上市公司高管过度自信对现金股利政策的影响  

Influence of Senior Manager′s Overconfidence on Cash Dividend Policy for Listed Companies

作　　者：梅世强[1] 扈菲菲[1] 

机构地区：[1]天津大学管理与经济学部,天津300072

出　　处：《技术经济》2013年第2期112-117,共6页Journal of Technology Economics

摘　　要：抛弃经典财务理论中理性经理人的假设,将规范研究与实证研究相结合,以2006—2010年我国沪深两市A股上市公司作为研究样本,用管理者的相对薪酬、持股状况和实施并购次数构建综合指标来衡量公司高管的过度自信程度,从公司高管过度自信的视角重新审视上市公司的现金股利分配行为。研究结果表明:管理者过度自信的上市公司倾向于少发放现金股利来增强内部融资;上市公司的成长性越强,管理者的过度自信对现金股利分配决策的影响越显著。Discarding the hypothesis about rational managers which is advocated by the traditional theory, and using China＇s A-share listed com- panies from 2006 to 2010 as the sample,and constructing a proxy variable through integrating three indexes to evaluate managerial overconfi- dence,this paper tries to study the cash dividend policy of China＇s listed companies from the viewpoint of managerial overconfidence by the norm and empirical analysis. The results show as follows： overconfident managers tend to distribute lower dividend to raise internal financing; the stronger the company＇s growth is,the more significant the influence of senior manager＇s overconfidence on cash dividend distribution is.

关 键 词：管理者特征 过度自信 股利分配 公司成长性 股利政策 行为公司财务 

分 类 号：F224[经济管理—国民经济] F272.91F832.51