管理者过度自信与企业过度投资——基于我国上市公司的经验证据

发布时间：2018-06-09 05:05

本文选题：行为金融学 + 心理偏差　；参考：《南方金融》2017年12期

【摘要】：管理者在企业决策中有着重要的话语权,管理者过度自信容易导致企业过度投资。以2013-2015年沪深A股上市公司为研究样本,对管理者过度自信与企业过度投资的关系进行实证分析,研究结果表明:一是管理者过度自信显著提高了企业过度投资水平,降低了投资效率;二是过度自信管理者具有较强的投资现金流敏感度,企业内部充裕的自由现金流会强化过度自信管理者的过度投资倾向;三是公司董事会治理效果欠佳,不能有效抑制过度自信管理者的过度投资行为。为此,企业管理者要通过学习、自我纠正及外部监督等方法来调节对自我的不正确认识,避免产生过度自信等非理性心理;企业要对自由现金流加强管控并将其控制在合理水平,以抑制管理者因过度自信而导致的过度投资行为;要有效发挥董事会职能,提高董事会治理效能,完善公司治理结构和投资决策机制,避免投资决策权过度集中。
[Abstract]:Managers have an important right to speak in business decisions. Overconfidence of managers can easily lead to overinvestment. Taking the Shanghai and Shenzhen A-share listed companies from 2013-2015 as the research sample, this paper makes an empirical analysis on the relationship between overconfidence of managers and overinvestment of enterprises. The results show that: first, the overconfidence of managers significantly improves the level of overinvestment of enterprises. Second, overconfident managers have strong sensitivity to investment cash flow, and abundant free cash flow within the enterprise will strengthen the overinvestment tendency of overconfident managers; third, the governance effect of corporate board of directors is not good. It can not effectively restrain overinvestment behavior of overconfident managers. Therefore, enterprise managers should adjust their incorrect understanding of themselves by means of learning, self-correction and external supervision, and avoid irrational psychology such as overconfidence. Enterprises should strengthen the control of free cash flow and control it at a reasonable level in order to restrain the overinvestment behavior of managers caused by overconfidence, to effectively exert the functions of the board of directors, and to improve the governance effectiveness of the board of directors. Improve the corporate governance structure and investment decision-making mechanism to avoid excessive concentration of investment decision-making power.
【作者单位】：中南大学商学院;
【分类号】：F275;F832.51

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