管理者过度自信与信用融资效应的实证研究

An Empirical Study on Managerial Overconfidence and Credit Financing Effect

本文从行为公司金融视角出发,以沪深两市2002～2007年期间A股上市公司为样本,考察了过度自信管理者在利用供应商提供的信用融资后经营负债杠杆对公司创值能力与成长性的影响。研究结果发现,随着管理者过度自信程度的增强,公司的经营负债杠杆效应显著降低,即管理者过度自信公司运用信用融资发挥经营负债杠杆的创值效应与成长效应均显著低于一般管理者公司。

From the viewpoint of the behavioral corporate finance,the paper analyzes the relationship between managerial overconfidence and credit financing effect by sampling A-share listed firms for the period from 2002 to 2007. The result shows that the effects of operating debt leverage significantly decrease with the increasing of managers’ overconfidence. Comparing to non-overconfident managers’ corporation,this study finds that value-creation effect and growth effect of operating debt leverage are significantly lower in the overconfident managers’ corporation.