本文選題：管理者過度自信　切入點(diǎn)：資本結(jié)構(gòu)　出處：《西南交通大學(xué)》2012年碩士論文

【摘要】：隨著行為公司財(cái)務(wù)學(xué)的興起,管理者非理性尤其是管理者過度自信與公司財(cái)務(wù)決策關(guān)系的研究逐漸成為一個新的研究熱點(diǎn)。而在我國,有關(guān)行為公司財(cái)務(wù)理論的相關(guān)研究仍處于起步階段。本文拋棄傳統(tǒng)公司財(cái)務(wù)理論中管理者完全理性的假設(shè),從行為公司金融的角度出發(fā),站在管理者存在過度自信的角度,探討了管理者過度自信對中國上市公司融資政策的影響,并且提出有針對性的政策建議。因此本文的研究在理論和顯示方面都具有一定意義。 本文為了分析研究管理者的過度自信與上市公司的融資政策之間存在的關(guān)系,抽取了滬深兩市上市公司2005年至2010年的樣本數(shù)據(jù),考慮了其他可能影響融資政策的因素,并建立實(shí)證模型對本文提出的假設(shè)進(jìn)行了檢驗(yàn)。本文的實(shí)證結(jié)果表明：管理者的過度自信與上市公司的負(fù)債比例正相關(guān),而過度自信的管理者更傾向于激進(jìn)的短期負(fù)債；管理者過度自信還與上市公司的信用融資規(guī)模正相關(guān)。因此,本文認(rèn)為管理者過度自信是影響中國上市公司資本結(jié)構(gòu)的重要因素,且與公司的債務(wù)期限和信用融資規(guī)模密切相關(guān)。 通過理論分析和實(shí)證研究,本文得出如下結(jié)論：中國上市公司資本結(jié)構(gòu)的選擇受到管理者過度自信的顯著影響；管理者的過度自信將會導(dǎo)致我國上市公司更加激進(jìn)的負(fù)債行為；管理者過度自信會使得上市公司運(yùn)用更多的信用融資。
[Abstract]:With the rise of behavioral corporate finance, the research on the relationship between managers' overconfidence and corporate financial decision has gradually become a new research hotspot.But in our country, the related research about the behavior company finance theory is still in the initial stage.This paper discards the assumption that managers are completely rational in traditional corporate finance theory, and from the perspective of behavioral corporate finance, discusses the influence of managers' overconfidence on the financing policies of listed companies in China from the point of view of managers' overconfidence.And put forward targeted policy recommendations.Therefore, the research of this paper has some significance in theory and display.In order to analyze the relationship between overconfidence of managers and financing policies of listed companies, this paper takes sample data from 2005 to 2010 of listed companies in Shanghai and Shenzhen stock markets, and considers other factors that may affect financing policies.An empirical model is established to test the hypothesis put forward in this paper.The empirical results show that the overconfidence of managers is positively related to the debt ratio of listed companies, while the overconfident managers tend to be aggressive short-term liabilities, and the overconfidence of managers is also positively related to the credit financing scale of listed companies.Therefore, this paper argues that manager overconfidence is an important factor affecting the capital structure of listed companies in China, and is closely related to debt maturity and credit financing scale.Through theoretical analysis and empirical research, this paper draws the following conclusions: the choice of capital structure of listed companies in China is significantly affected by overconfidence of managers, which will lead to more radical debt behavior of listed companies in China;Management overconfidence will enable listed companies to use more credit financing.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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