Abstract：Using a sample of Chinese listed firms from 2010 to 2015,this paper examines the influence of overconfidence of managers and female executives on the financing preferences. The results show that when the Chinese listed companies finances, the financing preference order is equity financing, debt financing and internal financing. When the managers of the company are overconfident, they are apt to choose more risky financing methods. After adding the gender of senior managers as regulating variable, it is found that senior managers can rationally regulate the choice of financing methods, which is manifested in reducing the radicality of overconfident managers as a whole. The degree makes the financing preference of overconfidence tend to be rational.

Keyword：Pecking order; Overconfidence; Female managers; Financing risk;