过度自信，管理和公司价值

Proceedings of the 2022 5th International Conference on Computers in Management and Business Pub Date : 2022-01-21 DOI:10.1145/3512676.3512692

Cuifeng Wu, Kunyue Zhang

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引用次数: 0

摘要

在实践中，人们并不像在完美市场中那样理性。他们在做决定的时候是不理智的。这种现象在上市公司中也同样存在。作为主要决策者的管理者往往过于自信。经理过度自信对公司价值的影响是什么?本文采用2000 - 2017年中国a股上市公司样本数据对研究假设进行检验，实证结果表明，管理者过度自信对企业价值具有显著的负向影响。最后，基于管理者过度自信对公司价值影响的研究结论，本文提出了提升上市公司价值的相关政策建议。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Overconfidence, management and firm value

In practice, people are not as rational as the supposed to be in the perfect market. They are irrational when they are making decisions. This phenomenon is also exist in listed companies. Managers who are the main decision makers are found to be overconfident. What is the impact of manager overconfidence on the value of the company? This paper uses the sample data of Chinese A-share listed companies from 2000 to 2017 to examine the research hypothesis, empirical results show that manager overconfidence has a significant negative impact on the enterprise value. Finally, based on the conclusion of the research on the effect of manager overconfidence on the value of the company, this paper puts forward the relevant policy suggestions for promoting the value of listed companies.

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Proceedings of the 2022 5th International Conference on Computers in Management and Business

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