管理者非理性影响公司资本结构研究

发布时间：2018-09-10 13:18

【摘要】：传统公司金融理论无法解释的公司金融异象推动了行为公司金融理论的发展，学术界开始关注公司管理者和市场投资者非理性对公司金融决策的影响。本文以公司资本结构为核心，以管理者过度自信和风险偏好为切入点，在回顾和总结现有研究成果的基础上，分析整理了管理者非理性影响资本结构的机理；利用2007—2011年A股上市公司相关数据，实证检验了管理者非理性对资本结构的影响，并比较和分析了国有、民营样本下管理者非理性及其对资本结构影响的差异，得到如下主要结论：第一，管理者过度自信与债务融资比重正相关，即管理者越是过度自信，越容易增加债务融资，且对信用融资的影响程度较大。第二，管理者风险厌恶与债务融资显著负相关，即随着厌恶风险程度增加，管理者会逐渐减少债务融资。第三，管理者过度自信和风险厌恶交互存在时，对债务融资的影响是负向的，即尽管管理者表现为过度自信，但对风险的厌恶会使其减少债务融资。第四，国有和民营上市公司管理者非理性程度存在差异，从而导致其对公司资本结构的影响也各不相同。国有上市公司管理者过度自信程度高于民营上市公司，，更倾向于增加债务融资；在风险偏好方面，民营上市公司管理者更厌恶风险，更倾向于减少债务使用。
[Abstract]:The traditional corporate finance theory can not explain the corporate financial anomalies which promote the development of behavioral corporate finance theory. The academic community began to pay attention to the irrational influence of corporate managers and market investors on corporate financial decisions. This paper takes the capital structure of the company as the core, takes the overconfidence and risk preference of the managers as the breakthrough point, on the basis of reviewing and summarizing the existing research results, analyzes and collates the mechanism of the irrational influence of the managers on the capital structure; Using the relevant data of A share listed companies from 2007 to 2011, this paper empirically tests the influence of irrational managers on capital structure, and compares and analyzes the differences of irrational managers and their influence on capital structure under state-owned and private sample. The main conclusions are as follows: first, the overconfidence of managers is positively related to the proportion of debt financing, that is, the more overconfident managers are, the easier it is to increase debt financing, and the greater the impact on credit financing. Secondly, the risk aversion of managers is negatively correlated with debt financing, that is, with the increase of risk aversion, managers will gradually reduce debt financing. Thirdly, when managers' overconfidence and risk aversion exist, the influence on debt financing is negative, that is, although managers are overconfident, risk aversion will make them reduce debt financing. Fourthly, the irrational degree of the managers of the state-owned and private listed companies is different, which leads to their different influences on the capital structure of the companies. Managers of state-owned listed companies are more confident than private listed companies, and tend to increase debt financing; in risk preference, managers of private listed companies are more risk-averse and more inclined to reduce debt use.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.91;F275;F224

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