摘要
基于行为公司金融视角,本文对我国上市公司高管人员过度自信的现实表现及其与企业投资决策的关系进行了理论分析和实证检验。研究表明:(1)在实施股权激励的上市公司中,四分之一左右的高管人员具有过度自信行为特征。(2)同适度自信行为相比,高管人员过度自信行为不仅与投资水平显著正相关,而且投资的现金流敏感性更高。(3)过度自信高管人员投资的现金流敏感性随股权融资数量的减少而上升。(4)在我国上市公司特有的股权安排和治理结构下,过度自信高管人员在公司投资决策中更有可能引发配置效率低下的过度投资行为。
From the behavioral corporation finance viewpoint, this paper studies the relationship between the general manager＇s overconfidence in Chinese listed company and the corporation investment decision with theoretical and empirical analysis. The conclusion is ： （ 1 ） A quarter of general managers possess overconfidence characteristic in the listed company of actualizing stock incentive. （2）The general manager＇s overconfidence is not only positive relativity with the corporation investment level,but also the investment level of them is more sensitive to cash flow than the level of moderate managers else. （3）The investment-cash flow sensitivity is positive relativity with the decreasing of equity capital financing. （4）The overconfident general manager is more likely to result in inefficient overinvestment behavior in corporation decisions, under the especial stock arrangement and corporation governance structure of Chinese listed company.
出处
《中国管理科学》
CSSCI
2005年第5期142-148,共7页
Chinese Journal of Management Science
基金
国家自然科学基金资助项目(70372041)
关键词
过度自信
公司投资决策
行为公司金融
overconfidence
corporation investment decision
behavioral corporation finance
