董事背景多元化抑制董事长过度自信吗?——基于企业过度投资的角度  

Does Diversification of Board Characteristic Restrain the Overconfidence of Board Chairman?

作　　者：吕兆德[1] 徐晓薇[2] 

机构地区：[1]北京师范大学经济与工商管理学院,北京100875 [2]纽约州立大学宾汉姆顿分校

出　　处：《经济管理》2016年第4期60-71,共12页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金青年项目"基于盈余波动性的管理者财务决策非理性行为研究"(13 CGL036);教育部人文社会科学基金项目"盈余波动性成因及其市场反应研究"(11YJC790132)

摘　　要：大量研究表明,管理者过度自信会导致企业过度投资,这种决策偏差降低了企业价值。本文研究了抑制董事长过度自信的两个机制和途径:一是从独立董事比例、董事长与CEO两职分离、董事会规模和管理层持股四个方面分析了公司治理机制对董事长个人过度自信调节的有效性;二是研究了董事会成员个人背景多元化对董事长过度自信的抑制作用。本研究发现,公司治理机制难以降低源于董事长过度自信的过度投资程度,而董事背景多元化则可以明显抑制董事长过度自信导致的过度投资行为。此外,企业产权性质对研究结论具有显著影响,国有控股企业的董事背景多元化对董事长过度自信抑制作用显著,而民营企业董事背景多元化的抑制作用不明显。There are lots of researches analyzing the behavior bias resulting from overconfidence. The most im- portant economic consequence is overinvestment. Many papers show the positive correlation between overinvestment and managers overconfidence. This kind of bias reduces the value of firm. In this paper, manager is defined as board chairman. We analyze two ways of refraining overconfidence of chairman. The first one is corporate govern- ance. The second one is the diversification of board characteristic on chairman overconfidence. In the paper, we use inside/outside of directors, age, sex, tenure, and education to construct the index of di- versification of board characteristic. We get three test results. （ 1 ） Corporate governance has no effect on reducing overinvestment due to the chairman overconfidence; （2） The diversification of board characteristic can restrain the overconfidence of board chairman significantly; （3） The effectiveness of measures to reduce overinvestment de- pends on the nature of the ownership of enterprise. The corporate governance has no effects in state-owned enterpri- ses. But the diversification of board characteristic can reduce overinvestment due to chairman overconfidence. Pri- vate enterprises are on the contrary. In this paper, we provide three exploratory investigations on measures of restraining chairman overconfidence. （ 1 ） The purpose of corporate governance is to solve the principal-agent problem, to reconcile the conflicts of inter- ests of the principal and agent. But the irrational behavior of chairman is not due to their own interests. Even what he does is to realize and remove the responsibility which the principal grants to him. Obviously, the purpose of cor- porate governance can＇ t meet the need to solve the problems of irrational behavior. Because of the limitation of in- dividual cognitive abilities, the decision making purpose is opposite to the result of decision making. It indicates that corporate governance is very hard to restrain the decision

关 键 词：过度自信 公司治理 董事背景多元化 

分 类 号：F272[经济管理—企业管理]