摘要
以中国沪深A股上市公司2007～2010年的数据作为研究样本,探讨管理者过度自信对企业资本投向的影响。本文的研究结果表明,管理者过度自信对企业固定资产投资存在显著的正相关关系。但管理者过度自信与企业无形资产投资、长期股权投资的关系并不显著。
Based on the data of Chinese listed companies from 2007-2010, we take managerial overconfidence into account to study the relationship between managerial overconfidence and firm investment behavior. We find：managerial overconfidence raise the investment in fixed assets and intangible a^sets and cut the investment on long-term equity. Suppose the company＇s resources are invariable, the growing investment of fixed assets and intangible assets will share part of the long-term equity investment and finally change the investment structure.
出处
《系统工程》
CSSCI
CSCD
北大核心
2013年第2期121-126,共6页
Systems Engineering
基金
国家自然科学基金资助项目(71062009)
教育部新世纪人才支持计划项目(NCET-10-0123)
关键词
过度自信
资本投向
投资结构
Managerial Overconfidence
Investment Field
Investment Structure
