中小企业管理者风险偏好与资本结构动态调整速度的实证研究.pdfVIP

2016 年第 30 卷第 4 期 重庆理工大学学报(社会科学) 管理学 Joumal of Chongqing University of Technology( Social Science) Vo l. 30 No.4 2016 doi: 10. 3969/j. issn. 1674-8425 (s). 2016. 04. 012 中小企止管理者凡险偏好与资本结构 动态调整速度的实证研究 吴敏谊a ，未秋白b (重庆理工大学 a. 管理学院; b. 经济与贸易学院，重庆 4∞054) 摘要:以我国中小企业板块的上市公司为样本，对管理者的个人特征、风险偏好与资本结构动态 调整之间的关系进行实证分析，发现:中小企业的管理者风险偏好受到管理者的年龄、性别和学 历水平的影响，而管理者的风险偏好对企业资本结构调整速度有显著影响;一般情况下，风险偏 好型的管理者做出的资本结构决策不会轻易调整，从而会人为地放慢企业实际资本结构向目标 资本结构调整的速度。其政策意义在于:企业治理机制中应有制约风险偏好型管理者过分自信 的决策行为的制度安排。 关键词:中小企业;个人特征;风险偏好;资本结构调整速度 中固分类号:F275 文献标i只码 :A 文章编号:1674 -8425(2016)04 -0074 -07 Empirical Study of Relationship Between Managements Risk Preference of Small and Medium -Size Enterprises and Capital Structure Dynamic Adjustment Speed. WU Min-yi a , ZHU Qiu-bai b ( a. College of Management; b. College of Economy and Business , Chongqing University of Technology , Chongqing 4仪lO54 ， China) Abstract: This paper selected the listed companies of small and medium-size enterprises as the research object , and made an empirical analysis on the relationship between managements individual characteristics , risk preference and capital structure dynamic ajustment. The result shows that age , sex and education level affect small and medium-size enterprises managers risk preference , and managers risk preference has a positve effect on capital structure s adjusting speed. Generally speaking , managers who prefer risk don t adjust the structure capital decision easily , which slows