管理者风格对我国上市公司投融资决策影响的实证研究

发布时间：2018-03-06 08:55

本文选题：管理者风格　切入点：上市公司　出处：《山东财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：传统经济学文献对于企业投融资决策的研究一般围绕市场、行业、企业层面来展开，往往遵循新古典经济学的理论，而忽视了对管理者这一微观主体的研究。伴随行为金融学不断发展，很多学者开始研究经济和金融领域管理者个体行为特征的作用。国外关于管理者风格影响企业决策的研究已经取得了比较丰富的研究成果，但国内有关这方面的研究相对比较少。在当前形势下，探索国内企业投融资决策中管理者所产生的影响，无疑具有重要的理论意义与现实意义。运用实证方法分析管理者风格对于具体投融资决策量的影响，，由定性分析升华为定量分析，有利于更深入地了解管理者风格在企业投融资决策中的作用。本文选取沪深上市公司为研究对象，筛选出了符合条件的55位管理者和103家上市公司，选取1999—2012年间共计562个观测值。以行为金融学、投融资理论、委托代理理论和其他涉及到管理者的相关理论为研究的理论基础，通过变量选取和模型构建，利用SPSS16.0进行回归分析，证实了管理者确实会对公司的投融资决策产生影响。追求个人利益最大化的经理人，会把个人特征施加到公司的投融资决策中，可能带来公司决策的异化。因此，公司应该未雨绸缪，对于管理者给予充分的关注，对此本文提出了相关的政策建议：第一，信息充分化；第二，构建合理的内部控制体系；第三，建立有效的报酬激励机制；第四，建立公司内部的高管团队。另外，文章最后部分也指出了研究存在的不足，并对今后的进一步研究做出了展望。
[Abstract]:The traditional economics literature for the study of enterprise investment and financing decisions are usually based on the market, industry, enterprise level to start, often follow the new classical economics theory, neglecting the study of the microscopic subject for managers. With the continuous development of behavioral finance, many scholars began to study the behavior of the individual characteristics of the field of economic and financial management role research on management style of the foreign countries have made abundant research achievements, but the domestic research in this area is relatively small. In the current situation, to explore the influence of domestic enterprises investing management financing decision which is made, will undoubtedly have important theoretical significance and practical significance. The use of empirical methods analysis of management style for the specific amount of investment and financing decisions, from qualitative analysis into the quantitative analysis, is conducive to a deeper understanding of management style The role of the investment and financing decision in the enterprise.
This paper selects the listed company as the research object, selected in line with the conditions of 55 managers and 103 listed companies, from 1999 to 2012 years a total of 562 observations. The behavioral finance, investment and financing theory, principal-agent theory and other relevant theories related to management theory as the theoretical basis of the study. Through variable selection and model construction, through the regression analysis of SPSS16.0, confirmed that the managers will indeed have an impact on the company's investment and financing decisions.
The pursuit of the maximization of individual interests of managers, will put personal characteristics applied to the company's investment and financing decisions, the decisions of the company may bring about alienation. Therefore, the company should take precautions to give full attention to management, this paper puts forward relevant policy suggestions: first, information charging and differentiation; second, construct the internal control system is reasonable third, the establishment of effective; incentive mechanism; fourth, the establishment of internal executive team. In addition, the last part of the article also points out the shortcomings, and prospects the further research in the future.

【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.91;F275;F832.51

【参考文献】