管理者过度自信、企业投资与企业绩效——基于我国A股上市公司的实证检验

Managerial Overconfidence,Investment and Enterprise Performance——Empirical Evidence from Chinese A-share Listed Companies

以我国2003---2010年的A股上市公司为研究样本，分析了管理者过度自信与企业投资行为之间的关系及其通过投资决策对企业绩效产生的影响。研究发现，管理者过度自信的企业与管理者理性的企业相比，其内部投资、并购投资和总投资的水平更高，但投资规模的扩大并未带来业绩的提升，投资行为导致了企业绩效的下降。

Using listed companies 2003-2010 data from Shanghai and Shenzhen Stock Exchange, the authors make a research on the relationship of managerial overconfidence and investment decision making and combined effects to enterprise performance. The results show that the inside investment levels, mergers and acquisitions and total investment of the managerial overconfidence enter- prises are higher than managerial rational enterprises, but investment scale expanding will not promote enterprise performance , their investment behavior will reduce the enterprise performance.