企业投资决策趋同:羊群效应抑或“潮涌现象”?  

Corporate Investment Decision-making Convergence in China:Herd Behavior or Wave Phenomenon?

作　　者：方军雄[1] 

机构地区：[1]复旦大学管理学院,上海200433

出　　处：《财经研究》2012年第11期92-102,共11页Journal of Finance and Economics

基　　金：国家自然科学基金(71072003);教育部人文社会科学基金(08JC790019;07JA630023)

摘　　要：文章选取1999-2009年上市公司数据研究了中国企业投资决策羊群行为的存在性及其后果。研究发现,上市公司投资决策存在羊群行为,而投资羊群行为恶化了行业绩效。进一步研究发现,公司治理机制与投资羊群行为显著相关。This paper studies the presence of the herd behavior of corpo- rate investment decision-making in China and its consequences based on the data of listed companies from 1999 to 2009. It finds that there is the herd be- havior, which worsens industry performance, in the investment decision-making of listed companies. Further study shows that corporate governance mechanisms are significantly related to the herd behavior of investment.

关 键 词：投资趋同 羊群行为 信息 公司治理 

分 类 号：F275[经济管理—企业管理] F830.59[经济管理—国民经济]