自由现金流、管理者过度自信与投资效率  

Free Cash Flow,Manager Overcondidence and Investment Efficiency

作　　者：王艳林[1] 

机构地区：[1]内蒙古财经大学会计学院,呼和浩特010070

出　　处：《财经理论研究》2016年第2期88-99,共12页Journal of Finance and Economics Theory

基　　金：内蒙古高等学校科研项目(NSY12169);内蒙古哲学社会科学规划项目(2014B023)

摘　　要：与理性管理者相比,过度自信管理者的投资决策标准——NPV存在向上偏差。因以有偏的NPV作为项目取舍标准,不可避免地会发生投资过度和投资不足。本文以我国2007-2011年A股上市公司为研究样本,实证检验了自由现金流充足和自由现金流不足情况下,管理者过度自信对基于自由现金流盈余的过度投资和基于自由现金流缺口的投资不足会产生不同的影响。研究发现,当企业自由现金流充足时,相对于非过度自信管理者而言,过度自信管理者基于自由现金流盈余的过度投资更为严重;当企业自由现金流不足时,过度自信管理者因其激进的负债策略,在一定程度上缓解了企业投资不足的程度。The dissertation points out NPV used by overconfident managers investment decision criteria is upward bias compared to rational managers. the overinvestment and underinvestment inevitably occurred due to the above biased criteria of Investment decisions. Based on the dataset of the listed companies from 2007 to 2011 in China,the dissertation examines that manager overcondidence can lead to dispersed effects and consequence on overinvestment caused by free cash flow Sufficience and on underinvestment caused Free cash flow shortage in different level of free cash flow. Overconfidence managers exacerbate the degree of overinvestment based on the adequate free cash flow and relieve the degree of underinvestment based on the Inadequate free cash flow because of their radical liabilities strategy.

关 键 词：自由现金流 管理者过度自信 投资效率 过度投资 投资不足 

分 类 号：F275.1[经济管理—企业管理]