大股东过度自信行为与公司治理的有效性——基于大股东增持的实证检验  

Major Shareholders’ Overconfidence and the Corporate Governance Efficiency:The Empirical Study Based on Major Holders’ Holding Increase

作　　者：文芳[1] 醋卫华[2] 

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]湘潭大学商学院,湖南湘潭411105

出　　处：《证券市场导报》2011年第12期11-16,共6页Securities Market Herald

基　　金：中国博士后科学基金资助项目(批准号:20110490845);广东省自然科学基金资助项目(批准号:S2011040001881)的资助

摘　　要：大股东是公司治理的重要参与主体,但大股东行为未必都是理性的。本文以大股东增持为研究的切入点,研究了大股东过度自信行为对公司治理有效性的影响。结果发现,大股东过度自信行为对公司治理有效性有显著的负面影响,而公司外部治理环境的完善对其具有矫正作用。即使剔除政府救市因素对大股东增持的影响,上述研究结论也依然成立。本文认为,在公司治理机制构建中对参与主体非理性因素的考虑,是提高公司治理机制有效性的重要前提。Major shareholders make important influence in corporate governance, but their behavior is not always rational. This paper examines the relationship between major shareholders overconfident behavior and corporate governance efficiency by studying their holding increase. The results show that there is significant negative influence of major holders＇ overconfident behavior on corporate governance efficiency, while perfect exterior corporate governance can remedy it. Even though the influence of government is eliminated, the conclusions are still valid. Therefore, we believe it an important prerequisite for enhancing corporate governance efficiency to consider the irrational behaviors of major shareholders.

关 键 词：过度自信 增持股份 公司价值 大股东 

分 类 号：F253.7[经济管理—国民经济]