管理者过度自信与企业激进负债行为

The Relationship between Managers' Overconfidence and Enterprises' Radical Behavior in Incurring Debts

本文基于行为金融研究,抛弃了传统债务融资理论的理性管理者假设,分析管理者过度自信是否会导致企业采取激进的债务融资决策。实证分析在控制了其他可能影响债务融资的因素以后,发现管理者过度自信与资产负债率尤其是短期负债率显著正相关,与债务期限结构也显著正相关。由此证明管理者的过度自信是影响企业债务融资决策的一个重要因素。因此,本文从管理者过度自信的视角,丰富和拓展了企业债务融资理论研究。

Based on the study of financial behavior,and having discarded the hypothesis about rational managers that is advocated by the traditional theory about financing by contracting debts(FBCD),we have,in this paper,analyzed whether managers' overconfidence will cause an enterprise to adopt radical decision on FBCD.Having considered and controlled other elements that may impact on FBCD,we have made a case study,the result of which indicates that there is a direct correlation between the management' overconfidence and asset-liability ratio(especially short term asset-liability ratio),and the same is true between the managers' overconfidence and the structure of debt deadlines.That verifies that managers' overconfidence is a significant factor that has an effect on enterprises' decision on FBCD.From the aspect of managers' overconfidence,we have enriched and expanded the theoretical research on enterprises' FBCD.