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现代大多数企业都实现了所有权与经营权相分离,管理层拥有公司的很大一部分经营权力,而管理层过度自信通常会影响其行为。通过对融资、投资、R&D支出、并购、股利分配等公司决策进行研究,发现管理层过度自信对这些财务决策有显著的影响。过度自信的管理层所做出的财务决策与公司价值可能是正相关,也可能是负相关关系,最终会对公司价值产生双重影响。
Most modern enterprises have realized the ownership and management of the separation, management has a large part of the company operating authority, and management overconfidence will usually affect their behavior. Through the research on corporate decision-making such as financing, investment, R & D expenditure, M & A and dividend distribution, we found that management overconfidence has a significant impact on these financial decisions. Financial decisions made by overconfident management may or may not be positive related to company value, and ultimately have a double impact on the value of the company.