| 管理者过度自信对股权融资成本的影响——基于信息透明度的视角 |
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| 引用本文： | 罗进,李延喜.管理者过度自信对股权融资成本的影响——基于信息透明度的视角[J].技术经济,2013(12):111-117. |
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| 作者姓名： | 罗进 李延喜 |
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| 作者单位： | 大连理工大学管理与经济学部,大连116024 |
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| 基金项目： | 国家自然科学基金项目“外部治理环境、利益相关者声誉与上市公司盈余管理”（71172136） |
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| 摘 要： | 以2009年和2010年具备股权再融资资格的中国上市公司为研究对象,从信息透明度的角度考察管理者过度自信对股权融资成本的影响。研究发现:管理者过度自信对上市公司的信息透明度和股权融资成本具有负面影响;具体而言,管理者越倾向于过度自信,上市公司的收益平滑度越高,因此收益透明度越低;相比非过度自信管理者所在的企业,过度自信管理者所在企业的股权融资成本更高。
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| 关 键 词： | 管理者过度自信 信息披露质量 股权融资成本 信息透明度 |
Effect of Managerial Overconfidence on Equity Capital Cost： From Perspective of Information Transparency |
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| Luo Jin,Li Yanxi.Effect of Managerial Overconfidence on Equity Capital Cost： From Perspective of Information Transparency[J].Technology Economics,2013(12):111-117. |
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| Authors: | Luo Jin Li Yanxi |
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| Institution: | (School of Management, Dalian University of Technology, Dalian 116024, China) |
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| Abstract: | Taking the listed companies with the qualification of seasoned equity offerings in China＇s stock market as the research sample, this paper studies the influence of managerial overconfidence on equity capital cost from the perspective of information transparency. The result shows as follows：managerial overconfidence has a negative effect on accounting information opacity and equity capital cost ; specifically, the more obvious managerial overconfidence, the higher the earning smoothing degree of listed company, which leads to the lower earning transparency af- ter controlling several factors;compared with the company managed by rational manager,the company managed by overconfident manager faces higher equity capital cost. |
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| Keywords: | managerial overconfidence disclosure quality equity capital cost information transparency |
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