高管过度自信与农业上市公司背农动机的实证研究

An Empirical Analysis on CEO Overconfidence and Motivations of Nonagricultural Operations in the Listed Agricultural Companies

在分析农业上市公司背农动机时,现有研究主要采用传统的理性经济人分析框架。文章以高管过度自信作为区分背农行为理性与否的标准,采取直接论证法和间接推导法相结合的方式,实证分析了不同背农动机的显著性与相对重要性。研究结果表明:非理性因素的引入大幅提升了对背农行为及其绩效后果的解释能力。相对于提高绩效的经济理性动机和降低风险的组织理性动机而言,背农行为的非理性动机和追求高管私利的个人理性动机更为显著。

Different from the traditional rational analysis framework, the paper adopts irrational factor measured by CEO overconfidence to analyze the significant level and contribution of nonagricultural opera- tions＇ motivations in the listed agricultural companies through the direct demonstration method and indi- rect derivation method. The result shows that introduction of irrational factor significantly enhances the a- bility to explain nonagricultural operations and its performance. Relative to the economic rational motiva- tion to improve enterprise performance and the organization rational motivation to reduce operational risks, the irrational motivation and the individual rational motivation to pursuit executive self-interest are more significant in Chinese listed agricultural companies＇ nonagricultural operations.