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为了探索公司决策层的风险控制机制,本文试图对我国上市公司管理者的过度自信与公司冒险行为之间的关系进行探讨。首先运用文献分析法回顾了相关主题的研究成果,然后以金融危机爆发后2008—2010年沪市上市公司A股相关数据为研究样本,探讨管理者过度自信与公司冒险行为的关系,利用上市公司年度会计报表的有关信息进行实证研究,对有关数据进行相关分析和回归分析,研究结果表明,管理者的过度自信使公司倾向于选择冒险性的决策,过度自信的管理者比一般管理者更倾向于利用自己的决策权选择高新技术领域进行投资,从而验证了管理者过度自信是影响公司冒险行为的重要因素,至于这种影响的结果效应如何本文并未涉及,还有待于后续的进一步研究。
In order to explore the risk control mechanism of corporate decision-makers, this paper attempts to discuss the relationship between overconfidence and risk-taking behaviors of the managers of listed companies in our country. First of all, using the literature analysis method to review the research results of related topics, and then take the relevant data of the A-shares of the listed companies in Shanghai Stock Exchange from 2008 to 2010 after the financial crisis as a sample to explore the relationship between managers overconfidence and corporate risk-taking behavior, The empirical research on the relevant information of the annual accounting statements, correlation analysis and regression analysis of the data, the results show that managers overconfidence makes the company tend to choose risk-taking decisions, overconfidence managers tend to be more than the average manager In the use of their own decision-making power to choose high-tech investment in the field, thus verifying that managers overconfidence is an important factor affecting the company’s risk-taking behavior, as to how the effect of this effect is not covered in this article, yet to be further studied.