认知偏差、债务政策选择偏好和资本结构税收效应

Abstract

Abstract: The influence of managerial cognitive bias over debt policy choice is studied in this paper. From the perspective of behavioral finance, this paper analyzes the tax effect of debt policy choice through establishing the model of optimal capital structure decision considering the impact of cognitive bias. Applying sample data of Chinese listed companies from 2006 to 2009, this paper also makes an empirical verification on the related theories by multiple regression analysis etc. The research indicates that the debt policy of listed company is influenced by cognitive bias, namely, with the continuous increase of financial distress cost, the sensitivity of listed company towards its change decreases; when the managerial cognitive bias is serious, listed company may choose management in over-conservative or over-active debt, which causes the optimal capital structure to have no correlative relationship with the tax rate; Conversely, when the managerial cognitive bias isn’t serious, listed company may choose management in moderate debt, and the debt level is positively correlated to the tax rate. The result reveals that listed companies in China are required to be more objective about the evaluation of financial distress cost, utilize the tax revenue of debt more rationally, and avoid the damage to enterprise value caused by cognitive bias as much as possible.

Key words: debt policy, capital structure, cognitive bias, company tax

CLC Number:

F830

LI Yan-xi, CHEN Ke-jing, YAO Hong, ZHANG Bo-tao. Cognitive Bias, Debt Policy Preference and the Effect of Tax on Capital Structure[J]. Chinese Journal of Management Science, 2012, (2): 184-192.

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Cognitive Bias, Debt Policy Preference and the Effect of Tax on Capital Structure

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