过度自信与企业融资偏好:基于高管性别的纠偏

以中国沪深两市2010-2015年A股上市公司为研究对象，实证检验管理者过度自信和女性高管对上市公司融资偏好的影响。结果表明：当中国上市公司进行融资时，遵循的融资偏好依次为股权融资、债权融资、内部融资；而当公司内部的管理者过度自信时，容易选择更冒险的融资方式；在加入高管性别作为调节后，发现女性高管能够理性调整融资方式，具体表现为整体降低过度自信管理者的激进程度，使得过度自信产生的融资偏好趋近理性。

Overconfidence and Firm Financing Preference: Based on the Correction of Executive Gender

Using a sample of Chinese listed firms from 2010 to 2015, this paper examines the influence of overconfidence of managers and female executives on the financing preferences. The results show that when the Chinese listed companies finances, the financing preference order is equity financing, debt financing and internal financing. When the managers of the company are overconfident, they are apt to choose more risky financing methods. After adding the gender of senior managers as regulating variable, it is found that senior managers can rationally regulate the choice of financing methods, which is manifested in reducing the radicality of overconfident managers as a whole. The degree makes the financing preference of overconfidence tend to be rational.