摘要
以2007-2011年间我国上市企业为样本,考察了管理者过度自信对公司融资决策的影响以及在管理者过度自信影响下的债务融资是否更易于使企业陷入财务困境。研究发现,管理者过度自信会影响公司融资决策。具体表现为:过度自信的管理者倾向于运用更多的债务融资,并在债务期限方面,偏好于短期债务融资。进一步考虑管理者过度自信下债务融资对公司财务困境的影响,结果发现:过度自信的管理者进行债务融资,更容易使公司陷入财务困境。
Taking the listed companies in domestic between 2007 and 2010 as the sample,this paper investigates the influence of managers’ overconfidence on the corporate financing policy and whether the company gets into financial distress under the debt financing with managers’ overconfidence.The research shows that managers’ overconfidence indeed influences the corporate financing policy.To be specific,it indicates that the overconfident managers tend to use more debt financing and are more likely to use short-term debt financing in the term of debt.To have a further consideration of the study,we could find that the company tends to get into financial distress easier under overconfident managers’ debt financing.
出处
《中南财经政法大学研究生学报》
2013年第1期109-115,共7页
Journal of the Postgraduate of Zhongnan University of Economics and Law
关键词
管理者过度自信
融资决策
财务困境
Managers’ Overconfidence
Corporate Financing Policy
Financial Distress
