本文關(guān)鍵詞：上市公司高管人員過度自信對股利分配決策的影響研究　出處：《重慶大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 過度自信 上市公司高管人員 股利分配決策

【摘要】：隨著股票市場的產(chǎn)生和發(fā)展，上市公司已經(jīng)成為現(xiàn)代股份公司的主要存在形式，其特有的組織結(jié)構(gòu)和運作方式已經(jīng)使股利分配決策成為上市公司高管人員面臨的重要決策之一，，受到了學(xué)術(shù)界和企業(yè)管理實務(wù)界的高度關(guān)注。過度自信作為人們的一種經(jīng)常性心理偏好,已經(jīng)對人類經(jīng)濟活動產(chǎn)生了重要作用。公司高管人員的過度自信心理偏好更強于一般人的過度自信心理偏好，其必將對公司經(jīng)營決策和股利分配決策產(chǎn)生重大而深遠的影響。因此，從理論和實證上系統(tǒng)深入地研究上市公司高管人員的過度自信心理偏好對公司股利分配決策的影響對于強化中國上市公司經(jīng)營決策科學(xué)性、提高中國上市公司經(jīng)營效率、改善中國上市公司治理水平進而保障中國股票市場健康、穩(wěn)定、持續(xù)發(fā)展具有非常重要的理論和現(xiàn)實意義。 本文的主要研究工作體現(xiàn)在如下兩個方面： ①在現(xiàn)有相關(guān)研究成果的基礎(chǔ)上，在假設(shè)公司高管人員過度自信的條件下，以公司現(xiàn)有股東在項目投資周期內(nèi)獲得的總收入（由公司現(xiàn)在分配的現(xiàn)金股利和未來的每股凈資產(chǎn)組成）最大化為決策目標(biāo)，建立恰當(dāng)?shù)臄?shù)學(xué)模型從理論上研究了上市公司高管人員的過度自信心理偏好對公司股利分配決策的影響機理。研究結(jié)果表明，當(dāng)上市公司高管人員對未來經(jīng)營環(huán)境比較樂觀時，其現(xiàn)金股利分配水平和債務(wù)融資數(shù)量將隨著其過度自信程度的提高而增多；當(dāng)上市公司高管人員對未來經(jīng)營環(huán)境比較悲觀時，其現(xiàn)金股利分配水平和債務(wù)融資數(shù)量將隨著其過度自信程度的提高而減少。上市公司的現(xiàn)金股利分配水平和債務(wù)融資數(shù)量隨著公司股票價格上漲和債務(wù)融資利息率上升而減少；股權(quán)融資數(shù)量隨著公司股票價格上漲和債務(wù)融資利息率上升而增加。 ②在對現(xiàn)有相關(guān)研究文獻中提出的過度自信度量方法進行分析和總結(jié)的基礎(chǔ)上，提出了更加合理的過度自信度量方法。并以此為基礎(chǔ)，以2004至2010期間我國上市公司高管人員持股情況和股利分配情況的相關(guān)數(shù)據(jù)為樣本，利用恰當(dāng)?shù)挠嬃拷?jīng)濟學(xué)模型實證研究了我國上市公司高管人員的過度自信心理偏好對股利分配決策的影響。實證研究結(jié)果表明,我國上市公司高管人員的過度自信心理偏好、公司規(guī)模和現(xiàn)金流可得性都將對公司股利分配決策產(chǎn)生顯著的正向影響，而公司資產(chǎn)負債率將對公司股利分配決策產(chǎn)生顯著的負向影響。
[Abstract]:Along with the development of the stock market, the listed company has become the main form of the modern joint-stock company, its unique organizational structure and operation way has already made the decision of dividend distribution has become one of the most important decisions facing the executives of listed companies, has been highly concerned by academic circles and business management circles. Overconfidence as a regular the psychological preference of people, has played an important role in human economic activities. More overconfidence psychological preference of company executives from the general people's overconfidence psychological preference, which is bound to the business decision and dividend policy have a significant and far-reaching impact. Therefore, the in-depth study of overconfidence psychological preference of executives the listed company system theory and empirical research on corporate dividend policy influence to strengthen Chinese scientific decision in the management of listed companies, Improving the efficiency of Chinese listed companies, improving the governance level of Chinese listed companies, and ensuring the healthy, stable and sustainable development of China's stock market are of great theoretical and practical significance.
The main research work of this paper is reflected in the following two aspects:
In the basis of the existing related research results, executives overconfidence in assuming the company under the condition of total revenue to the company's existing shareholders in the investment cycle (the company now consists of the distribution of cash dividends and future net assets per share) to maximize the decision goal, establish appropriate mathematical model to study the mechanism of effect of Chinese listed company executives overconfidence psychologicalpreferences on corporate dividend policy in theory. The results show that, when the executives of listed companies to more optimistic about the future business environment, the cash dividend and debt financing amount will increase with the degree of overconfidence increases; when the executives of Listed Companies in the future the business environment is pessimistic, the cash dividend and debt financing amount will be reduced with the degree of overconfidence increases public. The cash dividend distribution level and the number of debt financing decrease with the increase of stock price and debt financing interest rate. The number of equity financing increases with the increase of corporate stock price and interest rate of debt financing.
The basis of the analysis and summary on the overconfidence put forward the existing research in the measurement method, puts forward a more reasonable measure of overconfidence. And on this basis, from 2004 to 2010 during the relevant data of China's listed company executives holdings and dividend distribution situation as samples, using empirical appropriate econometric model of China's listed company executives overconfidence psychological preferences on the decision of dividend distribution. The empirical results show that China's listed company executives overconfidence psychological preference, company size and the availability of cash flow have significant positive impact on corporate dividend policy, and the company the rate of assets and liabilities of corporate dividend policy has a significant negative effect.

【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F275.4;F224

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