上市公司管理者过度自信与融资偏好相关性研究
发布时间：2018-08-27 13:06
【摘要】：本文是从行为公司金融的角度出发，以管理者存在过度自信的视角，来探讨管理者过度自信对中国上市公司内外部融资偏好的影响，并且提出一些有针对性的建议。 在分析了国内外学者的研究结论之后，本文结合我国资本市场的特殊性，选取2007-2012年在上海和深圳证券交易所挂牌交易且发行了全部A股的上市公司（剔除一些不符合要求的公司）为研究对象，在影响管理者过度自信的种种因素中选取“所处行业风险”、“资产负债率”、“公司的资产规模”、“净资产收益率”、“管理者持股比例”、“管理者薪酬比例”、“营业收入增长率”及“净财富水平”这8个指标作为影响管理者过度自信的主要和直接因素，进行主成分分析确定权数，得出一个新的衡量高管过度自信的综合指标。与以往学者单独使用一个财务指标来表示高管过度自信相比，，这个综合指标更全面，更具有说服力，是一个全新的变量，这也是本研究的一个创新点。在此基础上，分为管理者过度自信和管理者适度自信两个研究样本，建立多元回归模型实证分析在管理者自信程度不同时对公司内外部融资偏好的影响。 通过理论的分析和实证的研究，本文得到如下结论：中国上市公司管理者过度自信与管理者适度自信相比，过度自信的管理者会高估公司投资项目未来所能产生的现金流量的程度也比较强，当公司需要为其投资项目进行融资时，过度自信的高层管理者会较多地偏向于利用内部融资，因而公司投资与现金流之间的敏感度有所增强。
[Abstract]:From the perspective of behavioral corporate finance, this paper discusses the influence of managers' overconfidence on the internal and external financing preferences of Chinese listed companies from the perspective of managers' overconfidence, and puts forward some targeted suggestions. After analyzing the research conclusions of domestic and foreign scholars, this paper combines the particularity of our country's capital market. Selected listed companies listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2012 and issued all A-shares (excluding some companies that do not meet the requirements) as the research subjects, Among the factors that affect managers' overconfidence, they are "risk in industry", "ratio of assets to liabilities", "size of assets", "rate of return on net assets", "proportion of managers holding shares", "proportion of salary of managers", "operating income growth rate" and "net wealth level" are the main and direct factors that affect managers' overconfidence. Principal component analysis (PCA) is used to determine weights, and a new comprehensive index to measure executive overconfidence is obtained. Compared with the previous scholars using a single financial indicator to express executive overconfidence, this comprehensive index is more comprehensive, more persuasive, and is a new variable, which is also an innovation of this study. On this basis, it is divided into two research samples: manager overconfidence and manager moderate confidence, and the empirical analysis of the influence of different degree of manager confidence on internal and external financing preference is made by establishing multiple regression model. Through theoretical analysis and empirical research, this paper draws the following conclusions: the overconfidence of managers in Chinese listed companies is compared with the moderate confidence of managers. Overconfident managers overestimate the extent of cash flow that companies can generate in the future. When companies need to finance their investment projects, overconfident senior managers tend to take advantage of internal financing. As a result, the sensitivity between the company's investment and cash flow has increased.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
[Abstract]:From the perspective of behavioral corporate finance, this paper discusses the influence of managers' overconfidence on the internal and external financing preferences of Chinese listed companies from the perspective of managers' overconfidence, and puts forward some targeted suggestions. After analyzing the research conclusions of domestic and foreign scholars, this paper combines the particularity of our country's capital market. Selected listed companies listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2012 and issued all A-shares (excluding some companies that do not meet the requirements) as the research subjects, Among the factors that affect managers' overconfidence, they are "risk in industry", "ratio of assets to liabilities", "size of assets", "rate of return on net assets", "proportion of managers holding shares", "proportion of salary of managers", "operating income growth rate" and "net wealth level" are the main and direct factors that affect managers' overconfidence. Principal component analysis (PCA) is used to determine weights, and a new comprehensive index to measure executive overconfidence is obtained. Compared with the previous scholars using a single financial indicator to express executive overconfidence, this comprehensive index is more comprehensive, more persuasive, and is a new variable, which is also an innovation of this study. On this basis, it is divided into two research samples: manager overconfidence and manager moderate confidence, and the empirical analysis of the influence of different degree of manager confidence on internal and external financing preference is made by establishing multiple regression model. Through theoretical analysis and empirical research, this paper draws the following conclusions: the overconfidence of managers in Chinese listed companies is compared with the moderate confidence of managers. Overconfident managers overestimate the extent of cash flow that companies can generate in the future. When companies need to finance their investment projects, overconfident senior managers tend to take advantage of internal financing. As a result, the sensitivity between the company's investment and cash flow has increased.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
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