管理者过度自信、内部控制与企业现金持有水平

Managerial Overconfidence,Internal Control and Cash Holdings

以2010—2014年沪市A股上市公司为研究样本,实证检验了管理者过度自信对现金持有水平的影响,并且加入内部控制的因素,进一步探究不同内部控制水平下二者影响程度的差异。研究结果表明:过度自信的管理者倾向于保持较高的现金持有水平;相对于内部控制水平高的企业,在内部控制水平低的企业中,管理者过度自信与现金持有水平的相关性更为显著。证明了管理者的个人特质是影响现金持有决策的重要因素,研究结论为管理者过度自信影响企业现金持有行为的假说提供了经验证据。

Using the sample of Shanghai A-shares listed companies in China stock market from 2010 to 2014,this paper theoretically analyzes and empirically examines the relationship between managerial overconfidence and the level of cash holdings. Furthermore,we add the factors of internal control,examine the relationship under the different levels of internal control.We find robust evidence of a positive relationship between managerial overconfidence and the level of cash holdings. With respect to the high level of internal control of the companies,in the low level of internal control in the companies,the positive relationship is more significant. It is proved that manager＇s personal qualities can also affected the corporate cash holdings decisions. The research provides an experimental evidence for the hypothesis of managerial overconfidence affect cash holdings.