CAJ | 학술논문

本文检验管理者过度自信是否影响企业的风险承担，以及风险承担的经济后果。我们以沪深A股上市公司2001～2010年的数据作为样本，研究结果发现，管理者过度自信与企业风险承担水平显著正相关。对风险承担经济后果的检验发现，更高的风险承担水平有利于提高企业的资本配置效率和企业价值。以上研究结论意味着，管理者过度自信在企业投资决策中的作用并不完全是消极的。同时，我们也为风险承担能促进经济的持续增长提供了微观层面的证据。本文丰富和拓展了管理者过度自信和企业风险承担的相关研究，对企业的管理者聘任决策以及对企业应重视风险性项目的投资都有一定的现实启示意义。
본문검험관리자과도자신시부영향기업적풍험승담，이급풍험승담적경제후과。아문이호심A고상시공사2001～2010년적수거작위양본，연구결과발현，관리자과도자신여기업풍험승담수평현저정상관。대풍험승담경제후과적검험발현，경고적풍험승담수평유리우제고기업적자본배치효솔화기업개치。이상연구결론의미착，관리자과도자신재기업투자결책중적작용병불완전시소겁적。동시，아문야위풍험승담능촉진경제적지속증장제공료미관층면적증거。본문봉부화탁전료관리자과도자신화기업풍험승담적상관연구，대기업적관리자빙임결책이급대기업응중시풍험성항목적투자도유일정적현실계시의의。
This paper tests whether managerial overconfidence affects corporate risk - taking, and the possible economic consequences of corporate risk - taking. Using data of listed companies in China from 2001 - 2010 as sample, we employ three proxies as measures of managerial overconfidence. We find that there is a significantly positive association between managerial overconfidence and corporate risk - taking. Further results show that risk -taking is conductive to improve the efficiency of capital allocation and firm value. These results suggest that the managerial overconfidence is not always negative to the corporate investment decisions. Meanwhile, we provide some microscopic evidence for the view that risk - taking is a fundamental driver of economic growth. This paper riches and expands the research on managerial confidence and corporate risk - taking, so it can help us to understand the role of overconfident manager on the corporate investment decisions, and it also have im- portant implications for corporate risky investment.