管理者过度自信与企业现金持有价值——基于投资效率的中介效应检验

以我国沪深两市2008-2013年A股上市公司为样本,研究了管理者过度自信对现金持有及其价值的影响与作用机理。结果发现,管理者低程度的自信会促使企业持有更多现金并提高现金持有价值,但随着自信程度的提高,现金持有水平会下降且会降低现金持有价值,这一研究结论与理性经济人假设下的自由现金流理论相悖。研究还发现,投资效率在管理者过度自信与现金持有价值之间发挥了中介作用,并通过投资不足路径影响现金持有价值。因此,公司现金持有决策应考虑管理者心理特征,提升企业现金持有的价值效应。

Using the data from 2008 to 2013 of Chinese listed companies in Shanghai and Shenzhen Stock Markets as samples, this paper studies the influence and its mechanism of managerial overconfidence on cash holdings and the values. The results of empirical research show that low degree of confidence in the manager will encourage the company to hold more cash and increase the value of cash holdings, but with the increase of the degree of confidence, cash holdings are decreased and the value of cash holdings is reduced. This result is contrary to the free cash flow theory under the rational economic man hypothesis. Further tests show that the investment efficiency plays an mediating role between managerial overconfidence and the value of cash holdings, affecting the value of cash holdings by underinvestment path. Conclusion shows that the company should consider the managers＂ psychological characteristics when making cash holdings decision, in order to enhance the value effect of corporate cash holdings.