金融理论与实践
金融理論與實踐
금융이론여실천
Financial Theory and Practice
2014年
3期
95~97
,共null页
证券市场 风险厌恶 资本结构 行为金融 实证检验
證券市場 風險厭噁 資本結構 行為金融 實證檢驗
증권시장 풍험염악 자본결구 행위금융 실증검험
stock market; risk aversion; capital structure; behavioral finance; empirical test
基于行为金融理论,以中国2007-2011 年沪深主板A 股上市公司为样本,运用多元回归模型实证检验了经理层风险厌恶与公司资本结构的关系.研究结果表明：经理层风险厌恶与资本结构负相关,经理层风险厌恶程度越大,公司负债率越低;同时,比较分析发现,民营上市公司经理层风险厌恶程度要高于国有上市公司,其对公司负债率的影响也更强.
基于行為金融理論,以中國2007-2011 年滬深主闆A 股上市公司為樣本,運用多元迴歸模型實證檢驗瞭經理層風險厭噁與公司資本結構的關繫.研究結果錶明：經理層風險厭噁與資本結構負相關,經理層風險厭噁程度越大,公司負債率越低;同時,比較分析髮現,民營上市公司經理層風險厭噁程度要高于國有上市公司,其對公司負債率的影響也更彊.
기우행위금융이론,이중국2007-2011 년호심주판A 고상시공사위양본,운용다원회귀모형실증검험료경리층풍험염악여공사자본결구적관계.연구결과표명：경리층풍험염악여자본결구부상관,경리층풍험염악정도월대,공사부채솔월저;동시,비교분석발현,민영상시공사경리층풍험염악정도요고우국유상시공사,기대공사부채솔적영향야경강.
Based on behavioral financial theory,took A-share listed companies during the period of2007-2011in Shanghai and Shenzhen as samples,used multiple regression model to examine the relationshipbetween managers risk aversion and capital structure.The results show that： managers riskaversion and capital structure negatively correlated, the greater the degree of risk aversion, the lowerthe company＇s debt ratio; according to comparative analysis, private listed company managers＇ risk aversionis higher than the state-owned listed company, its impact on the company＇s debt ratio is also stronger.
