任人唯亲的董事会文化对管理者过度自信影响实证研究

An Empirical Study of the Impact of the Cronyism of Board Culture on the Managerial Overconfidence

从任人唯亲的董事会文化角度出发,实证研究我国上市公司存在的管理者过度自信。研究发现管理者过度自信与任人唯亲的董事会文化有关,并且由控股公司而不是上市公司发放董事薪酬能够破坏任人唯亲的董事会文化,抑制管理者的过度自信。公司净资产收益率、主营业务收入增长率、资产负债率、控制人类型等公司特征对管理者过度自信有显著影响,但管理者个人特征对管理者过度自信并无显著影响。

This paper empirically explores managerial overconfidence from the perspective of board culture based on China's listed firms. Results show that cronyism of board culture would lead to managerial overconfidence and to compensate the directors throuth shareholders instead of the listed firms will help to break cronyism and refrain managerial overconfidence. There is significant positive relationship between company characteristics and managerial overconfidence, however personal characteristics of manages do not work upon managerial overconfidence.