管理者过度自信、企业价值与企业财务困境的关系——基于东星集团的案例研究

摘要

实证研究表明,管理者过度自信与企业财务困境之间存在一定的关系,但现有文献并未清晰地回答管理者过度自信对企业财务困境形成的影响机理。本文通过理论分析和案例研究建立了管理者过度自信与企业价值之间相互影响、递进上升,最后导致企业陷入财务困境的分析模型。文章提出了用OC系数来衡量管理者过度自信,是对管理者过度自信研究方法的一个贡献;建立了管理者过度自信、企业价值与企业财务困境之间的关系模型,能够比较清晰地解释管理者过度自信对企业财务困境形成的影响机理,丰富了管理者过度自信和企业财务困境的理论研究成果。%It is shown in empirical studies that there is a certain connection between manager's overconfidence and corporate financial distress.However,the detailed mechanism of how manager's overconfidence influences corporate financial distress has not yet been clearly demonstrated in the existing literature.Based on theoretical analysis and case study,this paper develops an analysis model,which shows that manager's overconfidence and corporate value interact,increase with each other and work together to lead to corporate financial distress.The OC coefficient proposed in this paper to measure manager's overconfidence is a contribution to the research approach of manager's overconfidence;the model developed in this paper to show the relationship among manager's overconfidence,corporate value and corporate financial distress helps to explain the mechanism of how the influence manager's overconfidence has on the formation of corporate financial distress works,and enriches the research achievements on manager's overconfidence and corporate financial distress.