过度自信对行为决策的影响:以上市公司融资决策为例  

The Effect of Overconfidence on Decision-Making:a Study Based on Corporate Financing Decision-Making

作　　者：黄文胜[1] 朱朝晖[2] 孟军[2] 

机构地区：[1]浙江工商大学杭州商学院,杭州310018 [2]浙江工商大学财务与会计学院,杭州310018

出　　处：《应用心理学》2015年第3期265-270,共6页Chinese Journal of Applied Psychology

基　　金：国家社科基金重点项目(13AGL002)

摘　　要：与普通员工相比，企业管理层更容易产生自我归因偏差，表现扛更强的过度自信，并会对企业决策产生实质性影响。过度自信理论被认为是行为金融学重要的研究成果之一。那么，管理层过度自信是否对企业融资决策产生影响？本研究以2007～2012年中国A股制造业上市公司为样本，考察管理层过度自信对企业融资决策的影响。结果表明，管理层过度自信的上市公司倾向于债务融资，并且在债务融资期限上更偏好短期负债融资，在债务融资类型上更偏好金融负债融资。结论表明，管理层过度自信确实是影响企业融资决策的重要因素。Compared with other employees, the managers of a company are more prone to self-attribution, and show a stronger overconfidence which has a substantial impact on corporate decision-making. Overconfidence theory is considered as one of the most important re- search results of behavioral finance. The present study examines one behavior of the managerial overconfidence and its influence upon the c, iporate financing decision. Using a sample that includes man-ufacturing companies listed on the Chinese stock markets from 2007 to 2012, the paper suggests that overconfident manages tend to debt financing in external finance, and inclined to make short-term and financial debt financing. The conclusion suggests that managerial overconfidence is an important factor af- fecting the corporate financing decision.

关 键 词：管理层过度自信 自我归因偏差 债务融资决策 

分 类 号：F275.1[经济管理—企业管理]