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论文编号：	3487
作者编号：	2120092404
上传时间：	2011/6/15 16:03:23
中文题目：	我国上市公司高管过度自信对企业投资影响的研究——基于制造业的视角
英文题目：	A Study of managerial overconfidence Impacting on Investment in China Listed Companies based on the Manufacturing Industry
指导老师：	张晓农
中文关键字：	管理者过度自信；公司投资；过度投资；行为金融学
英文关键字：	Managerial Overconfidence;Corporate Investment;Overinvestment;Behavioral Investment
中文摘要：	目前国内外很多文献都从公司管理者的角度对企业投资展开了研究，但是这些文献中大都是以传统理论为基础的，将企业投资者假设为“经济人”，认为他们做出的决策是完全出于理性心理的，即出于自身利益最大化的考虑，但现实情况却是与此有所出入的，企业管理者在日常经济活动中表现出来的理性特征总是有限的，他们也常常会受到很多主观心理因素的干扰，比如个人的认知偏差、心理情绪、个性本能等等，这些都会导致与理性不相符的行为出现。因此自上个世纪八十年代一些学者就开始把心理学的研究成果引入到经济学的研究领域中，行为金融学因此就产生了。 本文在整理了国内外关于高管过度自信对企业投资影响的基础上，提出了自己的研究视角，选取了2006-2009年A股制造业上市公司4年的数据为研究样本，经过相关筛选后共得到456家样本公司，实证分析了高管过度自信对企业投资的影响。最后，根据本文实证得出的研究结论，作者就如何避免高管过度自信给企业投资带来负面的影响提出了政策性建议。 本文得到的实证结果表明，与非过度自信的高管所在的企业相比，过度自信高管所任职的企业更容易增加投资，加大企业的投资规模；企业的最终控制人不同，管理者过度自信对企业投资所带来的影响程度是不同的；与非国有企业相比，国有企业中管理者过度自信对企业投资的影响更大；过度自信的管理者更容易出现过度投资现象。
英文摘要：	At present there is a considerable literature, both at home and abroad, on corporate investment from managers’ point of view, but it is based on the traditional theory that investors, assumed to be economic men, always make rational decisions and can defend their best interests. However, the reality does not agree with this assumption. In daily economic activities, rationality of managers is limited by psychological factors which would bother them, such as individual cognitive bias, mood, personality, instinct, etc. All would lead to actions inconsistent with rationality. Therefore some scholars began to introduce psychology to economics since 1980s’, and Behavior Finance appeared. Based on researches on how managers’ overconfidence will affect enterprises investment, this paper has given its own opinions. This paper has taken as study sample the data of A-share listed company in manufacturing industry from 2005 to 2009. After screening a total of 456 samples, it analyzes the effect of managers’ overconfidence on corporate investment through empirical methods. Finally, according to the conclusions drawn from empirical analysis, some policy suggestions are given to avoid a negative impact on corporate investment from executives’ overconfidence. This paper obtains the empirical results as follows: compared with the managerial non-confidence, the managerial overconfidence is more likely to lead to the business investment and increasing the scale of investment companies; The impact of managerial overconfidence on the enterprise investment is different because of different ultimate controller, at the same time, compared with non-state enterprises, the managers’ overconfidence from state-owned enterprise may make greater impact on business investment; Overconfident managers are more prone to lead to the phenomenon of corporate overinvestment.
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