【作者】 史金艳； 李燕；

【Author】 SHI Jin-yan; LI yan (School of Economics , Dalian University of Technology , Dalian 116024 , China)

【机构】 大连理工大学经济学院；

【摘要】 在行为金融框架下,基于投资者过度自信理论,构建了理论模型,阐释了投资者过度自信引致上市公司投资短视行为的机理,证明了投资者越是过度自信,管理者投资短视行为越突出。在实证分析中,通过选取中国上市公司数据,得出了与理论模型基本一致的经验证据:在控制其它因素后,投资者过度自信系数对公司短视投资行为的影响统计上显著。研究结论为从微观层面上如何降低上市公司投资短视行为发生的可能性提供了理论依据。更多还原

【Abstract】 Under the framework of behavioral finance and based on investor overconfidence theory, this paper constructed a theoretical model to explain the mechanism of the investor overconfidence on the corporate investment myopia. Theoretically proved that the more overconfident the investor is, the more abundant the corporate investment myopia is. The data on listed companies in China was selected and the econometric models were built to test the theoretical conclusions of the model. Empirical results were basically consistent with the theoretical model: in controlling other factors, the coefficient of investor overconfidence is significant with the corporate investment myopia. The theoretical basis is provided from the micro level that how to reduce the likelihood of the listed companies investment myopia.更多还原