异质信念下的经理人努力水平与公司投融资策略研究

发布时间：2018-06-11 17:22

本文选题：异质信念 + 努力程度　；参考：《管理评论》2017年06期

【摘要】：通过建立均衡模型分析异质信念下经理人的努力程度和公司投融资决策,研究发现,当经理人与外部投资者以及外部投资者之间存在信念差异时,如果外部乐观投资者持股比例较高,外部投资者越乐观、信念差异越大,经理人的努力程度就会下降,投资水平进而降低;相反,当外部悲观投资者占比较高时,悲观程度越高、信念差异越大,经理人会付出越多的努力,进而公司会有更高水平的投资规模;权益融资方式能给经理人带来更多财富,但也需要其付出更多的努力。数值模拟亦证实了模型的结论。研究结果对管理层科学做出财务决策和投资者制定有效投资策略均具有参考价值。
[Abstract]:By establishing a balanced model to analyze the efforts of managers under heterogeneous beliefs and the investment and financing decisions of companies, it is found that when there is a belief difference between managers and external investors, If the external optimistic investors hold more shares, the more optimistic the external investors, the greater the belief difference, the lower the level of managers' efforts and the lower the level of investment; on the contrary, when the external pessimistic investors are relatively high, The higher the pessimism, the greater the difference of beliefs, the more efforts managers will make, and the higher the level of investment the company will have; equity financing will bring managers more wealth, but it will also require more effort. The numerical simulation also confirms the conclusion of the model. The results are valuable for management to make financial decisions scientifically and investors to make effective investment strategies.
【作者单位】：北京第二外国语学院国际商学院;北京航空航天大学经济管理学院;对外经济贸易大学金融学院;
【基金】：国家自然科学基金面上项目(71371023;71171146) 北京市社会科学基金重大项目(15ZDA46) 教育部人文社科规划基金项目(14YJA790075) 对外经济贸易大学中央高校基本科研业务费专项资金(15JQ04) 北京市2014高等学校教育教学改革项目(2014-ms081) 北京市自然科学基金资助项目(9174033)
【分类号】：F275

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