管理者过度自信和股利平稳性

Managers'Overconfidence And Dividend Smoothing

管理者过度自信对公司股利分配决策的影响是当前行为金融研究的热门问题,不平稳的股利分配会严重损害投资者权益,也阻碍了我国资本市场长期健康发展。本文使用2007—2021年沪深A股上市公司样本数据,考虑管理者过度自信对股利平稳性的影响。结果显示,管理者过度自信会降低企业股利平稳性,且当企业的股权制衡度和融资约束水平较低时效果更加显著。机制检验表明,过度自信的管理者诱发了过度投资,进而降低了股利平稳性。另外,在低股权集中度、内部控制质量和处于低市场化地区的企业中,管理者过度自信对股利平稳性的影响更为明显。上述结论为管理者过度自信降低股利平稳性提供了经验证据,并为企业制定平稳的股利政策提供一定的参考。

This paper considers the negative effect of managers'overconfidence on dividend smoothing using a sample of A-share listed firms in Shanghai and Shenzhen from 2007 to 2021.The results show that managers'overconfidence reduces dividend smoothing,and the effect is more significant when the level of equity balance degree and financing constraints of firms are low.The mechanism test suggests that managers'overconfidence reduces dividend smoothing through over-investment.Moreover,the effect of managers'overconfidence on dividend smoothing is more pronounced in firms with lower level of ownership concentration,internal control quality and marketization.These findings extend the literature on managers'overconfidence and dividend smoothing,and have reference value for optimizing dividend policies of listed firms.