高管自恋与公司过度投资——基于产权异质性视角  

CEO Narcissism and Corporate Overinvestment from the Perspective of Ownership Heterogeneity

作　　者：李莹 曲晓辉 LI Ying;QU Xiao-hui(Scool of Social Audit,Nanjing Audit University,Nangjing 211815,China;Economics Management School,Harbin Institute of Technology,Shenzhen,Shenzhen 318055,China)

机构地区：[1]南京审计大学社会审计学院,江苏南京211815 [2]哈尔滨工业大学(深圳)经济管理学院,广东深圳318055

出　　处：《税务与经济》2021年第5期91-99,共9页Taxation and Economy

基　　金：教育部人文社会科学重点研究基地重大项目(项目编号:16JJD790035);深圳市人文社会科学重点研究基地项目(项目编号:KP191002)。

摘　　要：现存文献表明签名大小与自恋特征具有关联性。通过考察CEO自恋对企业投资行为的影响,发现自恋CEO倾向于进行过度投资。但区分企业产权异质性之后,从国有企业产权性质决定的企业目标和文化视角探讨自恋CEO投资行为,发现任职于国有企业的自恋CEO不倾向进行过度投资;从政治地理视角探讨思想政治教育引导对自恋CEO投资行为的影响,发现国有企业总部位于北京的自恋CEO更不倾向于过度投资。进一步考虑自恋高管受教育程度对过度投资的影响,发现受教育程度越高的自恋CEO,其所领导的企业进行过度投资的可能性越低,且博士研究生学历对其的抑制效果更显著。Existing documents show that narcissism is associated with signature size.A study is conducted in this paper to examine the impact of CEO narcissism on corporate investment behavior.The result shows that narcissistic CEOs tend to overinvest.However,when the investment behavior of narcissistic CEO is explored from the perspective of corporate goals and culture determined by the nature of state-owned enterprise property rights after distinguishing the heterogeneity of corporate property rights,the result indicates that narcissistic CEOs working in state-owned enterprises are not inclined to overinvest.When the impact of guidance of ideological and political education on the investment behavior of narcissistic CEOs is examined from the perspective of political geography,it is found that narcissistic CEOs of state-owned enterprises headquartered in Beijing are less inclined to overinvest.When the narcissistic executives’educational level is taken into consideration,it is found that the higher the educational level of narcissistic CEOs is,the lower the possibility of over-investment is in the companies they lead,and the restraining effect of doctoral degree on it is more significant.

关 键 词：CEO自恋 签名大小 国有企业 思想政治教育 教育水平 

分 类 号：F272[经济管理—企业管理]