行为金融与资本结构动态调整：基于损失规避视角的探讨

Behavioral Finance and the Dynamic Adjustment of Capital Structure:A Loss Aversion Perspective

本文从损失规避视角探讨资本结构动态调整非对称性及其原因。研究结果表明:在公司资本结构偏离其目标资本结构时,资本结构向下调整的速度大于其向上调整的速度,资本结构动态调整是非对称的;破产风险越大,资本结构动态调整非对称性程度越高;资本结构动态调整非对称性由损失规避引起,而非调整成本差异所致。本文从损失规避视角为资本结构动态调整非对称性提供了一个新的解释,深化了资本结构动态调整方面的研究,拓展了损失规避在公司财务中的应用范围。

This paper investigates whether the speed of capital structure adjustment is symmetric around the optimal point from the perspective of loss aversion. We show that the downward adjustment speed of capital structure when it is above the optimal point is bigger than the upward,that is to say,the dynamic capital structure adjustment speed is asymmetric around the optimal point. The greater the bankruptcy risk is, the more asymmetric the dynamic capital structure adjustment speed is. The difference in the speed between the downward and the upward is attributed to the loss aversion of managers, not to the difference in adjustment cost. The abovementioned facts may reconcile contradictory empirical results between the timing theory advocates and trade-off theory supporters and extend the application scope of loss aversion in corporate finance.