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我国上市公司投资的高速扩张不能简单地归因于投资机会。应摒弃完全理性经济人的假设,从行为金融学角度深入分析管理者过度自信对投资决策的影响。以沪、深两市2012-2014年的上市公司数据对管理者过度自信与过度投资及公司市场价值的关系进行研究。实证结果发现,公司高管越过度自信,越倾向于过度投资;过度自信、过度投资的交互作用对公司财务产生了显著的负面影响,降低了公司市场价值。由此证明管理者的过度自信是影响企业投资决策的重要因素。本文从管理者过度自信的视角所做的研究,丰富和拓展了企业财务决策理论。
The rapid expansion of investment in listed companies in our country can not simply be attributed to investment opportunities. Should completely abandon the assumption of rational economic man, from the perspective of behavioral finance in-depth analysis of managers overconfidence on the impact of investment decisions. This paper studies the relationship between managers’ overconfidence and overinvestment and the market value of the company based on the data of listed companies in Shanghai and Shenzhen in 2012-2014. Empirical results show that the more executives are overconfident, the more they tend to overinvest. The overconfidence and overinvestment interaction have a significant negative impact on the company’s financial performance and reduce the company’s market value. This proves that managers overconfidence is an important factor affecting business investment decisions. This article from the perspective of managers overconfidence of research done to enrich and expand the financial decision-making theory.