管理者过度自信对企业投资行为的影响  

Managerial Overconfidence on Corporate Investment

作　　者：吴静[1] 曹明明[1] 

机构地区：[1]哈尔滨商业大学,哈尔滨150028

出　　处：《哈尔滨商业大学学报（社会科学版）》2016年第3期10-16,共7页Journal of Harbin University of Commerce:Social Science Edition

摘　　要：以我国2009-2013年1 564个上市公司为研究对象,针对管理者过度自信对企业投资行为的影响进行探讨。运用固定效应模型进行研究,结果表明,管理者过度自信对我国土市公司的投资影响显著,具体表现为:管理者过度自信与企业的投资水平呈现显著正相关;当企业的现金流充裕时,投资水平也显著提高;但独立董事比例与企业的投资水平的关系并不显著。Based on behavioral finance in our country between 2013 listed companies from 2009 to 1564 for the study of managerial overconfidence on corporate investment were discussed. In this paper, the fixed effects model, the results show that managerial overconfidence Investment of China＇s listed companies to significant, specific performance ： Managerial Overconfidence and the level of investment companies showed a significant posi- tive correlation; when the company cash flow sufficient, investment levels also significantly increased; but the proportion of independent directors and investment relationship between the enterprise level is not significant.

关 键 词：行为金融 管理者过度自信 企业投资 

分 类 号：F830.91[经济管理—金融学] F715