管理者过度自信、融资决策与企业价值
Managerial Overconfidence, Financing Decision and Enterprise Value
DOI: 10.12677/FIN.2018.86027, PDF,    国家科技经费支持
作者: 李 芳, 徐凤菊*：武汉理工大学管理学院，湖北 武汉
关键词: 企业价值；管理者过度自信；融资决策；中介效应；Corporate Value； Managerial Overconfidence； Financing Decision； Mediating Effect
摘要: 基于2009~2017年中国沪、深两市1110家A股上市公司的平衡面板数据，运用管理者过度自信替代指标的连续变量，分析管理者过度自信对企业价值的影响，从融资方式、融资规模及融资期限等多维度探究融资决策在管理者过度自信对企业价值影响中的中介作用。实证结果表明，适度过度自信的管理者因偏好融资成本较高的股权融资降低了企业价值；高度过度自信的管理者则因倾向于短期债务融资而提升了企业价值；融资决策在管理者过度自信对企业价值的影响中存在中介效应。研究结果为分析我国上市公司企业价值的影响因素提供了重要依据，对相关职能部门和企业高管人员探索如何提升企业价值的路径具有一定的启示意义。
Abstract: Based on the balance panel data of 1110 A-share listed companies in Shanghai and Shenzhen market from 2009 to 2017, this paper uses the continuous variables to replace indicators to analyze the impact of managerial overconfidence on corporate value, and explores the mediating role of financing decisions in the influence of managerial overconfidence on corporate value from multiple dimensions, such as financing methods, financing scale and financing period. The consequences indicate that moderately overconfident managers reduce corporate value by preferring equity financing with higher cost. Highly overconfident managers increase corporate value by concentrating on short-term debt financing. Financing decision-making has a mediating effect on the influence of managerial overconfidence on corporate value. The research results provide an important basis for analyzing the influencing factors of the value of listed companies in China, and have certain enlightenment significance for relevant functional departments and corporate execu-tives to explore ways to improve corporate value.
文章引用：李芳, 徐凤菊. 管理者过度自信、融资决策与企业价值[J]. 金融, 2018, 8(6): 229-241. https://doi.org/10.12677/FIN.2018.86027

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