管理者风格对企业投融资决策的影响机制分析--基于管理者外生性变更角度-analysis of the influence mechanism of managers style on enterprises investment and financing decisions - based on the perspective of managers exogenous changes.docxVIP

摘要随着行为金融理论的发展，企业投融资理论逐渐将管理者层面的因素，如管 理者过度自信、管理者风格等要素纳入研究范畴。现有研究成果主要以资本市场 发达的国家或地区为背景，研究 CEO (Chief Executive Officer)等管理者对企业投 融资决策的影响。国内的理论研究则还有待深入，尤其是管理者风格方面的研究 极少。鉴于此，本文以管理者风格作为研究出发点，从管理者外生性变更的角度， 就管理者风格对企业投融资决策的影响机制进行研究分析。本文采用规范研究和实证研究相结合的方式探讨管理者风格对企业投融资 决策的影响机制。第一部分为绪论，介绍研究背景及意义、国内外文献综述、研 究内容、研究方法及创新点。第二部分为理论基础，首先梳理主流的企业投融资 理论，然后界定管理者风格等相关概念，最后分析管理者风格对企业投融资决策 的影响机制。第三部分为研究方法与设计，第四部分为管理者风格对企业投融资 决策影响机制的实证分析。在理论分析基础上构建多元回归模型，并以 2002-2009 年发生管理者外生性变更的我国上市公司作为研究样本，运用统计学和计量经济 学手段对投资指标、融资指标和相关变量进行分析，并据此得出研究结论。第五 部分为研究结论及政策建议，结合实证结果与我国上市公司投融资现状进行综合 分析与探讨，并为企业选择管理者和改善企业的投融资决策提供建议。最后一部 分为总结与展望，对全文主要内容作一个总结并指出本文工作的不足和对后续研 究的展望。关键词：管理者风格管理者外生性变更投资决策融资决策AbstractWith the development of behavioral finance theory, investment and financing theory of enterprises gradually put some manager level elements into the research category, such as managerial overconfidence, managerial style and so on. Existing researches are mainly based on developed countries and regions which capital markets are more mature and are focused on researches about the influences of managers such as CEO (Chief Executive Officer) on the investment and financing decisions of enterprises. Domestic theoretical researches need to study further, especially research about managerial style is so few. In view of this, this paper is based on the managerial style, from the perspective of exogenous managers departures to study the influence mechanism of managerial style to the investment and financing decisions of enterprises.This paper adopts the norm analysis method and example analysis method to research the influence mechanism of managerial style to the investment and financing decisions of enterprises. The first part is the introduction, which is included the background, significance, review of relevant literatures, contents and innovations of the issue. The second part is theoretical basis. This part firstly summaries the mainstream investment and financing theories of enterprises, then defines the concept of manag