总经理过度自信对资本结构影响的实证分析

Empirical Analysis about the Effects of Executive Overconfidence on Corporate Capital Structure

基于行为公司金融的管理者过度自信假设,本文以我国上市公司为样本,以总经理持股状态及其变动特征作为总经理过度自信与否的度量标准,运用OLS和面板数据分析方法对总经理过度自信与资本结构的关系进行了实证分析。研究结果显示,总经理过度自信与资本结构密切相关,过度自信的总经理在筹集资本时,运用较多的负债,尤其是较多的短期负债。我们的研究丰富和拓展了国内外的研究成果,深化了人们对管理者非理性行为与资本结构之间关系的认识。

Based on the managerial overconfidence hypothesis in behavioral corporate finance,the paper studies the effect of executive confidence on corporate financing decisions.The empirical results indicate that there is a significant and positive relationship between executive overconfidence and capital structure,executive overconfidence can enhances corporate financial leverage,especially,short-term liability ratio.