摘要
现代资本结构理论继承了新古典经济学中行为人理性的假设,忽视了决策者的行为会受到社会的影响而难以完全做到理性。基于行为金融学中的相关理论,从声誉、报酬理论以及信息外部性等方面考察并证实我国上市公司资本结构调整中确实存在羊群行为,且公司的资本结构不仅有向行业均值靠近的趋势,还有模仿行业领导企业资本结构的倾向。
The modern capital structure theory inherits rational-actor assumptions of the neo-classical economics,and thus ignores the fact that the behavior of decision-makers is hardly to be completely rational as they are influenced by the society.Using the behavioral finance theory,this paper investigates the herd behavior of capital structure adjustment in Chinese listed companies from the perspectives of reputation,rewards,and information externalities theories.The empirical results show that companies not only adjust their capital structures to close the industrial mean value,but also copy the leading companies＇ behavior to decide their capital structures.In other words,these prove the existence of herd behavior when Chinese listed companies adjust their capital structures.
出处
《广东商学院学报》
北大核心
2010年第5期34-38,47,共6页
Journal of Guangdong University of Business Studies
关键词
资本结构
羊群行为
上市公司
capital structure
herd behavior
listed companies
