管理者过度自信变量的选择和实证分析——来自中国上市公司的经验证据

基于行为公司金融视角,以2007-2010年间中国A股上市公司为样本,运用主成分分析法对中国上市公司高管人员过度自信变量的衡量进行了确定。研究表明:选取所处行业风险、资产负债率、公司的资产规模、净资产收益率、管理者持股比例和管理者薪酬比例这6个指标作为影响管理者过度自信的因素,可以进行主成分分析,并确定权数,得出一个新的衡量高管过度自信的综合指标。

Selection of variables about managers’ overconfidence and the empirical analysis by using data from Chinese listed companies

Based on the behavior of corporate finance perspective,setting A-share listed companies in 2007-2010 as the samples and using principal component analysis,this paper aims to determine the measure of overconfidence variables of the Chinese listed companies’ executives.This study finds that: the selected six indicators,such as industry risk,asset-liability ratio,the company asset scale,rate of return on common stockholder’s equity,managers’ shareholding proportion and managers’ compensation proportion,are the factors affecting managers’ overconfidence.Principal component analysis can be used for analysis of the factors to obtain a comprehensive indicator for measurement of executives’ overconfidence after determining the weights.