摘要
本文从董事长个人特征角度,以董事长的年龄、任职时间、学历以及教育背景作为董事长过度自信的替代变量,考察董事长过度自信行为对我国上市公司资本结构的影响。研究结果表明,董事长年龄越小,任职时间越短,学历越低以及当董事长拥有经管类教育背景时,董事长过度自信行为越强,越选择较高负债比率。进一步研究发现,与国有上市公司董事长相比,民营上市公司董事长过度自信程度更强,其过度自信行为对公司资本结构决策的影响也更强。本文的研究意义不仅在于丰富和拓展了国内外相关研究成果,而且有助于我们从董事长个人特征方面来理解我国上市公司资本结构决策。
Based on chairman personal characteristics, this paper selects age, tenure, education and education background of chairman as proxy measures of chairman overconfidence, and examines the effect of chairman overconfidence on capital structure in Chinese listed companies. The empirical results show that, when chairmen are younger and have shorter tenure, have lower education and have economics and management education background, chairmen have stronger overconfidence, then they choose higher debt ratio; What＇s more, compared to chairmen in state-owned listed companies, chairmen in private listed companies have stronger overconfidence, which results in more effect on capital structure. This research not only enriches and extends the related studies on managerial overconfidence and capital structure, but also helps understand capital structure decisions in Chinese listed companies on aspect of chairman personal characteristics.
出处
《经济管理》
CSSCI
北大核心
2011年第2期78-85,共8页
Business and Management Journal ( BMJ )
基金
国家自然科学基金重点项目"中国企业管理会计理论与方法研究"(71032006)
国家自然科学基金青年项目"管理者过度自信与企业融资决策研究"(70702040)
关键词
董事长个人特征
过度自信
资本结构
chairman personal characteristics
overconfidence
capital structure
