民营企业管理者过度自信与投融资决策行为的关系

Private enterprise manager over confidence and investment and financing decision behavior relation

借鉴国内外有关行为财务理论及实证研究成果,笔者以安徽省近年来实力较强的500家民营企业的投融资行为作为研究样本,着重从民营企业管理者"过度自信"心理方面入手,用实证研究的方法探索民营企业在进行投融资决策时所受到的非理性因素干扰的情况。通过本课题的研究,希望在一定程度上解决民营企业投融资行为"实际是什么"的问题,从而使我国的民营企业能够从发展历程中汲取经验和教训,在投融资决策中克服盲目和冲动情绪,努力减少由于非理性因素的干扰而导致的盲目融资和过度投资的行为,尽量避免或减少投资失败和财务困境。

Based on relevant behavioral finance theory and empirical research,we choose 500 private enterprises as the research sample in recent years in Anhui Province,focusing on the＂over-confident＂psychological aspects of private enterprise managers,with empirical study to explore private enterprises when making investment and financing decisions are irrational factors in interference.Through the research of this topic,to some degree,we hope to solve＂What is like actually＂of some private enterprise＇s investment and financing behavior,so that private enterprises in China can learn from the development experience and lessons in the investment and financing decision-making to overcome the blind and impulsive feelings,and make efforts to reduce the interference of irrational factors as a result of blind financing and over-investment behavior,failure to avoid or reduce the investment and financial difficulties.