Does Managerial Overconfidence Lead To Mismatch Of Investment And Financing?

Through the study of scholars,it is found that there is a psychological deviation of overconfidence in all sectors of the society,and the managers of enterprises have shown this characteristic without exception.The traditional financial theory is based on the hypothesis of rational people,but with the development of theory and the existing phenomena in the real society,all the scholars have challenged the rational people.The scholars both at home and abroad have found the phenomenon of overconfidence in investment and financing activities.For example,scholars at home and abroad have almost agreed that overconfidence in managers will lead to the high frequency of overinvestment and mergers and acquisitions,but there is still a dispute over the relationship with financing activities.The matching theory of investment and financing requires that there should be a matching phenomenon between investment and financing,but in reality,there are mismatches.This paper,taking the mismatch degree of investment and financing as an explanatory variable,studies the correlation between the managerial overconfidence and the mismatch between the investment and financing of the enterprise.At the same time,combining the moderate level of monetary policy and the property factors of the enterprise,this paper further studies the moderate level of monetary policy and the attribute factors of the property right of the enterprise to the managers.The moderating effect of overconfidence is related to the mismatch of investment and financing.On the basis of previous literature and theoretical summary,this paper puts forward the corresponding assumptions and builds an empirical model.Taking 2014-2016 years as the research interval,the A shares listed companies are samples,and the empirical statistical analysis method is used to verify the hypothesis.The conclusion is as follows:(1)the degree of overconfidence of managers is positively related to the mismatch degree of enterprise investment and financing,and the overconfident managers are more inclined to be overconfident than those who are not overconfident.The use of radical short investment strategy;(2)the moderate level of monetary policy weakens the positive correlation between the overconfidence of managers and the mismatch degree of investment and financing;(3)the property attribute weakens the positive correlation between the overconfidence of managers and the mismatch degree of enterprise investment and financing.