投资过程中管理者的羊群效应分析

On Manager's Herding in Investment

在已有研究的基础上,文章探讨了企业的行业特征、产权性质、企业规模、成长性、管理者声誉及管理者能力对管理者羊群效应的影响。研究结果显示:羊群行为与管理者能力负相关,与管理者声誉正相关,但在国有企业因管理者能力引起的羊群效应更为明显;从行业特征看,发展水平较高的行业、经理人市场较成熟的行业,羊群效应情况相对较弱,而固定资产投资比例较高的行业,管理者的羊群行为却更加显著;企业规模与羊群效应在不同产权性质的企业和各个行业里都表现为显著的负相关,体现了信息成本的增加有利于减弱羊群效应。但企业成长性对管理者羊群效应的影响不显著。

The article discusses how the manager＇s herding is affected by the industry characteristics, property fights nature, size and growing ability of the industry, manager＇s reputation and manager＇s capabilities in a business based on the existing researches. The results show： herding behavior is negatively related to manager＇s capacity, and is positively related to manag- er＇s reputation, but the herding caused by manager＇s capacity in the state-owned enterprises is more obvious; from the view of industry features, the herding is relatively weak in the industries with good development and mature manager market, while it is more obvious in the industries with high scale of fixed assets investment; company size is always significantly negative correlated with the herding in the companies of different property rights and in various industries, which reflects that increasing information cost is help to reduce the herding behavior. The effect of the business growth on manager＇s herding is not significant.