The effect of managerial overconfidence on listed companies´ capital structure and debt maturity structure

This paper based on the behavioral finance hypothesis, taking the companies listed on Shanghai stock exchange and Shenzhen stock exchange from 2003 to 2005 as samples, takes research on the effects of managerial overconfidence on listed companies´ capital structure and debt maturity structure. The empirical results shows: managerial overconfidence has significant positive relationship with companies´ capital structure, which means the debts of listed companies with overconfidence managers are higher than the others previously. What´s more, managerial overconfidence has significant negative relationship with debt maturity structure, which present the listed companies with overconfidence managers are prefer to shorter debt maturity structure.