本文从行为金融的视角,对国有企业和民营企业管理者过度自信对过度投资的影响进行对比研究,发现国有企业管理比民营企业管理者更加容易产生过度自信心理偏差导致的过度投资行为,并且在不同产权性质的企业中,管理者过度自信程度导致的过度投资行为程度存在差异性,对解释现实中的过度投资行为具有重要的意义。 This article from the perspective of behavioral finance, the state-owned enterprises and private managers over-confident over-investment on the impact of over-investment were compared and found that the management of state-owned enterprises more than managers of private enterprises are more likely to over-investment due to overconfidence psychological bias, and in Among the enterprises with different property rights, there are differences in the level of over-investment caused by managers’ overconfidence, which is of great significance in explaining over-investment in the real world.