本文選題：行為公司金融　切入點：軍人CEO　出處：《中南大學》2012年碩士論文

【摘要】：本文以當下備受矚目的軍人CEO作為研究對象,試圖在行為公司金融的理論框架下,研究軍人CEO的投融資決策行為,力求證明軍人CEO的從軍經(jīng)歷對其后期的公司決策行為會產(chǎn)生顯著的影響。 文章首先通過理論梳理和機理分析,得出軍人CEO主要受到軍人核心價值觀、部隊強化訓練和作戰(zhàn)經(jīng)歷三個方面的共同影響,形成了高風險偏好和過度自信、攻擊性、激進等特有的軍人個性。然后,采用案例分析和統(tǒng)計分析的研究方法,得出我國軍人CEO上市公司普遍呈現(xiàn)出激進并購行為和高風險的負債行為。 在實證研究方面,本文基于手工搜集和確定的我國滬、深A股2002-2010年軍人CEO上市公司樣本,采用多元線性回歸的方法,對我國軍人CEO從軍經(jīng)歷對其企業(yè)激進投融資決策行為的影響做了進一步分析,發(fā)現(xiàn)：(1)軍人CEO上市公司在投資決策方面,有著更高的并購傾向,并且有著更高的并購頻率；(2)軍人CEO上市公司在融資決策方面,有著更高的公司總負債,并且在風險程度更高的短期負債方面,軍人CEO上市公司承擔著高財務風險的高短期負債率；(3)軍人CEO上市公司的負債融資中,更多的來自于銀行借款,其有著更高的銀行借款比例。 最后,本文結(jié)合從軍經(jīng)歷對軍人CEO上市公司并購行為和負債行為的實證研究結(jié)果,以及案例分析中的典型案例研究,推測：軍人CEO上市公司傾向于以巨額銀行借款為資金支持進行大規(guī)模的并購,以滿足公司規(guī)模的自我膨脹。
[Abstract]:Based on the research object of military CEO, this paper tries to study the investment and financing decision behavior of military CEO under the theoretical framework of behavioral corporate finance.Try to prove that the military experience of military CEO has a significant impact on the later corporate decision-making behavior.Firstly, through theoretical analysis and mechanism analysis, it is concluded that CEO is mainly influenced by military core values, intensive training and combat experience, forming high risk preference, overconfidence and aggression.The special character of soldiers such as radicalism.Then, by using the method of case analysis and statistical analysis, it is concluded that the listed companies of military CEO generally present aggressive M & A behavior and high risk debt behavior.In empirical research, based on the sample of CEO listed companies in Shanghai and Shenzhen from 2002 to 2010, this paper adopts the method of multiple linear regression.This paper makes a further analysis of the influence of the experience of military CEO on the decision making of radical investment and financing of Chinese military enterprises. It is found that the listed companies of military CEO have a higher tendency of M & A in investment decision-making.And has a higher frequency of mergers and acquisitions. Military CEO listed companies have higher corporate total liabilities in terms of financing decisions, and short-term liabilities with higher risk levels.Military CEO listed companies bear a high short-term debt ratio of high financial risk. Among the debt financing of military CEO listed companies, more of them come from bank loans, which have a higher proportion of bank loans.Finally, this article combines the military experience to the military CEO listed company merger and acquisition behavior and the debt behavior empirical research result, as well as the typical case study in the case analysis,Conjecture: military CEO listed companies tend to use huge bank loans to finance large-scale mergers and acquisitions to meet the self-expansion of the company size.
【學位授予單位】：中南大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：E20;F832.51

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