管理者过度自信对企业投资行为的影响研究

Main Article Content

Qiang Yan
Haijun Lu

Abstract

          以MM理论为基础的传统投资理论,是以一系列理性假说为前提的。然而随着行为财务理论的兴起和传播,越来越多的研究表明,传统投资理论存在着很大的局限性。因此,本文在行为财务理论相关研究基础上,构建了一个利用过度自信假设解释企业投资问题的模型,通过此模型,本文深入分析了管理者过度自信影响企业投资行为的作用机理,并回顾了相关研究文献,深度探究管理者过度自信与企业投资效率的潜在联系,为以后公司治理提供参考性建议。

 

           The traditional investment theory based on the MM theory is based on a series of rational hypothesis. However, with the rise and spread of behavioral financial theory, more and more research shows that the traditional investment theory has a lot of limitations. Therefore, based on relevant research of the behavioral finance theory, this paper constructed the potential link between a use overconfidence hypothesis to explain corporate investment model. Through this model, this paper makes a thorough analysis of the management mechanism of overconfidence on corporate investment behavior, and summarizes the relevant research literature. The paper delves deeper the potential linkages between managers overconfidence and corporate investment efficiency, and provides reference suggestions for corporate governance in the future.

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How to Cite
Yan, Q., & Lu, H. (2016). 管理者过度自信对企业投资行为的影响研究. Panyapiwat Journal, 8(2), 80-89. Retrieved from https://so05.tci-thaijo.org/index.php/pimjournal/article/view/65649
Section
Research Article

References

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Translated in Chinese

Hao, Y., Liu, X. & Lin, C. N. (2005). An Empirical Research on the General Manager Overconfidence and Investment Decision for the Listed Companies. Chinese Journal of Management Science, 13(5), 142-148. [in Chinese]

Hu, G. L. & Zhou, S. (2013). Accounting Conservatism Managers Overconfidence and Excessive investment. Journal of Southeast University (Philosophy and Social Science), 15(2), 50-55. [in Chinese]

Jiang, F. X., Zhang, M., Lu, Z. F. & Chen, C. D. (2009). Managerial Overconfidence, Firm Expansion and Financial Distress. Economic Research Journal, (1), 131-143. [in Chinese]

Ye, L. & Wang, Y. X. (2013). Managerial Overconfidence, Investment and Enterprise Performance--Empirical Evidence from Chinese A-share Listed Companies. Journal of Shanxi Finance and Economics University, 35(1), 116-124. [in Chinese]