董事会特征与企业投资的羊群行为——基于汽车行业上市公司的研究

发布时间：2018-06-19 16:02

本文选题：汽车行业 + 投资　；参考：《企业经济》2015年04期

【摘要】：羊群行为是一种非理性行为行为,其表现为投资者忽略私有信息,而跟从市场中大多数人进行决策。董事会作为上市公司治理的核心,在很大程度上决定企业的投资决策,进而影响公司的投资行为。本文通过研究汽车行业投资中羊群行为的存在性,以及董事会特征对企业投资羊群行为的影响,认为我国汽车行业上市公司投资存在较明显的羊群行为行为,而董事会特征是影响投资羊群行为的重要因素,其中董事会规模、董事长持股和董事会年龄与企业投资羊群行为显著相关。这些研究结论可以为公司合理安排董事会结构,进行理性投资提供参考。
[Abstract]:Herding behavior is a kind of irrational behavior, which shows that investors ignore private information and follow most people in the market to make decisions. As the core of corporate governance, the board of directors determines the investment decision of the company to a great extent, and then affects the investment behavior of the company. By studying the existence of herding behavior in automobile industry investment and the influence of board characteristics on herding behavior of enterprises, this paper concludes that there is obvious herding behavior in the investment of listed companies in automobile industry in China. The characteristics of the board of directors are the important factors that influence the herding behavior. The size of the board of directors, the ownership of the chairman and the age of the board of directors are significantly related to the herding behavior of enterprises. These conclusions can provide reference for rational arrangement of board structure and rational investment.
【作者单位】：燕山大学经济管理学院;
【基金】：国家自然科学基金项目“股权激励与公司价值——基于公司控制权配置视角的研究”(批准号批准号:71102153) 河北省社会科学发展研究项目“企业家非理性与民营企业投资效率研究”(批准号批准号:201203083)
【分类号】：F426.471;F271;F406.7

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