管理者过度自信与企业投资现金敏感度——基于英国上市公司的实证研究

Managerial Overconfidence and Investment-cash Flow Sensitivity of the Company:Based on the Empirical Study of UK Listed Firms

本文以英国上市公司为样本,发现融资约束公司普遍表现出管理者过度自信与投资现金流敏感性之间显著的正相关关系。与此相反,这种积极的关系不能在融资无约束公司中找到。这个结果和预期相一致,即在融资约束公司中过度自信的管理者的投资决策应该比非过度自信的管理者投资决策对现金流更加敏感。因为,现金流的增加能够促使过度自信的管理者加大投资并达到他们想要的水平。

Using a sample of UK listed firms, this paper finds that financially constrained firms generally exhibit a significantly positive relationship between managerial overconfidence and cash flow sensitivity of investment. In contrast, this positive relationship cannot be found in financially unconstrained firms. It is consistent with the argument that investment decisions by overconfident managers in financially constrained firms should be more sensitive to cash flow than investment decisions by non-overconfident managers. An increase in cash flow can induce them to increase their investment to their desired level.