CAJ | 학술논문

本文对董事长、CEO、TMT三个层次的过度自信与公司财务决策的关系进行了比较分析。结果显示，董事长过度自信对公司投资、并购、融资和股利分配决策均具有显著影响；而CEO过度自信、TMT过度自信仅对公司投资支出和债务期限结构影响显著。这说明董事长过度自信对我国上市公司非理性财务决策的解释力较强。此外，与国外研究不同的是，管理者过度自信对公司资本结构没有显著影响。
본문대동사장、CEO、TMT삼개층차적과도자신여공사재무결책적관계진행료비교분석。결과현시，동사장과도자신대공사투자、병구、융자화고리분배결책균구유현저영향；이CEO과도자신、TMT과도자신부대공사투자지출화채무기한결구영향현저。저설명동사장과도자신대아국상시공사비이성재무결책적해석력교강。차외，여국외연구불동적시，관리자과도자신대공사자본결구몰유현저영향。
The relationship between corporate financial policy and three levels of managerial overconfidence which are chairman of the board, CEO and TMT is comparatively analyzed. The results show that chairman of the board overconfidence has a significant effect on corporate investment, merger, finance, and dividend payout polices. Meanwhile, CEO overconfidence and TMT overconfidence only have significant effect on corporate investment expenditure and debt maturity structure. It is indicated that chairman of the board overconfidence is more appropriate to explain the irrational financial decisions of listed companies in China. In addition, it is found that managerial overconfidence has insignificant effect on corporate capital structure and it is different from some results of foreign literature.