高管人员过度自信对股利分配决策的影响:来自中国上市公司的经验证据  

Effects of Senior Managers' Overconfidence on the Dividend Payout Policy: Empirical Evidence from China's Listed Companies

作　　者：陈其安[1] 方彩霞[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《中国管理科学》2013年第S1期227-230,共4页Chinese Journal of Management Science

基　　金：重庆市自然科学基金资助项目(CSTC;2011BB2088)

摘　　要：首先在对现有相关研究文献中提出的上市公司高管人员过度自信度量方法进行分析和总结的基础上,提出了更加合理的过度自信度量方法。其次,基于改进的高管人员过度自信度量方法,以2004至2010期间我国上市公司高管人员持股情况和股利分配情况的相关数据为样本,利用恰当的计量经济学模型实证研究了我国上市公司高管人员的过度自信心理偏好对股利分配决策的影响。实证研究结果表明,我国上市公司高管人员的过度自信心理偏好将对公司股利分配决策产生显著的正向影响。同时结论也表明公司规模和现金流可得性都将对公司股利分配决策产生显著的正影响,公司资产负债率将对公司股利分配决策产生显著的负影响。Firstly,in this paper,base on analyzing and summarizing the measurement method of Senior Managers' Overconfidence in Listed Companies in current related research works,a more reasonable measurement method of overconfidence is put forward.Secondly,on the basis of the improved measurement method of overconfidence,using the data of senior managers' shares and cash dividend between the year of 2004 and 2010 as samples,an appropriate econometric model is established to research the effect of the senior manager' s overconfident psychological preference on the dividend payout policy empirically.The results show that,senior managers' overconfident and the companies' scale and the cash flow availability in listed company will do a remarkable positive influence to the companies' cash dividend while the companies' asset-liability ratio do a great minus effect.

关 键 词：过度自信 上市公司高管人员 股利分配决策 

分 类 号：F224[经济管理—国民经济] F276.6