管理者过度自信与资本结构的实证研究

The Empircal Research on Managers' overconfidence and Capital Structure

随着公司行为财务的发展,管理者非理性特别是过度自信的认知偏差与公司财务决策关系的研究逐渐得到学者的关注而成为新的研究热点,而针对我国的管理者过度自信与公司融资行为的研究较为缺乏。因此,本文选择过度自信的心理和行为偏差作为研究视角,在梳理相关文献的基础上,选取盈余偏差作为企业高管过度自信衡量指标,进而针对两个假设进行实证研究,构建两个模型,将样本按"管理者过度自信"这一指标的取值细分为过度自信样本和理性样本,在不同模型中进行比较分析,探讨中国上市公司管理者的过度自信是如何影响企业资本结构的。结果表明,管理者的过度自信扩大了资本结构的正向决定因素,缩小了资本结构的负向决定因素。

With the development of corporate behavioral finance,the relationship between managers'irrational behavior,especially cognitive bias of overconfidence,and corporate financial decision has becoming a new hot issue.Based on the background of Chinese institution,there are few of studies on the relationship between managers'overconfidence and corporate financing behavior.Therefore,this article selects cognitive bias of overconfidence and behavior as a research perspective,basing on the literature review,this article selects the surplus deviation as the measurement of the managers'overconfidence.Then doing empirical research according to two hypotheses.Building two models and subdivide the sample into the overconfidence one and the rational one,according to the value of"overconfidenceM,and then carries on the comparative analysis of different models to explore how the overconfidence of the managers of listed companies in China affects the behavior of corporate financing.The results show that,the manager'overconfidence extend forward the determinants of capital structure,and reduce the capital structure of the negative factors.