公司治理、管理者过度自信与企业股利政策

Corporate Governance,Managerial Overconfidence and Dividend Policy

文章基于公司行为财务学视角,以2008-2010年间在上海、深圳证券交易所上市的公司为样本,对我国上市公司的高管人员过度自信、公司治理与股利政策进行了实证检验。研究结果表明,管理者过度自信与股利政策正相关,有效的公司治理能抑制管理者过度自信对股利政策的影响。

From the corporation behavioral finance viewpoint, this paper studies the relationship among the managers＇ over- confidence in Chinese listed companies, corporate governance and dividend policy with an empirical analysis of samples of list- ed companies in Shanghai and Shenzhen Stock Exchange between 2008 and 2010. The conclusion is that managerial overcon- fidence and dividend policy is relevant, and effective corporate governance can restrain managers＇ overconfidence on the influ- ence of the dividend policy.