投資偏見對公司資本結構之影響

近年來行為財務學在財務學領域逐漸受到重視，學者們漸漸將融資決策之研究焦點轉向行為財務學。傳統財務理論忽視個人與群體之決策心理及行為面因素，但行為財務學則認為人們的行為受到其特質、心理、性格之影響。本研究期望透過行為財務學的觀點，分析投資人的資訊蒐集及處理能力是否會使投資人形成投資偏見，進而影響公司之資本結構。投資人由於受限於時間及個人能力，在決策過程中無法全面的蒐集及處理資訊，因此在缺乏完整資訊下，投資人可能會形成投資偏見。在此情況下進行交易時，將有可能會對於其持股公司的資本結構產生影響。本研究以台灣上市電子工業產業公司為樣本，研究顯示投資偏見對資本結構的影響為正向。投資人因投資偏見導致資訊不對稱，增加了公司之代理成本，使得公司需透過高槓桿方式來減輕代理問題，因而採用高負債低股權之資本結構，避免盈餘稀釋。

關鍵字

投資偏見；資本結構

並列摘要

In recent years, behavioral finance has gradually gained attention in the field of finance. Scholars gradually shift the focus of research on financing decisions to behavioral finance. Traditional financial theory ignores the decision-making psychology and behavioral factors of individuals and groups, but behavioral finance theory believes that people's behavior is affected by their characteristics, psychology, and personality. This study expects to analyze whether investors' information collection and processing capabilities will lead to investors’ bias through the perspective of behavioral finance, thereby affecting the capital structure of corporation. Investors are unable to fully collect and process information in the decision-making process because they are limited by time and personal ability. Investors’ bias resulted from the absence of complete information. In this case, it has the effect on the capital structure of corporation. This study uses a sample of Taiwan’s listed electronics industry companies. Research shows that the effect of investors’ bias on the capital structure of corporation is positive. Investors have asymmetric information due to bias, which increases the agency costs of corporation, and the corporation needs to reduce agency problems through high leverage. Therefore, it adopts a high-debt and low-equity capital structure to avoid dilution of earnings.