Abstract：
Female managers generally exist in the listed companies, affecting the company’s investment and financing decisions .Using a sample of Chinese listed firms in 2007~2011, this paper examines the relations between female managers’ overconfidence and financing preference. The results show that female managers have significantly decreased the probability of corporate overconfidence, and there is a significantly negative relation with the investment-cash flow sensitivity, after controlling the influence of female managers, overconfident behaviors increase sensitivity of corporate investment to cash flow, strengthen internal financing preference. This paper provides the empirical evidence on the managers’ heterogeneity and the governing of the female.
2014 
