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论文编号：	9305
作者编号：	2120152469
上传时间：	2017/6/19 21:27:06
中文题目：	管理者过度自信、独董所在地与民营上市公司投资效率的关系研究
英文题目：	Research on the Relationship of Managerial Overconfidence, Location of Independent Directors and the Efficiency of Investment in Private Firms
指导老师：	李莉教授
中文关键字：	管理者过度自信；投资效率；独董所在地
英文关键字：	managerial overconfidence; investment efficiency; location of independent directors
中文摘要：	投资是企业生存发展的前提，也是企业最为重要的经济活动之一，投资是否科学合理关乎企业能否实现价值最大化。遗憾的是，现实中的企业仍普遍存在投资效率低下的问题。到底是何种原因导致了这一现象的发生？过去，研究者们从委托代理理论、信息不对称理论的角度对这一现象进行了解释，值得注意的是，这些都建立在理性人的基本假设之上。然而，许多心理学家研究表明，人并非总是理性的，过度自信是一种普遍存在的心理特征，特别是对于企业管理者而言，他们的过度自信尤为明显。因此，研究者们开始从管理者过度自信的视角出发，探讨管理者的这一认知偏差对企业投资效率的影响。 本文基于我国特殊的制度背景和经济转型时期，研究管理者过度自信对民营上市公司投资效率的影响，文中选取2013-2015年我国A股民营上市公司数据进行实证研究，并进一步检验了民营上市公司中独立董事所在地对过度自信管理者的投资效率有何影响。在实证分析中，本文通过对数据的描述性统计分析、相关性分析以及回归结果分析，检验了本文提出的两个假设。同时，本文还区分过度投资和投资不足两种情况分别进行了讨论。以下是本文得出的主要研究结论： 第一，管理者过度自信与民营上市公司投资效率显著负相关，也就是说，管理者越是过度自信，公司的投资效率就越低。过度自信的管理者既会导致过度投资，也会导致投资不足。 第二，独立董事所在地为本地时，能够在一定程度上提高过度自信管理者的投资效率。这种本地独立董事对投资效率的提高，主要表现为改善了民营上市公司的投资不足。
英文摘要：	As one of the most basic and important economic activities, the quality of investment has a direct influence on company value. However, the phenomenon of non-efficiency investment still occurs frequently in many firms of China, including over-investment and under-investment. What is the reason for this phenomenon? In the past, the researchers tried to explore the reason of the phenomenon from the perspective of Principal-agent theory and Asymmetric Information theory, which are the most classical theories. And it is worth noting that these are based on the basic assumptions of “rational man”. However, many psychologists have shown that man are not always rational and will make mistakes in the process of decision making, overconfidence is a common psychological characteristic especially for business managers and the impact on investment should not be ignored. Therefore, some researchers have begun to explore whether the investment efficiency is affected by the managerial overconfidence. The thesis based on the Chinese special institutional background and economic transition period, and investigates the influence of managerial overconfidence on the investment efficiency of private listed companies with the theoretical and empirical methods. In addition, the thesis examines the regulating effect of internal cash flows and location of independent directors. Then, with the statistics of Shanghai and Shenzhen A-shares private firms in 2013-2015, the thesis tests the relationship through empirical research method, and get two conclusions as follows: Firstly, managerial overconfidence is negatively correlated with investment efficiency of private listed companies. Secondly, the exist of local independent directors, and a large number of local independent directors can increase the investment efficiency of overconfidence managers.
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