管理者过度自信对财务弹性的影响研究

发布时间：2019-03-13 11:00

【摘要】：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。
[Abstract]:Relaxing rational person hypothesis and introducing manager irrationality into the study of corporate finance can make the related research closer to the economic reality. This paper studies the financial elasticity of enterprises from the perspective of manager overconfidence. It is found that the overconfidence of managers has a significant effect on the level of financial elasticity of enterprises, and the overconfident enterprises of managers will maintain lower financial flexibility. Further grouping test shows that overconfidence of managers in non-state-owned enterprises and competitive enterprises has a more significant impact on financial elasticity. The conclusion shows that enterprises facing more resource constraints and market constraints in the process of development. The influence of overconfidence of managers on financial elasticity is more obvious. Therefore, we suggest that managers overconfident enterprises should enhance their risk coping ability in their business activities to offset the high risk in financial arrangements. For those non-state-owned enterprises and competitive enterprises whose resource and market constraints are obvious, their managers should pay attention to controlling their overconfidence tendency.
【作者单位】：中国石油大学(北京)工商管理学院;
【基金】：国家自然科学基金(71202118和71601184) 中国石油大学(北京)优秀青年教师研究项目(ZX20150132)资助
【分类号】：F272.91;F275

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