管理层过度自信、董事会治理与公司绩效——沪深A股4212家上市公司的经验研究

Management Overconfidence,Board Governance and Corporate Performance:Experience Study of 4212 A-share Listed Companies in Shanghai and Shenzhen

本文以过度自信理论为研究视角,收集沪深A股上市公司2010—2019年的数据作为研究样本,在文献综述的基础上提出假设,并用统计数据进行验证,探究管理层过度自信对公司绩效会产生何种影响,以及董事会治理在其中如何起调节作用。结果表明,管理层过度自信与公司绩效呈现负相关关系;从董事长和总经理两职合一以及管理层规模扩大两个方面来看,管理层过度自信对公司绩效的负面影响程度可能加深;独立董事比重的增加并不能显著削弱管理层过度自信对公司绩效的负面作用。最后,依据相关变量的回归结果,本文得出总体结论并提出有关建议。

This paper takes the basic academic theory of overconfidence as the entry point,collects the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2019 as research samples,proposes hypotheses and analyzes the obtained data,explores the impact of management overconfidence on corporate performance,and how board governance plays an effective role in regulating effect.The results show that there is a negative correlation between managerial overconfidence and corporate performance.From the perspective of the combination of chairman and general manager and the expansion of management scale,the negative impact of management’s overconfidence on corporate performance will be deepened.Moreover,the increase in the proportion of independent directors cannot significantly reduce the negative effect of management’s overconfidence on corporate performance.Finally,according to the regression results of related variables,this paper makes the overall conclusion and gives some suggestions.