媒体负面报道对高管过度自信的影响研究

发布时间：2018-03-13 02:14

本文选题：媒体负面报道　切入点：高管过度自信　出处：《西南交通大学》2016年硕士论文　论文类型：学位论文

【摘要】：传统的财务理论认为,人们的决策是以理性预期这一假设为基本前提的,然而现实经济活动中,不是所有市场中的角色都可以完全参照传统财务学的理论知识去进行市场活动,人的非理性行为在经济系统中发挥着不容忽视的作用。异常经济现象无法用传统理性经济人假说来合理解释,在此基础上,20世纪80年代行为财务理论悄然兴起,它将行为心理学的研究成果纳入到公司治理中,并取得了丰硕的研究成果,逐渐弥补了以理性经济人为基础的经典金融学中的缺陷。行为财务理论认为,高管过度自信是影响公司治理的重要因素,并对公司治理产生了显著的消极影响。现有研究主要探讨了高管过度自信对公司治理产生的消极经济后果,但尚未能找到行之有效的方法来解决高管过度自信问题。因此,本文将从媒体治理的视角出发,试图研究媒体负面报道是否对高管过度自信产生影响以及影响机制,并提出相关政策建议。本文总体遵循“提出问题—理论推导—实证检验”的思路进行研究,首先,梳理媒体负面报道与高管过度自信的相关文献,总结前人的研究成果与不足,提出研究问题。然后,分析媒体负面报道与高管过度自信之间的逻辑关系,构建理论框架,并提出相关研究假设。最后,根据本课题的研究内容,构建关系模型,选取2014年沪深A股上市公司作为研究的样本,结合收集的数据,采用描述性统计分析、二元逻辑分析等方法进行实证检验。本文的研究结果表明：第一,媒体负面报道与高管过度自信程度显著负相关,媒体可以通过声誉机制、市场机制和引起行政关注三种作用机制,抑制高管过度自信心理及行为,进而发挥公司治理效能。第二,相比于国有上市公司,媒体报道和非国有上市公司高管的过度自信呈显著的负相关关系。第三,相比于位于我国中西部地区的上市公司,媒体负面报道与东部地区上市公司的高管过度自信之间呈显著的负相关关系。
[Abstract]:The traditional financial theory holds that people's decision-making is based on the assumption of rational expectation. However, in real economic activities, not all the roles in the market can be carried out by referring to the theoretical knowledge of traditional finance. The irrational behavior of human beings plays an important role in the economic system. The abnormal economic phenomenon can not be reasonably explained by the traditional rational economic man hypothesis. It brings the research results of behavioral psychology into corporate governance and makes up for the defects in classical finance based on rational economic man. Executive overconfidence is an important factor affecting corporate governance and has a significant negative impact on corporate governance. However, it has not been found an effective way to solve the problem of executive overconfidence. Therefore, from the perspective of media governance, this paper tries to study whether negative media reports have an impact on executive overconfidence and the mechanism. And put forward the relevant policy recommendations. This paper generally follows the idea of "raise questions-theoretical derivation-empirical test" for research. First, combing the media negative reports and executive overconfidence related literature, summarizes the previous research results and shortcomings. Then, the logical relationship between media negative reports and executive overconfidence is analyzed, the theoretical framework is constructed, and relevant research hypotheses are put forward. Finally, according to the content of this research, the relationship model is constructed. In 2014, Shanghai and Shenzhen A-share listed companies were selected as the sample of the study, combined with the collected data, using descriptive statistical analysis, binary logic analysis and other methods for empirical testing. The results of this study show that: first, Negative media reports have a significant negative correlation with the degree of executive overconfidence. The media can restrain executives' overconfidence psychology and behavior through three mechanisms: reputation mechanism, market mechanism and administrative attention. Second, compared with the state-owned listed companies, media reports have a significant negative correlation with the overconfidence of the senior executives of non-state-owned listed companies. Third, compared with the listed companies located in the central and western regions of China, there is a significant negative correlation between the media reports and the overconfidence of the senior executives of the non-state-owned listed companies. There is a significant negative correlation between negative media reports and executive overconfidence of listed companies in the eastern region.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：G212;F272.91

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