CEO过度自信、权力配置与股价崩盘风险*
CEO OVERCONFIDENCE, POWER CONFIGURATION AND STOCK PRICE CRASH RISK

摘要 基于沪深两市2006—2013年A股上市公司的面板数据，本文从行为金融视角出发考察了CEO过度自信心理特征及其权力配置对股价崩盘风险的影响。研究发现CEO过度自信会增大公司股价崩盘风险；并且，随着CEO权力增大，过度自信更容易导致公司股价崩盘现象发生。进一步将CEO权力细分为选择权和决断权之后发现，只有CEO决断权增大能显著加剧过度自信对股价崩盘风险的负面影响，且这一关系只有在选择权得到保证后成立。
Abstract： From the perspective of behavioral finance, this paper studies the impact of CEOs overconfidence, CEOs power and its configuration on stock price crash risk based on the 2006—2013 panel data of ashare companies listed in Shanghai Securities Exchange and Shenzhen Securities Exchange. Empirical evidence shows as follows: First, CEOs overconfidence increases the stock price crash risk. Second, the overconfidence is more likely to lead to share price collapse with the increase of CEOs power. Third, after further subdividing the CEOs power into decision power and choice power, we found that its the CEOs decision power rather than choice power plays the main role on moderating the relationship between CEO overconfidence and stock price crash risk. While, even with the large decision power, CEOs overconfidence cant aggravate the negative effect on stock price cash risk with the restriction of choice power.