不同所有制下管理者过度自信与公司债务融资的关系

本文以2002—2008年我国沪深两市A股上市公司为样本,利用OLS回归模型考察了在不同所有制公司中管理者过度自信与债务融资之间的关系。研究结果显示:在不同所有制的上市公司中,管理者过度自信对公司债务融资的影响存在差异。与非国有上市公司相比,国有上市公司的管理者更加过度自信,更倾向于选择债务融资;在债务期限方面,不同所有制公司的过度自信管理者都倾向于使用长期债务,但在国有上市公司中这种倾向表现得更为显著。

Study on Relationship between Managerial Overconfidence and Debt Financing in Corporates with Different Ownership

Taking the A-share listed companies from Shanghai and Shenzhen Stock Exchange from 2002 to 2008 as the samples,this paper studies the relationship between managerial overconfidence and debt financing in corporates with different ownership by OLS regression model.The result shows as follows：the impact of managerial overconfidence on corporate debt financing is different in listed companies with different ownership;managers in state-owned listed companies take on more overconfidence,and are more inclined to choose debt financing than those in non-state-owned listed companies;managers with overconfident in listed companies with different ownership all prefer to long-term debt maturity,but such tendency is more significant in state-owned listed companies.