影响CEO过度自信的因素分析——来自我国上市公司的经验证据  

Which Factors Reflect CEO Overconfidence?——Evidence from Chinese Listed Companies

作　　者：饶育蕾[1] 贾文静[1] 

机构地区：[1]中南大学商学院

出　　处：《管理学报》2011年第8期1162-1167,共6页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(70872111);教育部人文社会科学研究重点资助项目(06JHQZ0010)

摘　　要：在前人研究的基础上,以2007~2008年我国A股上市公司的CEO为样本,运用主成分分析法和logistic回归法对影响CEO过度自信的因素进行了实证检验。研究发现,任职期限长以及与董事长两职合一的CEO倾向于过度自信;所处行业风险大的上市公司CEO容易过度自信;资产负债率较高公司的CEO易于表现出过度自信;董事会规模、最终控制人和公司的资产规模三者与CEO的过度自信存在负相关关系。CEO个人特征对CEO的过度自信水平没有影响,这说明年龄、学历、文化程度等个人特征并非是影响CEO过度自信的因素。Considerable amount of researches have shown the existence of CEO overconfidence psychology.This paper,setting A-share listed company＇s CEOs in 2007~2008 as the samples,carries out the empirical research over factors that affect CEO overconfidence by using principal component analysis and logistic regression analysis.This study finds that CEOs who has longer tenure in listed companies and severs as chairman of Board of Directors at the same time,tend to be more overconfident;CEOs who works in a listed company which has greater risk are prone to overconfidence;The scale of the Board of Trustees,the ultimate controller and the size of the company＇s asset have negative impact on CEOs＇ overconfidence;CEOs who server in a company with high leverage ratio tend to be overconfident.However,the personal characteristics of CEOs do not work upon CEOs＇ overconfidence.This means that age,gender,education and other personal characteristics are not factors that affect overconfidence.

关 键 词：CEO 过度自信 主成分分析 LOGISTIC回归分析 

分 类 号：C93[经济管理—管理学]