管理者过度自信,融资偏好与公司投资

Managerial Overconfidence,Financing Preference and Corporate Investment

通过公司投资与现金流之间的敏感度具体考察管理者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,结果表明:总经理的年龄越大,任职时间越长,学历越高,以及当总经理拥有理工类教育背景时,总经理的过度自信行为越弱,因此,总经理更多地利用外部融资而不是内部融资,从而公司投资与现金流之间的敏感度越弱;而当总经理拥有经管类教育背景时,总经理的过度自信行为越强,因此,总经理更少地利用外部融资,从而公司投资与现金流之间的敏感度越强。

This paper examines the effect of managerial overconfidence on financing preference in Chinese listed companies based on the sensitivity of corporate investment to cash flow. The empirical results show that, when CEOs are older, have longer tenure, higher education, and technical education background, CEOs will have weaker managerial overconfidence and use more external financing not internal financing to finance corporate investment, which results in weaker sensitivity of corporate investment to cash flow; When CEOs have economics and management education background, CEOs have higher managerial overconfidence and use less external financing to finance corporate investment, which results in higher sensitivity of corporate investment to cash flow.