Abstract: This paper takes the basic academic theory of overconfidence as the entry point, collects the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2019 as research samples, proposes hypotheses and analyzes the obtained data, explores the impact of management overconfidence on corporate performance, and how board governance plays an effective role in regulating effect. The results show that there is a negative correlation between managerial overconfidence and corporate performance. From the perspective of the combination of chairman and general manager and the expansion of management scale, the negative impact of management’s overconfidence on corporate performance will be deepened. Moreover, the increase in the proportion of independent directors cannot significantly reduce the negative effect of management’s overconfidence on corporate performance. Finally, according to the regression results of related variables, this paper makes the overall conclusion and gives some suggestions.

Key words: management overconfidence, board governance, corporate performance, independent director, two jobs in one