管理者过度自信与资本结构动态调整

Managerial Overconfidence and Dynamic Adjustment of Capital Structure-based on Panel Data Analysis

基于A股上市公司的数据,运用面板数据分析方法,研究管理者过度自信对资本结构动态调整速度和偏离度的影响。研究结果表明,管理者过度自信会降低资本结构的调整速度,并增大资本结构偏离度。从行为金融和公司金融两个角度,详细分析了其中的原因并结合我国股权相对分散、信息不对称、激励机制不全面、资本市场监督机制不完善等实际情况,为上市公司进一步改善财务管理、优化资本结构提出相应的政策建议。

Based on the A-share listed firms＇ data, this paper uses panel data analysis method to study the impact of managerial overconfidence on dynamic adjustment of capital structure. The results show that managerial overconfidence will reduce the speed of adjustment of the capital structure, and increase the bias from the target capital structure. This article analyzes the reasons from behavioral finance and corporate finance. And then combined with some specific issues including dispersed equity, asymmetric information, imperfect incentive mechanism and supervisory mechanism, the paper proposes appropriate policy recommendations for optimizing the capital structure.