管理者层级差异、过度自信与公司投资决策

Administrator-level Differences,Overconfidence and Corporate Investment Decisions

将管理者划分为董事长 、 总经理和其他高管人员三个层级 ， 以 2005 年 ~2010 年我国 A 股上市公司为样本， 运用多元回归分析方法考察了不同层级的管理者过度自信对上市公司投资决策的影响。 研究发现， 董事长和总经理过度自信对公司投资支出和并购决策均具有显著影响， 而其他高管人员过度自信仅对公司投资支出及投资的现金流敏感性具有显著影响。 进一步研究发现， 管理者过度自信对上市公司投资决策的影响还受到企业产权性质的影响： 相对民营控股上市公司而言， 管理者过度自信对国有控股的上市公司投资支出及投资的现金流敏感性具有显著影响； 管理者过度自信与公司并购决策的关系不受上市公司产权性质影响。

Dividing the managers into 3 levels as chairman, CEO and other senior executives and using a multiple regression analysis, this paper studies the relationship between manager＇ s overconfidence and investment decision, setting A-share listed company in 2005-2010 as the samples. The result shows that the overconfidence of chairman and CEO has a significant impact on both investment expenditure and M ＆ A decision while the overconfidence of other senior executives only has a significant impact on investment expenditure and investment-cash flow sensitivity. The relationship between manager＇ s overconfidence and investment expenditure is affected by the nature of property rights： only in state holding listed companies, does manager＇ s overconfidence have a significant impact on investment-cash flow sensitivity; while the property nature of a listed company has no influence on the relationship between the manager＇ s overconfidence and M ＆ A decision.