管理者过度自信与企业投融资决策研究述评

摘要

新兴的行为公司财务学将管理者非理性纳入企业财务决策研究视角，弥补了传统理论的缺陷，为传统理论研究注入了新的生命力。回顾管理者过度自信内涵和心理学证据，简要分析管理者过度自信产生原因，归纳已有的过度自信度量方法；阐述和总结管理者过度自信对公司投资和融资的影响。通过对现有研究的梳理和分析，以便更好地解释企业管理者投资、融资行为，提高企业的财务决策效率。%Emerging behavioral corporate finance puts managers irrational into the corporate financial decision research perspective , makes up tradi-tional theory, and injects new vitality into the traditional theory .We first review the meaning of managerial overconfidence and psychological evi-dence, a brief analysis of the causes of managerial overconfidence and summarize the existing measurement of overconfidence;secondly we describe and summarize the impact of manager overconfidence on investment and financing; Finally we give conclusions and outlook.We tease through the existing research and analysis in order to give a better explanation to the business managers investment , financing behavior, improve the efficiency of the corporate financial decision-making.