發(fā)布時(shí)間：2018-09-13 10:39

【摘要】：自從公司金融領(lǐng)域著名的MM理論提出以后,學(xué)者們不斷加深公司在資本結(jié)構(gòu)和投資融資方面的研究,逐步放松許多嚴(yán)格的假設(shè),試圖從多方面更深層次地研究公司在投資融資方面的最優(yōu)決策。隨后在公司金融領(lǐng)域有著許多著名的理論：MM理論、權(quán)衡理論、信息不對(duì)稱理論、代理理論、融資啄序理論。 但這些理論都拘束于傳統(tǒng)金融學(xué)的一大假設(shè)：理性人假設(shè),它們都假定管理者和投資者是追求效用最大化的理性行為人。 以行為金融學(xué)為代表的日益發(fā)展的大量心理學(xué)和行為科學(xué)的研究指出,包括管理者和投資者的大多數(shù)人由于認(rèn)知過程的局限,存在影響其決策的行為偏差。近年來(lái),行為金融理論影響廣泛,也逐漸關(guān)注投資者或管理者非理性對(duì)公司資源配置行為的影響以及投資者或管理者的行為偏差對(duì)公司的投融資決策產(chǎn)生重要影響。 相對(duì)投資者非理性行為的研究而言,關(guān)于管理者的非理性行為對(duì)公司決策影響的相關(guān)研究相對(duì)不足并且相對(duì)表淺,而這一領(lǐng)域的研究中,實(shí)證研究又明顯滯后于理論研究。本文研究將選擇過度自信樣本,考察管理者過度自信心理因素對(duì)公司融資決策行為的影響,并加以實(shí)證。 最終得出以下基本結(jié)論：第一,管理者是非理性的,在作出決策的時(shí)候往往存在過度自信；第二,過度自信的行為偏差能夠影響公司的金融決策；第三,管理者的過度自信對(duì)公司融資順序產(chǎn)生影響。另外,對(duì)于所有管理者來(lái)說(shuō),不能認(rèn)為我國(guó)的管理者偏好外部融資還是內(nèi)源融資、股票融資還是債務(wù)融資的籌資方式。
[Abstract]:Since the famous MM theory in the field of corporate finance has been put forward, scholars have deepened the research on capital structure and investment financing, and gradually relaxed many strict assumptions. This paper attempts to study the optimal decision of the company in the aspect of investment and financing from many aspects. Then there are many famous theories in the field of corporate finance: the theory of: MM, the theory of trade-off, the theory of information asymmetry, the theory of agency, the theory of pecking order of financing. However, these theories are confined to one of the major assumptions of traditional finance: rational man hypothesis, they all assume that managers and investors are rational actors who pursue utility maximization. A large number of psychological and behavioral science studies, represented by behavioral finance, point out that most people, including managers and investors, have behavioral deviations that affect their decision-making due to the limitations of cognitive processes. In recent years, behavioral finance theory has a wide range of influence, but also gradually pay attention to the irrational impact of investors or managers on corporate resource allocation behavior and the behavior deviation of investors or managers has an important impact on the investment and financing decisions of the company. Relative to the research of investors' irrational behavior, the related research on the influence of managers' irrational behavior on corporate decision-making is relatively inadequate and superficial. In this field, the empirical research lags behind the theoretical research. In this paper, we choose a sample of overconfidence to investigate the influence of managers' overconfidence psychological factors on corporate financing decision-making behavior, and make an empirical study. Finally, the following basic conclusions are drawn: first, managers are irrational, often overconfident when making decisions; second, overconfident behavior deviation can affect the financial decisions of the company; third, The overconfidence of managers has an impact on the financing order of the company. In addition, for all managers, we can not think that our managers prefer external financing or endogenous financing, stock financing or debt financing.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.4

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