航运企业非理性投资行为影响因素的实证研究  

An Empirical Study of Influencing Factors on Irrational Investment Behavior of Shipping Enterprises

作　　者：傅海威[1,2] 曲林迟[1] 

机构地区：[1]上海海事大学经济与管理学院,上海200135 [2]宁波工程学院,宁波315211

出　　处：《中国航海》2013年第2期124-128,共5页Navigation of China

基　　金：国家社科基金项目(11BJY110);宁波市社科规划项目(G12-ZX31)

摘　　要：非理性投资行为是导致航运危机的重要原因,也是航运企业可持续发展的关键障碍。基于行为金融学理论,分析组织因素、环境因素、个人因素与航运企业非理性投资行为间的关系,并构建非理性投资行为影响因素的结构方程模型。实证结果显示:问责制度、激励措施、项目熟悉度和经验水平对非理性投资行为具有显著的负向影响;运价走势和竞争压力对非理性投资行为具有显著的正向影响;非理性投资行为会导致航运企业投资风险增加,投资绩效降低。Irrational investment behavior is one of the important reasons of shipping crisis and the serious obstacle to sustainable development of shipping industry.Based on the behavioral finance,the influences of organizational,environmental and individual factors on irrational investment behavior of shipping enterprises are analyzed.A structural equation model of influencing factors of irrational investment behavior is constructed.Empirical results show that irrational investment behavior has significant negative relationship with accountability,incentive,familiarity with a project and the experience level,and significant positive relationship with the trend of freight rate and the competitive pressure.The irrational investment behavior will lead to the high investment risk and low investment performance.

关 键 词：交通运输经济学 航运企业 非理性投资行为 行为金融学 结构方程 

分 类 号：F552.6[经济管理—产业经济]