CAJ | 학술논문

本文选取2009－2013年实际控制人为自然人的我国民营上市公司作为样本，应用行为金融学理论分析实际控制人特征对企业过度扩张的影响。研究发现实际控制人为男性时，企业越容易发生过度扩张现象；企业实际控制人学历越高，过度扩张行为发生的可能性越小；实际控制人对风险越厌恶，越能抑制企业过度扩张；实际控制人的持股比例越高，过度扩张行为发生的可能性越小；实际控制人是否兼任董事长或总经理，不直接影响企业的过度扩张；实际控制人年龄与企业过度扩张没有直接关系。因此，实际控制人特征对企业过度扩张有显著影响。
본문선취2009－2013년실제공제인위자연인적아국민영상시공사작위양본，응용행위금융학이론분석실제공제인특정대기업과도확장적영향。연구발현실제공제인위남성시，기업월용역발생과도확장현상；기업실제공제인학력월고，과도확장행위발생적가능성월소；실제공제인대풍험월염악，월능억제기업과도확장；실제공제인적지고비례월고，과도확장행위발생적가능성월소；실제공제인시부겸임동사장혹총경리，불직접영향기업적과도확장；실제공제인년령여기업과도확장몰유직접관계。인차，실제공제인특정대기업과도확장유현저영향。
The paper selects Chinese private listed companies whose actual controllers are natural persons in 2009 -2013 as study samples to study actual controllers characteristic′s effects on excessive expansion of enterprises using be-havioral finance theory .The study finds that when the actual controllers are men , enterprise occurred excessive expansion phenomenon more often;when actual controllers′academic degree is higher , the possibilities of excessive expansion be-havior occurred is smaller;when the actual controllers are averse to risk , excessive expansion of enterprise can be inhibi-ted more easily;when the actual controllers′shares is higher , the possibilities of excessive expansion behavior is more small;the actual controllers whether serves as chairman or general manager have no direct effects on the excessive expan -sion of enterprise , actual controllers′age have no direct relationship with expansion .Therefore , actual controllers′per-sonal characteristics have significant effects on excessive expansion of enterprise .