公司治理机制、管理者过度自信对企业与市场绩效的影响——基于不同所有权性质视角的经验检验  

Effect of Corporate Governance and Managerial Overconfidence on Enterprise and Market Performance: An Empirical Study Based on Different Ownership in China

作　　者：王德鲁[1] 宋学锋[1] 

机构地区：[1]中国矿业大学管理学院,江苏徐州221116

出　　处：《现代财经（天津财经大学学报）》2013年第5期72-87,共16页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金项目(71202112)

摘　　要：本文以2007年和2011年中国上市公司数据为初始研究样本,通过Tobit回归、OLS回归并结合结构方程模型分析做稳健性检验,分别考察了国有控股公司和民营控股公司的治理机制、管理者过度自信对企业绩效和市场绩效的影响规律。研究发现,管理者过度自信对国有控股公司绩效具有显著的正向作用,但对民营控股公司绩效却具有显著的负向作用;在国有和民营控股公司中对管理者过度自信、会计绩效及市场绩效所起显著解释作用的治理机制变量存在很大差别,其中两职设置、独立董事规模、董事会会议次数等变量对两类公司的作用方向截然相反;治理机制与管理者过度自信对企业绩效存在交叉影响,在特定的治理环境中,国有控股公司管理者的过度自信也会降低企业绩效,而民营控股公司管理者的过度自信也可能提高企业绩效。Selecting Chinese listed companies in 2007 and 2011 as study samples,through Tobit regression,OLS regression and structural equation model analysis,this paper investigates the impact of governance mechanism and managerial overconfidence in state holding companies and private holding companies on business performance.The results have the following several respects specifically： managerial overconfidence is positively related with performance of state holding companies,while negatively related to that of private ones;there are significant differences in governance mechanism between two types of companies,which has significant effects on accounting performance,market performance and managerial overconfidence,and even effects of position setting of chairman and general manager,scale of independent directors and the number of board meeting are opposite;governance mechanism and overconfidence produce interactive influences on performance,under particular governance mechanism,overconfidence may lower corporate performance in state holding companies and may improve that in private ones.

关 键 词：公司治理 管理者过度自信 企业绩效 最终所有权 

分 类 号：F270[经济管理—企业管理]