管理者过度自信对现金持有量的影响──来自我国上市公司的经验证据

The Effects of Managers' Overconfidence on the Corporate Cash Holdings:Empirical Evidence from Listed Companies in China

本文选取2006-2010年沪深两市的公司为样本,实证分析了高管人员过度自信与现金持有决策的关系。结果发现,管理者的自信程度与现金持有显著正相关,证明管理者的过度自信是影响企业现金持有行为的一个重要因素,丰富和拓展了企业现金持有影响因素的研究。

From the behavioral corporation finance viewpoint, this paper investigates the relationship between the manager＇s overconfidence and cash holdings based on the data of the Chinese Listed companies between 2006 and 2010. The conclusion is that the manager＇s overconfidence is signifieandy positively correlated with cash holdings, that is overconfident managers will holdings lots of cash to, thus, the manager＇s overconfidence should be an important part of theory in explaining the causes of cash holdings behavioral.