CAJ | 학술논문

负债比例和债务期限是企业融资决策的重要内容。运用行为公司金融的理论和最新成果，对企业管理者广泛存在的非理性特征和行为方式是否对企业融资决策产生影响进行实证检验。结果发现，以过度自信为代表的管理者非理性认知和行为偏差的确影响了企业的负债比例决策和债务期限结构决策，过度自信的管理者通常选择更高的资本负债比例，而且更倾向于采用短期负债进行融资。该结果可以更好地解释资本市场不完善和经济体制转轨阶段中国企业的融资决策行为。
부채비례화채무기한시기업융자결책적중요내용。운용행위공사금융적이론화최신성과，대기업관리자엄범존재적비이성특정화행위방식시부대기업융자결책산생영향진행실증검험。결과발현，이과도자신위대표적관리자비이성인지화행위편차적학영향료기업적부채비례결책화채무기한결구결책，과도자신적관리자통상선택경고적자본부채비례，이차경경향우채용단기부채진행융자。해결과가이경호지해석자본시장불완선화경제체제전궤계단중국기업적융자결책행위。
Capital structure and debt maturity structure is an important part of corporate finance decisions. Using the latest achievements in the theory and empirical of behavioral finance,we conduct an empirical research on the effects of the irrational performance of managers in corporate finance decisions.We find that managers with overconfidence behavior,the represented irrational behavior,affects the decision-making of corporate capital structure and debt maturity decisions.In detail,overconfidence managers often choose higher debt ratio,but also tend to use short-term debt financing.The results can help to explain the behavior of economic transition financing decisions of enterprises in China.