摘要
基于行为金融视角,考量沪深两市2007～2011年上市公司管理者过度自信与商业信用的关系。结果表明,管理者过度自信与提供的商业信用正相关。民企面临的市场竞争大于国企,使得过度自信的管理者会提供更多的商业信用,而国有企业不存在这样的关系;同时,在竞争行业与管制行业之间,也表现出这种显著性关系。
From the perspective of behavioral finance,the relationship of the managerial overconfidence and trade credit has been analyzed with the data from listed companies from 2007~2011 in Shanghai and Shenzhen exchange.It is found that there is a positive relation between managerial overconfidence and trade credit.Further research shows that the competition pressure faced by private enterprises is greater than that of the state owned enterprises,therefore,the firm with overconfident managers will provide more trade credit,however that is another story happening in state owned enterprises.Nevertheless,such significant relationship does appear between the firm in competitive industries and regulated industries.
出处
《财经理论与实践》
CSSCI
北大核心
2013年第3期88-92,共5页
The Theory and Practice of Finance and Economics
基金
国家自然科学基金项目(71163012)
湖南省自然科学基金项目(10JJ111)
关键词
过度自信
商业信用
市场竞争
所有者性质
Managerial overconfidence
Trade credit
Market competition
Ownership
