管理者过度自信与资本结构理论研究综述
6576 
461
外国经济与管理 2008 年 第 30 卷第 09 期, 页码：8 - 13
摘要
参考文献
摘要
随着行为公司财务学研究的逐渐兴起,基于管理者过度自信视角的资本结构决策研究正成为现代资本结构理论研究的一个新的发展方向。本文在简要介绍管理者过度自信相关理论的基础上,重点就管理者过度自信对三大经典资本结构理论提出的挑战进行了综述,最后对管理者过度自信视角的资本结构决策研究的未来发展方向进行了展望。
①在此之前，基于投资者过度自信视角的行为金融学研究已经取得了丰硕的成果(Kyle和Wang，1997；Odean，1998；Scheinkman和Xiong，2003；等等)。
②这里采用Malmendier和Tate(2005a)的观点，把过度乐观定义为人们对外部事件发生概率的高估(例如经济增长或者战争爆发)，把过度自信定义为人们对自身能力的高估(例如个人的智商或者职业技能)。
③Goel和Thakor(2008)则认为，公司内部管理者选聘机制会导致管理者往往都是过度自信者。他们的研究结果表明，与理性的竞聘者相比，那些表现出过度自信和乐观倾向的竞聘者更有可能获得管理职位。Paredes(2005)甚至认为，管理者过度自信实际上是公司治理结构所导致的结果。
④Miller和Droge(1986)以及Baron(2000)等的研究结果都表明，与职业经理人相比，创业者往往更容易过度自信。
[1]Baker,M,Ruback,R,and Wurgler,J.Behavioral corporate finance:A survey[A],in E Bckbo(Ed.).The handbook of empirical corpo- rate finance[C].Amsterdam:North-Holland,2004.
[2]Kahneman,D,Slovic,P,and Tversky,A.Judgment under uncertainty:Heuristics and biases[M].Cambridge:Cambridge University Press,1982:201-208.
[3]De Bondt,W,and Thaler,R.Financial decision-making in markets and firms:A behavioral perspective[A].in M O Ball,et al(Eds.). Handbooks in OR&MS(Vol.9)[C].Amsterdam:Elsevier,1995:385-410.
[4]Miller,T,and Ross,M.Self-serving biases in the attribution of causality:Fact or fiction?[J].Psychological Bulletin,1975,82:213-225.
[5]Lichtenstein,S,and Fischhoff,B.Do those who know more also know more about how much they know?[J].Organizational Behavior and Human Performance,1977,20:159-183.
[6]Bazerman,M.Judgment in managerial decision making[M].2nd Ed.,New York:John Wiley and Sons,1990.
[7]March,G,and Shapira,Z.Managerial perspectives on risk and risk taking[J].Management Science,1987,33:1 404-1 418.
[8]Cooper,C,and Dunkelberg,C.Entrepreneurs' perceived chances for success[J].Journal of Business Venturing,1988,3:97-108.
[9]Busenitz,L,and Barney,J.Differences between entrepreneurs and managers in large organizations:Biases and heuristics in strategic- decision making[J].Journal of Business Venturing,1997,12:9-30.
[10]Heath,C,and Tversky,A.Preference and belief:Ambiguity and competence in choice under uncertainty[J].Journal of Risk and Un- certainty,1991,4:5-28.
[11]Hayward,A,and Hambrick,C.Explaining the premiums paid for large acquisitions:Evidence of CEO hubris[J].Administrative Sci ence Quarterly,1997,42:103-127.
[12]Paredes,A.Too much pay,too much deference:Behavioral corporate finance,CEOs,and corporate governance[R].Working Paper,A- merican Law & Economics Association Annual Meetings,2005.
[13]Ben-David,I,Graham,R,and Harvey,R.Managerial overconfidence and corporate policies[R].NBER Working Paper,2006.
[14]Roll,R.The hubris hypothesis of corporate takeovers[J].Journal of Business,1986,59:197-216.
[15]Heaton,B.Managerial optimism and corporate finance[J].Financial Management,2002,31:33-45.
[16]Malmendier,U,and Tate,O.CEO overconfidence and corporate investment[J].Journal of Finance,2005a,60:2 661-2 700.
[17]Hackbarth,D.Managerial traits and capital structure decisions[R].Working Paper,Finance Department,Kelley School of Business, Indiana University,USA,2004a.
[18]Hackbarth,D.Determinants of corporate borrowing:A behavioral perspective[R].Working Paper,Finance Department,Kelley School of Business,Indiana University,USA,2004b.
[19]Malmendier,U,Tate ,G,and Yan,J.Corporate financial policies with overconfident managers[R].Working Paper,Stanford University,2005.
②这里采用Malmendier和Tate(2005a)的观点，把过度乐观定义为人们对外部事件发生概率的高估(例如经济增长或者战争爆发)，把过度自信定义为人们对自身能力的高估(例如个人的智商或者职业技能)。
③Goel和Thakor(2008)则认为，公司内部管理者选聘机制会导致管理者往往都是过度自信者。他们的研究结果表明，与理性的竞聘者相比，那些表现出过度自信和乐观倾向的竞聘者更有可能获得管理职位。Paredes(2005)甚至认为，管理者过度自信实际上是公司治理结构所导致的结果。
④Miller和Droge(1986)以及Baron(2000)等的研究结果都表明，与职业经理人相比，创业者往往更容易过度自信。
[1]Baker,M,Ruback,R,and Wurgler,J.Behavioral corporate finance:A survey[A],in E Bckbo(Ed.).The handbook of empirical corpo- rate finance[C].Amsterdam:North-Holland,2004.
[2]Kahneman,D,Slovic,P,and Tversky,A.Judgment under uncertainty:Heuristics and biases[M].Cambridge:Cambridge University Press,1982:201-208.
[3]De Bondt,W,and Thaler,R.Financial decision-making in markets and firms:A behavioral perspective[A].in M O Ball,et al(Eds.). Handbooks in OR&MS(Vol.9)[C].Amsterdam:Elsevier,1995:385-410.
[4]Miller,T,and Ross,M.Self-serving biases in the attribution of causality:Fact or fiction?[J].Psychological Bulletin,1975,82:213-225.
[5]Lichtenstein,S,and Fischhoff,B.Do those who know more also know more about how much they know?[J].Organizational Behavior and Human Performance,1977,20:159-183.
[6]Bazerman,M.Judgment in managerial decision making[M].2nd Ed.,New York:John Wiley and Sons,1990.
[7]March,G,and Shapira,Z.Managerial perspectives on risk and risk taking[J].Management Science,1987,33:1 404-1 418.
[8]Cooper,C,and Dunkelberg,C.Entrepreneurs' perceived chances for success[J].Journal of Business Venturing,1988,3:97-108.
[9]Busenitz,L,and Barney,J.Differences between entrepreneurs and managers in large organizations:Biases and heuristics in strategic- decision making[J].Journal of Business Venturing,1997,12:9-30.
[10]Heath,C,and Tversky,A.Preference and belief:Ambiguity and competence in choice under uncertainty[J].Journal of Risk and Un- certainty,1991,4:5-28.
[11]Hayward,A,and Hambrick,C.Explaining the premiums paid for large acquisitions:Evidence of CEO hubris[J].Administrative Sci ence Quarterly,1997,42:103-127.
[12]Paredes,A.Too much pay,too much deference:Behavioral corporate finance,CEOs,and corporate governance[R].Working Paper,A- merican Law & Economics Association Annual Meetings,2005.
[13]Ben-David,I,Graham,R,and Harvey,R.Managerial overconfidence and corporate policies[R].NBER Working Paper,2006.
[14]Roll,R.The hubris hypothesis of corporate takeovers[J].Journal of Business,1986,59:197-216.
[15]Heaton,B.Managerial optimism and corporate finance[J].Financial Management,2002,31:33-45.
[16]Malmendier,U,and Tate,O.CEO overconfidence and corporate investment[J].Journal of Finance,2005a,60:2 661-2 700.
[17]Hackbarth,D.Managerial traits and capital structure decisions[R].Working Paper,Finance Department,Kelley School of Business, Indiana University,USA,2004a.
[18]Hackbarth,D.Determinants of corporate borrowing:A behavioral perspective[R].Working Paper,Finance Department,Kelley School of Business,Indiana University,USA,2004b.
[19]Malmendier,U,Tate ,G,and Yan,J.Corporate financial policies with overconfident managers[R].Working Paper,Stanford University,2005.
引用本文
江伟. 管理者过度自信与资本结构理论研究综述[J]. 外国经济与管理, 2008, 30(9): 8–13.
导出参考文献，格式为：
上一篇：国外资本结构动态性研究前沿探析
下一篇：科技介入型服务接触研究述评
