经理自主权对过度自信与过度投资的调节作用-研究

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1、硕士学位论文AbstractInrecentyears，itshows“economicoverheating”inmacro—areasandnon．investmentefficiencyinmicro—enterprises，inwhichoverinvestmentisparticularlyprominent．Thetraditionaltheoryofcorporatefinancehasmaturelyexplainedthephenomenon．However，thebehavior

2、sintherealworldarenotalways“rational”anddecision．makersoftentendtobeoverconfident．However．ourtheoreticalresearchofbehavioralfinanceinthisfieldiSfarbehindtheothercountries，empiricalresearchislaggingbehind．Inaddition，mostoftheexistingresearchisonlyconcer

3、nedaboutthemaineffectofoverconfidenceirrationalfactorsontheinvestmentbehaviorofenterprises，butdon’tdeeperexploretheroleofboundaryconditionswhichthismaineffectiStoplay．Onthebasisofthereferenceofcompanybehavioralfinancetheoryresearch，thispaperusesthedata

4、ofChina’manufacturinglistedcompaniesfrom2007to2009，andconductsanempiricalstudyontherelationshipbetweenthemanagers’overconfidencewiththeenterprises’overinvestment．Andbyintroducingthisvariableofmanagerialdiscretion，fromthetwolevelsofthemanager’Spersonali

5、tycharacteristicsandtheinternalorganizationstructure，tryingtoexplorewhatfactorscanstrengthenorweakentherelationshipbetweenthemanagers’overconfidencewiththeenterprises’overinvestment，therebytodigouttheroleoftheboundaryconditionthatthismaineffectisableto

6、play．Throughempiricalresearch，wedrawthefollowingconclusions：Firstly，managers’overconfidencehasasignificantpositivecorrelationwithenterprises’overinvestment；Secondly，managers’relativecompensationforcewillstrengthenthepositivecorrelationbetweenthemanager

7、s’overconfidenceandtheenterprises’overinvestment；Finally，thebusinesssizeandtheproportionofindependentdirectorswillweakenthepositivecorrelationbetweenthemanagers’overconfidenceandtheenterprises’overinvestment．Inordertoavoidtheimpactofchoosingadifferentp

8、roxyvariable，thearticlealsogetssimilarresultsthroughrobustnesstest．Basedontheaboveempiricaloutcomes，wepropose：establishaneffectivemechanismtoconstraintmanagers’overcon6dence：developpaysysteminascientificandrationalwaytobridgethepaygapbe