摘要
本文从行为金融学的视角,选取了2003—2016年沪深两市A股市场的上市公司数据,研究公司CEO的过度自信与企业融资行为之间的关系。研究发现:过度自信的CEO会倾向于增加贷款数量尤其是增加短期贷款数量;同时,CEO过度自信的企业贷款年度变动率超过非过度自信的企业,杠杆水平大大提升,有扩张性的融资行为。
From the perspective of behavioral finance, this paper selects the data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange between 2003 and 2016, and studies the relationship between corporate CEOs overconfidence and financing behavior. It is found that the overconfident CEOs tend to increase the number of loans, especially the one of short-term loans, and at the same time, the annual change rate of loans of overconfident enterprises exceeds that of non-overconfident ones, and the level of leverage is greatly enhanced with the expansionary financing behavior.
作者
马凌霄
MA Lingxiao(Department of Accounting, Yantai Vocational College, Yantai 264000, China)
出处
《鲁东大学学报（哲学社会科学版）》
2019年第2期90-96,共7页
Ludong University Journal:Philosophy and Social Sciences Edition
关键词
过度自信
企业经营
融资行为
overconfidence
enterprise management
financing behavior
