Abstract：In order to test the effect of different managerial levels' overconfidence on investment,this study divides managers into two levels:board chairman and CEO.Here managers are classified as being overconfident if they increase the shareholding of employed company voluntarily.Then regression anaysis was conducted on five sample groups respectively:full sample,chairman's overconfidence sample,CEO's overconfidence sample,chairman cum CEO's overconfidence sample,chairman and CEO simultaneous overconfidence sample,using A-share listed company data of 2010 to 2014.The empirical results show that managerial overconfidence impact on investment positively,but the financing cash flow can reduce the impact.Further research found that the sensitivity of investment to cash flow can be reduced by chairman's overconfidence;CEO's overconfidence only affect investment level,without changing the investment sensitivity to cash flow.With respect to the chairman and general manager simultaneous overconfidence,the impact of one person holding two posts at the same time is more significant.

Keyword：management level; overconfidence; level of investment; cash flow sensitivity; corporate governance;