贷款投放量、高管过度自信与企业过度投资

以2007—2011年沪深A股上市公司为研究样本,首先对管理者过度自信与过度投资之间的相关性进行实证分析,然后引入二层变量探讨不同产权性质下各省银行业金融机构贷款投放量对管理者过度自信—过度投资关系的影响。研究结果显示：我国上市公司管理者过度自信水平与企业过度投资程度存在显著的正相关性。在国有企业中,省内贷款投放量的增加会显著加强管理者过度自信与过度投资的正相关性。而在非国有企业中,省内贷款投放量对过度自信和过度投资关系的影响不显著,而贷款投放量的增加会加强企业增长率和过度投资之间的正向关系。

The Amount of Loan Supply,Executive Overconfidence and Enterprises＇ Excessive Investment

With China＇s A-share listed enterprises as the samples from 2007 to 2011,this paper analyzes the relationship between the executives＇ overconfidence and overinvestment. Then the two-stage variable is introduced to discuss the effect of the amount of loan supply given by the province-level banking financial institutions with the different property rights on the relationship between executive overconfidence and overinvestment. The study shows that the positive correlation is significant between the level of executive overconfidence in China＇s listed enterprises and the degree of enterprises＇ overinvestment. Among the state-owned enterprises,the increase in the amount of loan supply in the province will significantly strengthen the positive correlation between the executive overconfidence and overinvestment. The effect is,however,not so significant among the non-state-owned enterprises,and the increase in the amount of loan supply will strengthen the positive relation between the growth rate and overinvestment though.