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上市公司资本结构的羊群行为研究—基于房地产行业的分析
引用本文:陆正华,何宙翔.上市公司资本结构的羊群行为研究—基于房地产行业的分析[J].改革与战略,2008,24(11):104-107.
作者姓名:陆正华  何宙翔
作者单位:华南理工大学工商管理学院,广东,广州,510640
摘    要:文章运用行为金融的相关理论,从声誉理论和信息外部性两方面对企业资本结构确定行为的羊群效应形成机制进行分析。在这基础上,对2002—2006年A股房地产上市公司进行了资产结构的分散化程度检验和回归分析,发现房地产企业资本结构存在羊群效应,跟随企业通过模仿领导企业进行资本结构决策。

关 键 词:资本结构  羊群行为  行为金融  房地产

On Herd Behavior of Capital Structure Adjustment in Listing Companies——Based on the Analysis of Real Estate
Lu Zhenghua,He Zhouxiang.On Herd Behavior of Capital Structure Adjustment in Listing Companies——Based on the Analysis of Real Estate[J].Reformation & Strategy,2008,24(11):104-107.
Authors:Lu Zhenghua  He Zhouxiang
Institution:Lu Zhenghua,He Zhouxiang (School of Business Administration,South China University of Technology,Guangzhou,Guangdong 510640)
Abstract:Using the behavior finance theory,this paper investigates the herding effect when the companies decide the capital structure from two aspects: reputation theory and information externality. We make decentralization testing and regression analysis based on the data of the real estate A-Share companies from 2002 to 2006,and find out that there is a herding effect among the real estate companies,the followers copy the leader companies' behavior to decide their capital structure.
Keywords:capital structure  herd behavior  behavior finance  real estate  
本文献已被 CNKI 维普 万方数据 等数据库收录!
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