Abstract: In recent years,with the increase in uncertainty of the domestic and foreign environment,the psychological characteristics of the top management have been exerting greater and greater influence on the operation of the enterprises,and the firms have been paying more and more attention to the financial flexibility. Thus, based on the data of China's A-shared listed companies from 2012 to 2016,this paper conducts an empirical test on the relationships among managerial overconfidence,financial flexibility and the enterprise value. The results are as follows: there is a significant positive correlation between managerial overconfidence and financial flexibility; managerial overconfidence and financial flexibility can enhance the firm value; financial flexibility is the mediator between managerial overconfidence and the firm value. Therefore,in order to achieve the purpose of enhancing the firm value by overconfidence,the enterprise must reserve a modest financial flexibility to control it at a reasonable level.

Key words: Managerial Overconfidence, Financial Flexibility, Enterprise Value

摘要： 随着国内外经济环境不确定性的增加,高层管理者的心理特质对企业经营的影响越来越大,财务柔性也越来越受到企业的重视。本文选取2012~2016年A股上市公司数据为样本,对高管过度自信、财务柔性与企业价值的关系进行了实证检验。研究结果表明:高管过度自信与财务柔性显著正相关;过度自信和财务柔性均可以提升企业价值;财务柔性是高管过度自信作用于企业价值的一个中介变量。因此,为了达到高管过度自信提升企业价值的目的,企业必须适度储备财务柔性,以将其控制在合理的水平之上。

关键词: 高管过度自信, 财务柔性, 企业价值