董事会独立性管理者过度自信与资本结构决策.pdfVIP

山/ 西/ 财/ 经/ 大/ 学/ 学/ 报 2009 9 Journal of ShanXi Finance and Economics U niversity Sep. , 2009 31 9 Vol. 31 No. 9 董事会独立性管理者过度自信与资本结构决策 江 伟, 黎文靖 ( 暨南大学 会计系, 广东 广州5 10632) [ ] 本文以我国上市公司总经理的年龄任职时间两职兼任情况以及工作背景作为管理者过度自信的替代变量, 具体考察了管理者的过度自信行为对我国上市公司资本结构决策的影响研究结果表明: 总经理的年龄越大, 任职时间越 长, 以及当总经理拥有技术类工作背景时, 总经理的过度自信行为越弱, 总经理越选择较低的负债比率; 当总经理同时兼任董 事长时, 总经理的过度自信行为越强, 总经理越选择较高的负债比率进 一步的研究发现, 董事会独立性的增强可以弱化总 经理的过度自信行为, 因此总经理过度自信与公司负债比率之间的正相关关系有所减弱本文的研究意义不仅在于丰富和 拓展了国内外的相关研究成果, 而且有助于我们从管理者的 个 特征方面来理解我国上市公司的资本结构决策 [ ] 管理者过度自信; 资本结构; 董事会独立性 [ ] F277 [ ] A [ ] 1007 - 9556( 2009) 09- 0064- 07 Boards of Directors Independence, Managerial Overconfidence and Decisions of Capital Structure JIANG Wei, LI Wen- ing ( Accounting Dept . , Jinan University, Guangzhou 510632, China) Abstract:This paper selects age, tenure, whether the board chair and CEO positions are consolidated, and work background of CEOs in Chinese listed companies as proxy measures of managerial overconfidence, and examines the eff ect of managerial overconf idence on capital structure decisions . T he empirical results show that, when CEOs are older and have longer tenure, w hen the board chair and CEO positions are separated , and when CEOs have technical w ork background, CEOs have w eaker managerial overconf idence, then they choose lower debt ratio; Whats more, in companies which boards of directors are more independent, the positive relationship between managerial overconf idence and debt ratio is w eakened. This research not only enriches and extends the related studies on managerial overconfidence and capital structure, but al