管理者过度自信、市场竞争与商业信用

曹向; 匡小平; 刘俊

管理者过度自信、市场竞争与商业信用

引用本文：曹向，匡小平，刘俊.管理者过度自信、市场竞争与商业信用[J].财经理论与实践,2013,(3):88-92

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作者	单位
曹向，匡小平，刘俊	（1.江西财经大学财税与公共管理学院，江西南昌330013；2.湖南商学院财政与金融学院，湖南长沙410205；3.湖南大学工商管理学院，湖南长沙410082）

中文摘要:基于行为金融视角，考量沪深两市2007~2011年上市公司管理者过度自信与商业信用的关系。结果表明，管理者过度自信与提供的商业信用正相关。民企面临的市场竞争大于国企，使得过度自信的管理者会提供更多的商业信用，而国有企业不存在这样的关系；同时，在竞争行业与管制行业之间，也表现出这种显著性关系。

中文关键词:过度自信商业信用市场竞争所有者性质

Managerial Overconfidence, Market Competition and Trade Credit

Abstract:From the perspective of behavioral finance, the relationship of the managerial overconfidence and trade credit has been analyzed with the data from listed companies from 2007~2011 in Shanghai and Shenzhen exchange. It is found that there is a positive relation between managerial overconfidence and trade credit. Further research shows that the competition pressure faced by private enterprises is greater than that of the state owned enterprises, therefore, the firm with overconfident managers will provide more trade credit, however that is another story happening in state owned enterprises. Nevertheless, such significant relationship does appear between the firm in competitive industries and regulated industries.

keywords:Managerial overconfidence Trade credit Market competition Ownership

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