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本文基于行为公司的金融视角,以我国2007～2011年沪深主板A股上市公司为样本,利用多元回归模型,检验了管理者风险厌恶与公司资本结构的关系。实证研究结果表明:管理者风险厌恶与资本结构负相关,即当管理者风险厌恶程度越大时,公司负债率越低。同时发现,民营上市公司的管理者风险厌恶程度要高于国有上市公司,其对公司负债率的影响也更强。
Based on the financial perspective of the behavioral company, this paper uses the multiple regression model to test the relationship between the manager’s risk aversion and the company’s capital structure based on the sample of A-share listed companies in Shanghai and Shenzhen stock exchanges in 2007-2011. The empirical results show that: manager risk aversion is negatively correlated with the capital structure, that is, when the manager’s risk aversion is greater, the company’s debt ratio is lower. At the same time, it is found that managers of private listed companies are more risk-averse than state-owned listed companies, and their impact on corporate debt ratio is also stronger.