选取管理者过度自信和企业风险的代理变量,利用2002—2009年我国上市公司的面板数据,通过单位根检验和格兰杰因果关系检验,研究管理者过度自信对企业风险的影响。结果表明,管理者过度自信是企业风险的格兰杰原因,且管理者过度自信引发的企业风险在管理者过度自信滞后的第二个经营年度表现显著;企业风险不是管理者过度自信的格兰杰原因。
Using the panel data of listed companies in China during 2002-2009,this paper selects the proxy variables of managerial overconfidence and enterprise's risk,and studies the relationship between managerial overconfidence and enterprise's risk through Granger causality test and unit root test.The empirical result shows that managerial overconfidence is the Granger cause of enterprise's risk,and enterprise's risk caused by managerial overconfidence is significantly shown in the second operation year because of the lag of overconfidence of manager,while enterprise's risk is not the Granger cause of managerial overconfidence.