【作者】 聂晶；

【导师】 张兆国；

【作者基本信息】 华中科技大学 ， 会计学， 2011， 硕士

【摘要】 长期以来，学术界对资本结构的研究都是从“理性人”的假设前提入手，忽视了管理者心理偏差的影响。管理者过度自信理论打破了传统的“理性人”假设前提，更加贴近现实情况，能更好的解释财务行为。因此，本文力图探讨管理者过度自信与资本结构的关系，并研究加入公司治理变量后管理者过度自信与资本结构关系。本文在综述国内外相关研究成果的基础上，运用行为金融学、资本结构和公司治理等理论，采用规范分析与实证分析研究方法，以我国2007～2010年沪深两市A股上市公司的经验数据为样本，从公司治理的角度对管理者过度自信如何影响资本结构进行了全面而深入的研究。首先，运用行为金融学理论对管理者过度自信、公司治理与资本结构进行了论述，以揭示管理者过度自信影响资本结构的产生机理，以及加入公司治理变量后对两者关系的影响。然后，用主成本分析法和客观赋值法，对管理者过度自信与资本结构的关系以及加入公司治理后管理者过度自信对资本结构的影响进行了相应的实证检验。最后，在理论和实证研究的基础上，从公司治理的角度对如何抑制我国管理者过度自信对资本结构的影响进行了对策性研究。实证分析表明，管理者过度自信的程度与资产负债率成正比，即过度自信的管理者相对于股权融资更偏向于债务融资；在加入公司治理变量以后，发现公司治理情况好的公司管理者过度自信的程度有所降低，也就是说良好的公司治理水平对管理者过度自信的程度有修正作用。更多还原

【Abstract】 Over the years, academic researches on capital structure always begin with theassumption of “rational man”，they ignore the psychological bias of managers.Thetheory of manager over-confidence breaks the traditional theory of "rational man"assumption,it is closer to reality cases and can better explains the financial behavior.Therefore, this paper seeks to explore the relationship between manager overconfidenceand capital structure, and explores the relationship between capital structure and manageroverconfidence under the corporate governance variable.On the basis of literature review of related research both domestic and oversea, thispaper makes use of theory of behavioral finance, capital structure and corporategovernance etc., and combines both normative and empirical research methods to make aresearch on how manager overconfidence affects capital structure from the viewpoint ofcorporate governance based on the experimental data from2007to2010of ChineseShanghai and Shenzhen listed companies. Firstly, in the view of behavioral finance, thispaper discusses manager overconfidence, corporate governance and capital structure inorder to indicate generation mechanism and the action mechanism of manageroverconfidence affecting capital structure and the connection of them from the viewpointof corporate governance. Secondly, it extracts a main cost variable by the means ofprincipal component analysis and objective assignment method, this indicator uses toexplore the relationship between capital structure and manager overconfidence, and testthe relationships between manager overconfidence and capital structure under the impactof corporate governance. Lastly, on the basis of theoretical and empirical research, thispaper makes countermeasure research how to restrain the impact of manageroverconfidence on capital structure from the viewpoint of corporate governance.Empirical analysis shows that the degree of manager overconfidence andasset-liability ratio is positively correlated,it is to say that the overconfident managers ismore in favor of debt financing than equity financing; after joining the corporategovernance variables, we find that the degree of overconfidence of the manager is decreasing in the companies that have good corporate governance, that is to say goodcorporate governance level has a correction effect on the degree of overconfidence of themanager.更多还原