高管过度自信与现金股利相关性研究——基于融资约束的视角

〗以股改后2007~2011年A股上市公司为样本，考察融资约束对高管过度自信与现金股利支付关系的影响。结果发现：高管过度自信与上市公司现金股利支付之间具有负相关关系,但这种负向关系只有在非国有上市公司较为显著。进一步研究表明，高管过度自信与现金股利支付关系在不同股权性质下存在差异的主要原因来自于外源融资约束的影响，较强的外源融资约束加剧了高管过度自信对现金股利支付的降低效应，而外源融资环境的改善可以在一定程度上抑制高管过度自信对现金股利支付的降低效应。

Executives Overconfidence and Cash Dividend Payment: From External Financing Constraint

Based on the data of Chinese A share listed companies during 2007~2011, the effect of external financing constraint on the relation between executives overconfident behavior and the company''s cash dividend payment has been investigated. The results find that: There is significant negative influence between executives overconfident behavior and corporate cash dividend payout tendency and payout level, but the negative effect holds only for non-state controlled companies. Further researches show that external financing constraint has a significant impact on the relation between executives overconfidence and the company''s cash dividend payment. The negative effect of executives overconfidence on the company''s cash dividend payment may be alleviated by improving the external financing environment.