管理者过度自信与权益资本成本——来自我国证券市场的经验证据

Managerial Overconfidence and Cost of Equity Capital:Evidence from Shenzhen A-share Market

以深圳证券市场A股上市公司为样本,研究了管理者过度自信与权益资本成本之间的关系。研究发现,高管层过度自信的心理特征是通过影响企业的投资行为造成过度投资,进而影响到投资与融资现金流之间的敏感性,导致激进融资,使企业权益资本成本增加。

This paper studies the relationship between managerial overconfidence and cost of equity capital of Chinese listed companies with A-share companies listed in Shengzhen Stock Exchange. From the results of positive test,we can make a conclusion that managers＇ overconfidence has been caused by means of impacting on the business investment behavior,excessive investment,thereby affecting the sensitivity between investing and financing cash flow,which led to radical financing and higher cost of equity capital of enterprises.