领导者过度自信、公司债务融资偏好与企业绩效

Leader's Overconfidence,Corporate Debt Financing Preference and Corporate Performance

目前经典公司金融理论受到了公司领导者在公司金融实际决策中多种行为异象的挑战。这些行为异象中比较经典的非理性行为是过度自信。笔者通过对2011年国内765家上市公司数据样本进行统计分析,探讨了领导者过度自信对企业绩效的影响机制,尤其是研究了公司债务融资偏好的中介作用以及CEO与董事长是否两职合一的调节作用。回归分析结果表明,领导者过度自信对企业绩效具有显著的负向影响,公司债务融资偏好在领导者过度自信与企业绩效的影响机制中起到了部分中介作用,CEO与董事长两职合一在领导者过度自信与企业绩效之间起到了正向调节作用。

Abstract ： As the development of capital market, the classical corporate finance theories have been challenged by the anomalies due to the decision makers＇ irrational behaviors, one typical type of irrational behavior discussed in this essay is overconfidence. This paper is using cross-section data from 765 listed companies in 2011, trying to examine the mechanism of how leader＇s irrational behavior influencing corporate performance, especially the mediating effect of debt financing preference and moderating effect of CEO Duality. The result reflects that leader＇s irrational behavior has a remarkable negative effect on corporate performance, company＇s debt financing preference has a partial mediating effect on relationship between manager＇s irrational behavior and corporate performance, and CEO Duality has a positive moderating effect on that.