摘要
通过建立均衡模型分析异质信念下经理人的努力程度和公司投融资决策,研究发现,当经理人与外部投资者以及外部投资者之间存在信念差异时,如果外部乐观投资者持股比例较高,外部投资者越乐观、信念差异越大,经理人的努力程度就会下降,投资水平进而降低;相反,当外部悲观投资者占比较高时,悲观程度越高、信念差异越大,经理人会付出越多的努力,进而公司会有更高水平的投资规模;权益融资方式能给经理人带来更多财富,但也需要其付出更多的努力。数值模拟亦证实了模型的结论。研究结果对管理层科学做出财务决策和投资者制定有效投资策略均具有参考价值。
The paper builds a framework to analyze the relationship between the investment and financing policies of a company and the level of efforts made by the company＇ s manager when heterogeneous beliefs exist in the company. It coneludcs that when heterogeneous beliefs exist between the manager and outside investors and also among outside investors, if optimistic outside investors hold a larger proportion of stakes, then the more optimistic they are and the more heterogeneous their beliefs are, the lower level of effort the manager will make and the smaller investment will be made; in contrast, if pessimistic outside investors hold a larger proportion of stakes, then the more pessimistic they are and the more heterogeneous their beliefs are, the higher level of effort the manager will make and the larger in- vestment will be made. Equity financing can bring more wealth to the manager, but higher level of effort is required. Numerical simulation results confirm the theoretical findings. The research implications provide important reference for manager to make reasonable financial policies and for investors to make scientific investment decisions.
出处
《管理评论》
CSSCI
北大核心
2017年第6期3-12,共10页
Management Review
基金
国家自然科学基金面上项目(71371023
71171146)
北京市社会科学基金重大项目(15ZDA46)
教育部人文社科规划基金项目(14YJA790075)
对外经济贸易大学中央高校基本科研业务费专项资金(15JQ04)
北京市2014高等学校教育教学改革项目(2014-ms081)
北京市自然科学基金资助项目(9174033)
关键词
异质信念
努力程度
投资水平
融资策略
heterogeneous beliefs, effort level, investment amount, financing policy
