目标资本结构确定与经理人行为模式

本文从行为金融学角度对我国上市公司经理人在目标资本结构确定过程中可能采行的三种行为模式（羊群行为、追随领头人行为和拍脑袋行为）进行了分析。实证结果表明：（1）上市公司经理人在确定目标资本结构过程中表现出相对理性的“羊群行为”模式，倾向于向所在行业均值调整其资本结构，并维持资本结构的稳定性；（2）经理人在确定目标资本结构的过程中面临较高的“确定成本”；（3）由于资本市场的不完善，导致“调整成本”很高，使得部分上市公司长期偏离其目标资本结构．

Target Capital Structure and the Behavioral Aspects of Manager

s: This paper investigates three possible behaviors (herding, following the leader and patting head) which the managers may adopt in deciding the target capital structure from the viewpoint of behavioral finance. The results show that: (1) the managers in the listed firms of China are observed to be herding when deciding their target capital structure and tend to maintain the stability of the capital structure; (2) the decision cost is high; (3) the adjustment cost is large due to the imperfection of the capital market, which leaves some companies depart from their target capital structure for a relatively long period.