经理层风险厌恶对上市公司资本结构的影响

基于行为金融理论,以中国2007—2011年沪深主板A股上市公司为样本,运用多元回归模型实证检验了经理层风险厌恶与公司资本结构的关系。研究结果表明:经理层风险厌恶与资本结构负相关,经理层风险厌恶程度越大,公司负债率越低;同时,比较分析发现,民营上市公司经理层风险厌恶程度要高于国有上市公司,其对公司负债率的影响也更强。

Based on behavioral financial theory,took A-share listed companies during the period of2007-2011in Shanghai and Shenzhen as samples,used multiple regression model to examine the relationshipbetween managers risk aversion and capital structure.The results show that： managers riskaversion and capital structure negatively correlated, the greater the degree of risk aversion, the lowerthe company＇s debt ratio; according to comparative analysis, private listed company managers＇ risk aversionis higher than the state-owned listed company, its impact on the company＇s debt ratio is also stronger.