CAJ | 학술논문

传统的资本结构理论研究主要集中考察行业间公司资本结构的决策行为，而较少考察行业内公司资本结构的决策模式。文章从公司管理者的心理活动和行为模式出发，实证考察我国行业内上市公司债务权益选择中的羊群行为。实证研究结果发现，在控制了公司基本特征对债务权益比的影响后，10个样本行业中有7个行业在债务权益选择中存在显著的羊群行为，债务权益比的行业均值对行业内上市公司的债务权益比产生显著的正向影响。
전통적자본결구이론연구주요집중고찰행업간공사자본결구적결책행위，이교소고찰행업내공사자본결구적결책모식。문장종공사관리자적심리활동화행위모식출발，실증고찰아국행업내상시공사채무권익선택중적양군행위。실증연구결과발현，재공제료공사기본특정대채무권익비적영향후，10개양본행업중유7개행업재채무권익선택중존재현저적양군행위，채무권익비적행업균치대행업내상시공사적채무권익비산생현저적정향영향。
Based on the theory of behavioral corporate finance and the yearly data of non - financial listed companies in China during the periods from 2000 to 2005, this paper examines the herding behavior in the choice of intra - industry corporate debt - equity. The empirical results show that significant herding behavior exists in 7 out of 10 industries in the choice of corporate debt - equity, and intra - industry corporate debt - equity ratio is significantly related to industrial mean value of debt - equity ratio, even after controlling the effects of corporate basic characteristics on debt - equity ratio. This paper enriches and extends the research on corporate capital structure theories by investigating the behavioral model of intra - industry corporate capital structure decision - making from the viewpoint of behavioral corporate finance theory.