。最后,本文结合从军经历对军人CEO上市公司并购行为和负债行为的实证研究结果,以及案例分析中的典型案例研究,推测：军人CEO上市公司倾向于以巨额银行借款为资金支持进行大规模的并购,以满足公司规模的自我膨胀。
[Abstract]:Based on the research object of military CEO, this paper tries to study the investment and financing decision behavior of military CEO under the theoretical framework of behavioral corporate finance.Try to prove that the military experience of military CEO has a significant impact on the later corporate decision-making behavior.Firstly, through theoretical analysis and mechanism analysis, it is concluded that CEO is mainly influenced by military core values, intensive training and combat experience, forming high risk preference, overconfidence and aggression.The special character of soldiers such as radicalism.Then, by using the method of case analysis and statistical analysis, it is concluded that the listed companies of military CEO generally present aggressive M & A behavior and high risk debt behavior.In empirical research, based on the sample of CEO listed companies in Shanghai and Shenzhen from 2002 to 2010, this paper adopts the method of multiple linear regression.This paper makes a further analysis of the influence of the experience of military CEO on the decision making of radical investment and financing of Chinese military enterprises. It is found that the listed companies of military CEO have a higher tendency of M & A in investment decision-making.And has a higher frequency of mergers and acquisitions. Military CEO listed companies have higher corporate total liabilities in terms of financing decisions, and short-term liabilities with higher risk levels.Military CEO listed companies bear a high short-term debt ratio of high financial risk. Among the debt financing of military CEO listed companies, more of them come from bank loans, which have a higher proportion of bank loans.Finally, this article combines the military experience to the military CEO listed company merger and acquisition behavior and the debt behavior empirical research result, as well as the typical case study in the case analysis,Conjecture: military CEO listed companies tend to use huge bank loans to finance large-scale mergers and acquisitions to meet the self-expansion of the company size.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：E20;F832.51

【参考文献】