行为公司金融研究新进展:管理者过度自信的视角  

Research Frontiers of Behavioral Corporate Finance:A Survey from Managerial Overconfidence Perspective

作　　者：李云鹤[1] 李湛[1] 

机构地区：[1]上海交通大学安泰经济与管理学院

出　　处：《经济评论》2010年第6期130-136,共7页Economic Review

摘　　要：本文从管理者过度自信的视角归纳了行为公司金融学研究新进展及前沿趋势。目前相关研究主要体现在管理者过度自信存在性的验证、度量标准的甄选以及管理者过度自信对公司金融活动各主要环节决策过程影响的考察方面,但对这些问题研究的深度与广度均需要进一步加强。管理者过度自信行为与理性框架部分理论对公司金融行为影响的预测相一致,如何对它们进行区分;过度自信行为究竟是源于天生还是环境;公司治理机制本身可能是管理者过度自信的诱发因素等等,对这些问题进一步的探索与确证有助于完善管理者过度自信视角下公司金融研究的理论体系,构成了行为公司金融最新的研究趋势。The paper summarizes the research progress and its new trends of behavioral corporate finance from perspective of managerial overconfidence.The current researches are mainly focused on the verification of the existence of managerial overconfidence, and attempt to measure managerial overconfidence, and investigate the influence of managerial overconfidence on the decision-making of corporate financial activities, but they require further exploration in the depth and breadth of the study.As the effects of managerial overconfidence on corporate financial behavior are consistent with the prediction of some rational corporate finance theory, the distinction between them requires making further exploration.Was managerial overconfidence born or derived from the environment？ Corporate governance mechanism itself may be a predisposing factor of managerial overconfidence.Making further exploration on these issues may help improve the theoretical system of behavioral corporate finance; theses are becoming the latest research trends of behavioral corporate finance.

关 键 词：行为公司金融 管理者过度自信 公司投融资 股利政策 公司治理 

分 类 号：F276.6[经济管理—企业管理]