管理者过度自信对财务弹性的影响研究

A Study of the Effects of Managerial Overconfidence on Financial Flexibility

放松理性人假设,将管理者非理性引入对公司财务的研究,可以使得相关研究更加贴近经济现实。本文从管理者过度自信视角研究企业的财务弹性问题,发现:管理者过度自信对企业的财务弹性水平产生显著影响作用,管理者过度自信企业会保持更低的财务弹性。进一步分组检验显示非国有企业及竞争性企业里管理者过度自信对财务弹性的影响更显著,该结论说明在发展过程中面临更多资源约束和市场约束的企业,其管理者过度自信对财务弹性影响作用更明显。为此我们建议:管理者过度自信的企业应在经营活动方面增强风险应对能力,以冲抵财务安排上的高风险。而那些受资源约束和市场约束明显的非国有企业和竞争性企业,其管理者应注意控制自己的过度自信倾向。

If we can bring irrational behavior of managers to research on corporate finance,our researches will be closer to the economic reality.The paper studies the corporate financial flexibility from the perspective of managerial overconfidence,we find the effect of managerial overconfidence on corporate financial flexibility is significant,and theenterprises whose managers are overconfidence keep lower financial flexibility.Further tests show that the influence of managerial overconfidence on financial flexibility is more significant in the group of non-state owned enterprises and competitive enterprises,the conclusion tells us that the effect of managerial overconfidence on financial flexibility is more obvious for the enterprises facing more resource and market constraints.We suggest the enterprises whose managers are over confidence should enhance the operating ability to offset the high financial risk,and advise the non-state owned enterprises and competitive enterprises with resource and market constraints to pay attention to control their overconfidence.