管理者非理性行为与非效率投资关系研究

发布时间：2018-02-22 11:22

本文关键词： 管理者风险偏好管理者过度自信管理者从众行为非效率投资　出处：《武汉金融》2017年11期 　论文类型：期刊论文

【摘要】：本文基于有限理性假设,以中国A股上市公司2009-2015年财务数据作为研究样本,研究管理者的三种非理性行为(管理者过度自信、管理者风险偏好和管理者从众行为)对企业非效率投资的共同影响。结果表明:管理者过度自信与管理者从众行为会导致上市公司非效率投资;过度自信和非过度自信管理者的从众行为均会加剧企业非效率投资,非过度自信管理者的从众行为对非效率投资的影响尤为严重;过度自信管理者的风险偏好与非效率投资显著正相关,而非过度自信管理者的风险偏好与非效率投资显著负相关,即非过度自信管理者适当的风险偏好行为在一定程度上会缓解企业非效率投资。因此,要想提高公司非效率投资管理应从管理者的心理素质培养入手,重点培养其避免从众心理,积极主动地根据自己企业的实际情况进行投资;对非过度自信的管理者还需要培养其适当的风险偏好。
[Abstract]:Based on the hypothesis of limited rationality, this paper takes the financial data of Chinese A-share listed companies for the period 2009-2015 as a sample to study three kinds of irrational behaviors of managers. The results show that managers' overconfidence and managers' herd behavior will lead to inefficient investment of listed companies. The herd behavior of both overconfident and non-overconfident managers will aggravate the non-efficient investment, and the influence of the herd behavior of non-overconfident managers on the non-efficient investment is especially serious. The risk preference of overconfident managers is significantly positively correlated with inefficient investment, while that of non-overconfident managers is negatively correlated with inefficient investment. That is, the proper risk preference behavior of non-overconfident managers will alleviate the inefficient investment to a certain extent. Therefore, in order to improve the management of non-efficient investment, we should start with the cultivation of managers' psychological quality. The emphasis is on avoiding herd psychology and actively investing according to the actual situation of their own enterprises, and it is also necessary to cultivate their appropriate risk preference for non-overconfident managers.
【作者单位】：山东英才学院;
【分类号】：F272.91;F275;F832.51

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