董事长过度自信对上市公司融资偏好行为的影响

Chairman Personal Characteristics,Financing Preference and Corporate Investment

本文分别以董事长的年龄、任职时间、学历以及教育背景这些个人特征作为董事长过度自信的替代变量,从公司投资的角度考察了董事长的过度自信行为对我国上市公司内部或者外部融资偏好行为的影响。研究结果表明,董事长的年龄越大,任职时间越长,学历越高,以及当董事长拥有理工类教育背景时,董事长的过度自信行为越弱,董事长越更多地利用外部融资而不是内部融资来为其投资进行融资,从而公司投资与现金流之间的敏感度越弱;而当董事长拥有经管类教育背景时,董事长的过度自信行为越强,董事长越更少地利用外部融资来为其投资进行融资,从而公司投资与现金流之间的敏感度越强。本文的研究意义不仅在于丰富和拓展了国内外的相关研究成果,而且有助于我们从董事长的个人特征方面来理解我国上市公司的融资偏好行为。

Based on chairman personal characteristics, this paper selects age, tenure, education and education background of chairman as proxy measures of chairman overconfidence, and examines its effect on financing preference in Chinese listed companies on aspect of corporate investment. The empirical results show that, when chairmen are older, have longer tenure, have higher education, and have technical education background, chairmen have weaker overconfidence, then they use more external financing not internal financing to finance corporate investment, which results in weaker sensitivity of corporate investment to cash flow; However, when chairmen have economics and management education background, chairmen have stronger overconfidence, then they use less external financing to finance corporate investment, which results in higher sensitivity of corporate investment to cash flow. This research not only enriches the related studies on managerial overconfidence and capital structure, but also helps understand financing preference in Chinese listed companies on aspect of chairman personal characteristics.