创业板与中小板公司管理者过度自信对投资决策影响的比较研究

发布时间：2018-01-31 20:53

本文关键词： 创业板中小板管理者过度自信非效率投资企业价值　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：投资活动作为企业的三大活动之一,影响着企业的长期发展,企业管理者做出的投资决策是否合理有效,直接影响着企业价值的大小。因此,投资决策问题是企业管理者十分重视的问题之一。本文以创业板和中小板上市公司为研究对象,从管理者过度自信心理的角度展开对两个市场中上市公司的投资决策影响的比较研究。检验创业板和中小板上市公司是否存在不同程度的管理者过度自信心理,这种心理偏差是否会导致公司的非效率投资活动的产生,公司存在的非效率投资活动对企业价值存在何种影响,最后验证该心理偏差是否加剧企业非效率投资行为对企业价值的相关影响。本文选取创业板和中小板上市公司2013年至2015年的数据作为样本数据。先对各样本中的相关数据进行了描述性统计,分析结果表明创业板上市公司的管理者自信水平明显高于中小板上市公司。也就是说较之于中小板上市公司,创业板公司的管理者更容易形成过度自信的心理偏差。然后借鉴学者Richardson提出的预期投资模型衡量创业板和中小板市场中的相关投资活动,判断各市场中存在的适度投资活动以及非效率的投资活动,结果证实了在创业板和中小板公司均存在投资过度或投资不足的非效率投资行为。本文主要建立了三大研究模型,首先是研究创业板和中小板公司中管理者自信水平对非效率投资的影响,结果表明管理者的自信水平会显著正向影响企业的非效率投资行为。其次,分组构建了非效率投资对企业价值影响的相关模型,结果表明无论是创业板还是中小板上市公司,其存在的投资过度行为和投资不足行为均会造成企业价值的下降,并且通过分析发现投资不足行为对企业价值的损害程度更大。最后,本文建立模型验证在创业板和中小板市场,管理者存在的过度自信是否会加剧非效率投资对企业价值的负向影响以及比较在这两个市场中存在的影响程度的差异。回归结果表明管理者过度自信确实会加剧非效率投资对企业价值的负向影响,且这种加剧作用在创业板公司更为明显。基于前面所有的研究结果,本文从预防管理过度自信、保持良好自信水平的角度出发,为改善创业板和中小板上市公司的投资决策提出建议,以进一步降低企业的非效率投资水平,从而弱化其对企业价值的负向影响。
[Abstract]:As one of the three major activities of enterprises, investment activities affect the long-term development of enterprises, whether the investment decisions made by enterprise managers are reasonable and effective, directly affect the size of the enterprise value. Investment decision-making is one of the most important issues for enterprise managers. This paper takes the gem and the small and medium board listed companies as the research object. From the perspective of managers' overconfidence psychology, this paper makes a comparative study on the impact of investment decisions of listed companies in the two markets, and tests whether there are different degrees of manager overconfidence in gem and small and medium board listed companies. Whether this psychological deviation will lead to the emergence of the company's inefficient investment activities, the existence of the company's inefficient investment activities on the value of the enterprise. Finally, it is verified whether the psychological deviation intensifies the influence of the inefficient investment behavior on the enterprise value. This paper selects the data from 2013 to 2015 of the gem and the small and medium-sized board listed companies as the sample data. Descriptive statistics were carried out on the relevant data in each sample. The results show that the level of manager confidence of gem listed companies is significantly higher than that of small and medium board listed companies, that is to say, compared with small and medium board listed companies. The managers of gem companies are more likely to form psychological deviations of overconfidence. Then the expected investment model proposed by Richardson is used to measure the related investment activities in the gem and the small and medium-sized market. Judging the existence of appropriate investment activities and inefficient investment activities in each market. The results confirm that there are inefficient investment behaviors in gem and small and medium board companies. This paper mainly establishes three research models. The first is to study the influence of managers' confidence level on inefficient investment in gem and small and medium-sized board companies. The results show that managers' confidence level will significantly positively affect the non-efficient investment behavior of enterprises. The related model of the influence of inefficient investment on the enterprise value is constructed, and the results show that both the gem and the small and medium-sized listed companies are listed. The existence of excessive investment behavior and underinvestment behavior will lead to the decline of enterprise value, and through the analysis found that the degree of damage to the enterprise value is greater. Finally. This paper establishes a model to verify the growth enterprise market and small and medium-sized market. Whether the overconfidence of managers will aggravate the negative impact of inefficient investment on the enterprise value and the difference in the degree of influence existing in these two markets. The regression results show that the overconfidence of managers does increase. The negative impact of inefficient investment on enterprise value. Based on all the previous research results, this paper starts from the perspective of prevention management overconfidence and maintaining good confidence level. In order to improve the investment decision of the listed companies on the gem and the small and medium-sized board, the paper puts forward some suggestions to further reduce the non-efficiency investment level of the enterprises and weaken their negative influence on the enterprise value.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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