认知偏差、财务困境成本与财务保守行为

Cognitive Bias,Financial Distress Cost and Financial Conservatism

本文从行为金融视角对资本结构决策中的财务保守行为进行了解释。通过基于前景理论和权衡理论,建立考虑递减敏感性心理和厌恶损失感两种认知偏差的资本结构决策模型,并求解财务保守行为发生的条件,发现:如果决策者的厌恶损失感足够强烈,而递减敏感性心理不太严重,或者财务困境成本足够低,他会选择财务保守。最后得出结论:决策者的心理认知偏差和企业较低的财务困境成本是导致资本结构决策中财务保守行为的重要原因。研究结论对于促进企业融资决策的科学化有重要意义。

Financial conservatism is explained in this paper from the angle of behavioral finance by establishing a model of choosing the optimal capital structure which considers cognitive bias including diminishing sensitivity, loss aversion and financial distress cost （FDC） , and deducing the conditions of financial conservatism, based on trade-off theory and prospect theory. The study shows that if the managers＇ feeling of loss aversion is strong enough while his diminishing sensitivity is low enough, or the company＇ s FDC is low enough, the decision maker tends to be financially conservative, from which we draw the conclusion that psychological cognitive bias and low FDC are both important factors causing financial conservatism,which is of great significance for guiding the companies＇ financing decision.