行业内上市公司债务权益选择中的羊群行为——来自我国上市公司的经验证据  

Herding Behavior in Debt-Equity Choice in Intra-Industry Listed Companies——Evidences from Listed Companies in China

作　　者：况学文[1] 何恩良[1] 徐新华[1] 

机构地区：[1]南昌大学经济与管理学院,江西南昌330031

出　　处：《商业经济与管理》2008年第2期69-73,80,共6页Journal of Business Economics

基　　金：国家自然科学基金重点项目资助(70632001);江西省社会科学研究规划资助项目(06YJ33);江西省高校人文社会科学研究资助项目(GL0705)

摘　　要：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。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.

关 键 词：债务权益选择 资本结构 羊群行为 行为公司财务 

分 类 号：F234.4[经济管理—会计学]