董事会特征与企业投资的羊群行为——基于汽车行业上市公司的研究  

作　　者：李春玲[1] 杨韶敏 高鹏[1] 

机构地区：[1]燕山大学经济管理学院

出　　处：《企业经济》2015年第4期31-35,共5页Enterprise Economy

基　　金：国家自然科学基金项目"股权激励与公司价值--基于公司控制权配置视角的研究"(批准号批准号:71102153);河北省社会科学发展研究项目"企业家非理性与民营企业投资效率研究"(批准号批准号:201203083)

摘　　要：羊群行为是一种非理性行为行为,其表现为投资者忽略私有信息,而跟从市场中大多数人进行决策。董事会作为上市公司治理的核心,在很大程度上决定企业的投资决策,进而影响公司的投资行为。本文通过研究汽车行业投资中羊群行为的存在性,以及董事会特征对企业投资羊群行为的影响,认为我国汽车行业上市公司投资存在较明显的羊群行为行为,而董事会特征是影响投资羊群行为的重要因素,其中董事会规模、董事长持股和董事会年龄与企业投资羊群行为显著相关。这些研究结论可以为公司合理安排董事会结构,进行理性投资提供参考。As a kind of irrational behavior, herding behavior is that investors ignore private information, and make decisions by following most people. As the core of the corporate governance, the board of directors determines corporate investment decisions largely, thereby affecting the company＇ s investment behavior. This article analyzes the existence of the herding behavior of the automotive industry investment, and the relationship between the board characteristics and the corporate investment herding behavior. The empirical results indicate that the herding behavior of the automotive industry is obvious, and the board feature is an important factor of herding behavior. Board size, director shareholding and board age have a significant correlation with the herd behavior in corporate investment. These conclusions can provide reference for reasonable arrangements for the company board structure and companies＇ rational investment.

关 键 词：汽车行业 投资 羊群行为 董事会特征 

分 类 号：F324.2[经济管理—产业经济]