管理者风险偏好与企业资本结构动态调整的关系研究

发布时间：2018-05-19 06:32

本文选题：管理者风险偏好 + 资本结构　；参考：《重庆理工大学》2016年硕士论文

【摘要】：现代资本结构理论表明,资本结构是公司治理极其重要的组成部分。近年来,资本结构动态决策已经成为资本结构理论研究中的一个重要领域。我国学者基于国外相关理论,从企业自身、法律环境、宏观经济环境和行业特征等视角对资本结构动态调整的相关问题进行了深入的研究,形成了大量的研究成果。但这些研究中,较少从管理者风险偏好的角度进行研究,而仅有的少数研究主要从静态角度展开分析,没有考虑到管理者风险偏好与资本结构动态变化的关系。而且,随着行为经济学和实验经济学的发展,管理者个体之间的差异对企业决策的影响越来越突出。因此,本文试图从管理者风险偏好及其变化对资本结构的影响角度,通过实证研究探讨和分析管理者风险偏好与资本结构动态调整之间的关系。本文选取我国2009年以前在深沪两市A股上市的制造业公司为样本进行研究。首先,从管理者的个人和公司两个层面分别选取评价指标,构建管理者风险偏好综合评价模型,采用主成分分析法计算出管理者风险偏好,并对管理者风险偏好及其变化进行分析;然后,从资本结构的调整速度和偏离度两个方面出发,构建多元回归模型探讨管理者风险偏好及其变化对资本结构动态调整的影响。本文的主要研究结论是:第一,管理者风险偏好程度越高,企业资本结构调整度越慢;第二,管理者风险偏好程度越高,实际资本结构偏离最优资本结构的距离越大;第三,管理者风险偏好发生变化时,会不同程度地影响资本结构的调整速度和对目标资本结构的偏离度,而且与管理者风险偏好减弱相比,管理者的风险偏好增强时,企业资本结构的调整速度会减慢,并增大与目标资本结构的距离。根据上述研究结论,本文就企业管理者风险偏好的控制、管理者团队建设以及管理者决策激励约束机制完善的途径和方式提出了一些思路和建议。
[Abstract]:Modern capital structure theory shows that capital structure is an extremely important part of corporate governance. In recent years, the dynamic decision of capital structure has become an important field in the study of capital structure theory. Based on the relevant theories of foreign countries, Chinese scholars have made a deep research on the dynamic adjustment of capital structure from the perspectives of enterprise itself, legal environment, macro-economic environment and industry characteristics, and formed a large number of research results. However, few of these studies are conducted from the perspective of managers' risk preference, while only a few of them are mainly analyzed from a static point of view, without considering the relationship between managers' risk preference and the dynamic changes of capital structure. Moreover, with the development of behavioral economics and experimental economics, the difference between individual managers has more and more prominent influence on enterprise decision-making. Therefore, this paper attempts to explore and analyze the relationship between managers' risk preference and the dynamic adjustment of capital structure through empirical research from the perspective of managers' risk preference and its influence on capital structure. In this paper, A-share listed manufacturing companies listed in Shenzhen and Shanghai stock markets before 2009 were selected as samples. First of all, the evaluation index is selected from the two levels of the manager and the company, and the comprehensive evaluation model of the risk preference of the manager is constructed, and the risk preference of the manager is calculated by the principal component analysis method. Then, from the two aspects of the adjustment speed and deviation degree of capital structure, we construct a multivariate regression model to discuss the influence of risk preference and its change on the dynamic adjustment of capital structure. The main conclusions of this paper are as follows: first, the higher the risk preference of managers, the slower the adjustment of enterprise capital structure; second, the higher the risk preference degree of managers, the greater the distance between actual capital structure and optimal capital structure; third, When the risk preference of the manager changes, it will affect the adjustment speed of the capital structure and the deviation degree of the target capital structure, and compared with the weakening of the risk preference of the manager, the risk preference of the manager will increase. The adjustment speed of enterprise capital structure will slow down, and increase the distance with target capital structure. Based on the above conclusions, this paper puts forward some ideas and suggestions on how to control the risk preference of enterprise managers, how to build the management team and how to perfect the incentive and constraint mechanism of managers' decision.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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