高管过度自信行为与投融资关系——基于投资价值模型

Relationship Between Executive Overconfidence Behavior and Investment and Financing Based on Model of Investment Value

基于中小板块上市公司,对高管过度自信与投资行为和融资偏好之间的关系进行了实证研究。结果表明:中小板块企业中高管过度自信与企业的投资支出正相关,并且投资对外部融资现金流有很高的敏感性;管理者过度自信的公司的投资与内部现金流之间没有敏感性。同时以管理者适度自信的公司为对照研究发现:适度自信的管理者与投资之间敏感性不确定。

Based on small and medium-sized plate of listed companies, the paper studies the relationship among managerial overconfidence and investment behavior and the financing preference.The study shows that managers overconfidence and investment are related in small and medium-sized plate enterprises,and the sensitivity of investment to cash flow of external financing is very high.There is no sensitivity between investment and internal cash flow in managers overconfidence company. At the same time,with companies of moderate confidence managers for comparison,we find that） the sensitivity between moderate confidence managers and investment is uncertain.