管理者过度自信与公司财务决策实证研究  

Managerial overconfidence and corporate financial decisions:An empirical study

作　　者：肖峰雷[1] 李延喜[1] 栾庆伟[1] 

机构地区：[1]大连理工大学管理与经济学部,辽宁大连116024

出　　处：《科研管理》2011年第8期151-160,共10页Science Research Management

基　　金：国家自然科学基金项目(70772087);中央高校基本科研业务费专项资金(DUT10ZD107UT10RW107);教育部新世纪人才计划资助

摘　　要：本文对董事长、CEO、TMT三个层次的过度自信与公司财务决策的关系进行了比较分析。结果显示,董事长过度自信对公司投资、并购、融资和股利分配决策均具有显著影响;而CEO过度自信、TMT过度自信仅对公司投资支出和债务期限结构影响显著。这说明董事长过度自信对我国上市公司非理性财务决策的解释力较强。此外,与国外研究不同的是,管理者过度自信对公司资本结构没有显著影响。The relationship between corporate financial policy and three levels of managerial overconfidence which are chairman of the board, CEO and TMT is comparatively analyzed. The results show that chairman of the board overconfidence has a significant effect on corporate investment, merger, finance, and dividend payout polices. Meanwhile, CEO overconfidence and TMT overconfidence only have significant effect on corporate investment expenditure and debt maturity structure. It is indicated that chairman of the board overconfidence is more appropriate to explain the irrational financial decisions of listed companies in China. In addition, it is found that managerial overconfidence has insignificant effect on corporate capital structure and it is different from some results of foreign literature.

关 键 词：董事长 CEO TMT 过度自信 财务决策 

分 类 号：F830.9[经济管理—金融学]