企业非效率投资:基于行为经济学的解释  

Corporation Inefficient Investment: An Explanation from Behavioral Economics

作　　者：韩志丽[1] 邵军[1] 陈敏[1] 徐波 

机构地区：[1]上海立信会计学院会计与财务学院,上海201620 [2]昆仑银行股份有限公司库尔勒分行,新疆库尔勒841000

出　　处：《会计与经济研究》2014年第6期72-80,共9页Accounting and Economics Research

基　　金：上海市教育委员会科研创新重点项目(10ZS130);国家自然科学基金项目(71172017);教育部人文社会科学规划基金项目(09YJA630099);高校创新创业教育基地项目(10-7109-04-012)

摘　　要：行为经济学研究按主体不同,可以划分为投资者非理性和管理者非理性两个分支。投资者非理性行为主要表现为投资者情绪,已有研究主要用股权融资渠道观、理性迎合渠道观解释投资者情绪对企业实物投资的影响,用市场驱动并购理论解释投资者情绪对企业并购的影响。管理者非理性行为主要表现为管理者过度自信,已有研究发现,管理者过度自信往往造成过度投资或投资不足,且与并购决策正相关,与并购绩效负相关。未来研究应将投资者非理性和管理者非理性纳入同一框架,考虑不同人文环境下主体非理性行为差异。Based on different research targets,the research on behavioral economics is categorized into research on investor irrationality and on manager irrationality.Investor ir-rationality is mainly reflected by investor sentiment.Equity financing channels and ration-ally catering channels are used to explain how investor sentiment affects corporate invest-ment,and the market-driven acquisition theory is used to explain how investor sentiment affects corporate acquisitions.Manager irrationality is mainly reflected by over confidence, which causes over-investment or under-investment,more acquisitions and worse perform-ance.Future research should integrate the irrationality of investors and managers into the same framework and examine the differences in their rationality of different targets within different cultural environments.

关 键 词：非效率投资 投资者情绪 管理者过度自信 实物投资 企业并购 

分 类 号：F275.6[经济管理—企业管理]