管理者非理性行为对企业投资影响研究  

A Study of the Impacts of Managers' Irrational Behavior on Enterprise Investment

作　　者：李永壮[1] 

机构地区：[1]中央财经大学商学院

出　　处：《南开学报（哲学社会科学版）》2014年第4期150-156,共7页Nankai Journal:Philosophy,Literature and Social Science Edition

基　　金：国家自然科学基金青年项目(71102121)

摘　　要：我们以行为公司金融相关理论为突破点,通过相关文献的重新归置与梳理,从投资决策心理机制出发,按照投资决策中管理者非理性典型心理特征的过度自信、嫉妒心理、风险规避、羊群效应,分别探讨其所导致的企业投资异化行为及造成的企业价值增长或毁损问题。管理者过度自信可引起过度投资或投资不足;拥有羡慕嫉妒的管理者会通过增加投资实现企业价值增长,而消极嫉妒管理者则通过增加非效率投资来损害公司价值;风险规避管理者易发生投资不足等决策扭曲行为;羊群效应管理者易形成投资盲目跟风,给企业价值带来贬损。Taking the theory of Behavioral Corporate Finance as breakthrough point, we can explore, by reclassify-ing related literature and examining investment decision makers＇ psychological mechanism, the abnormal behavior ofenterprise investments caused by managers＇ typical irrational psychological features, like overconfidence, envy, riskaversion and herd behavior, in the process of investment decision making and their respective impacts on the enterprise＇s development. Managers＇ overconfidence can result in excessive or insufficient investment; managers＇ positive envywill prompt them to increase their investment and raise the value of their enterprise; managers＇ negative envy will in-crease noneffective investment that is detrimental to the value of the enterprise; managers who like to avert risks are aptto have inadequate investment and other distorted behavior; managers who tend to have herd-like behavior will followthe trend to invest blindly and compromise the value of the enterprise.

关 键 词：过度自信 嫉妒心理 风险规避 羊群效应 投资决策 

分 类 号：F272.91[经济管理—企业管理] F275[经济管理—国民经济]