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摘要公司财务学的兴起逐渐把管理者非理性行为带入了学者们的眼球。在企业管理中，管理非理性特别是过度自信这一现象十分普遍。对于企业的投资、融资行为均有较大的影响。但在中国，关于这方面的研究仍处于起步阶段。本论文抛开传统公司财务理论中“理性人”的假设，另辟蹊径，以管理者非理性中较为普遍的过度自信为切入点，探讨了过度自信对企业融资行为的影响。为了证明相关观点，本文提出了三个假设，并用实证研究的方法，通过描述性统计、相关分析、回归分析证实了该假设。同时得出结论：管理者过分自信与公司的负债比率成正相关；他们更喜欢选择冒险的短期负债融资；且过度自信和信贷融资规模呈正相关。针对该影响，最后提出了可行性建议和对策，具有一定的现实意义。19139
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关键词 过度自信 资本结构 债务期限 信用融资
毕业论文外文摘要
Title Managerial overconfidence on corporate finance behavior empirical research
Abstract
The rise of corporate finance managers irrational behavior gradually into the eye of scholars. In business management, management irrational overconfidence in particular phenomenon is widespread, having a greater impact on investment and financing behavior of enterprises. However, in China, in this regard the research is still less. This paper aside traditional corporate finance theory "rational man" hypothesis, use another way to managers irrational overconfidence more common as the starting point, the effect of overconfidence on corporate finance behavior. To prove relevant perspective, this paper presents three assumptions and empirical research method, through descriptive statistics, correlation analysis, regression analysis confirmed this hypothesis. Meanwhile concluded: overconfident managers and the company's debt ratio is positively correlated; overconfident managers prefer to choose risky short-term debt financing;relevant managerial overconfidence and the size of the listed company's credit facilities are positively correlated.For this effect, the final proposals and feasibility of proposed measures, has some practical significance.
Keywords overconfidence capital structure debt maturity
credit financing
目 次
1 绪论 1
1.1 研究背景及意义 1
1.2 研究内容及方法 1
1.3 文献综述 2
2 概念界定及相关理论 4
2.1 概念界定 4
2.2 相关理论 5
3 理论分析与研究假设 7
3.1 管理者过度自信和外部融资 7
3.2 管理者过度自信和债务融资 7
3.3 管理者过度自信和信用融资 7
4 实证设计 9
4.1 样本选择和数据来源 9
4.2 变量定义 9
4.3 模型设计 10
5 实证结果与分析 12
5.1 描述性统计 12
5.2 相关性分析 13
5.3 实证结果 14
5.4 小结 15
6 政策建议 16
6.1 加强对公司管理层的监督 16