基于管理者非理性的资本结构研究

Research of Capital Structure Based on Irrational Managers

以管理者的非理性心理为基础,建立了管理者对投资收益的含有非理性认知预期的数学模型。并通过三个方面分析了管理者非理性对资本结构决策的影响:即权衡理论下的最优资本结构、股东为激励管理者尽职而设定的资本结构约束、债务期限结构的选择。研究结果表明:非理性的管理者倾向于债务融资,乐意使用短期债务;股东为激励管理者尽职而设定的资本结构约束可以放松。

Based on managers＇ irrational psychology, a mathematical model for irrational managers＇ expec- ted return on investment was built. Impacts of irrational managers on the capital structure decision-making was analysed through the following three aspects 1） the optimal capital structure based on tradeoff theory; 2） capital structure constraint which shareholders make to motivate managers; 3） the choice of debt matu- rity structure. Results show that irrational managers tend to debt financing, willing to use short-term debt; capital structure constraint which shareholders make to motivate managers can be relaxed.