管理者特征、过度自信与公司融资决策实证研究

Study on Managers' Characteristics, Overconfidence and Corporate Financing Decisions

本文以2008年至2012年A股制造业上市公司为样本,对管理者特征对融资决策影响进行了检验,研究发现,国有公司的董事长背景特征对其过度自信程度影响更强,而非国有公司董事长的学历、性别对其融资决策影响不显著;此外,无论是国有还是非国有公司,独立董事在董事会中所占比重并不影响公司的融资决策。

The article tests the effect of management on financing decision taking ‘A'share manufacturing listing corporations as sample.The study finds,the Stated-Owned company chairman's background characteristics has stronger effect on overconfidence than these Non-Stated-Owned,and the Non-Stated-Owned company chairman's education,gender doesn't have significant effect on financing decision.In addition,whether state-owned or Non-State-Owned Company,the independent directors' proportion in the board of directors does not affect the company's financing decision.