摘要
以2007—2019年我国A股医药制造业上市企业为样本,通过量化管理者个人特征,设计过度自信指标并构建其与资本结构以及会计稳健性的度量模型,研究管理者过度自信与资本结构、过度自信与会计稳健性之间的关系。经实证检验发现,在医药上市企业中,过度自信的管理者做出的资本结构决策使企业负债率升高,过度自信与企业会计稳健性正相关。
Taking the A-share listed companies in pharmaceutical manufacturing in China from 2007 to 2019 as the research sample, this paper quantifies the personal characteristics of managers, designs the overconfidence index and constructs the measurement model of overconfidence with capital structure and accounting conservatism. The purpose of this paper is to study the relationship between managers’ overconfidence and capital structure, as well as that between overconfidence and accounting conservatism. After empirical test, it is found that in pharmaceutical listed companies, the capital structure decisions made by overconfident managers increase the debt ratio, and there is a positive correlation between overconfidence and accounting conservatism.
作者
王涵熙
刘伯炎
褚淑贞
WANG Hanxi;LIU Boyan;CHU Shuzhen(School of International Pharmaceutical Business,China Pharmaceutical University,Nanjing 211198,China)
出处
《科技与经济》
2022年第3期76-80,共5页
Science & Technology and Economy
基金
江苏省软科学研究计划项目——“新形势下江苏先进生物医药和新型医疗器械产业集群竞争力提升路径研究”(项目编号:BR2020040,项目负责人:褚淑贞)成果之一。
关键词
管理者过度自信
资本结构
会计稳健性
医药上市企业
overconfidence of managers
capital structure
accounting conservatism
pharmaceutical listed enterprises
