高管过度自信程度、自由现金流与过度投资被引量：21

Executive Overconfidence,Free Cash Flow and Overinvestment

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摘要本文从我国资本市场的实际情况出发,借鉴西方行为金融理论,使用2001～2010年沪深A股上市公司数据,考察了高管过度自信程度、自由现金流与企业过度投资之间的关系。研究结果表明:高管过度自信程度越高,公司过度投资现象越严重;高管过度自信程度越高,过度投资-自由现金流敏感性越强。 According to the actual situation of China＇s capital market and learning from Western behavioral finance theory, the paper empirically tests the relationship between executive overconfidence degrees, free cash flow and over-investment by using the panel data of Shanghai and Shenzhen A-share listed companies from 2001 to 2010. The result shows that the higher executive overconfidence degree is, the more serious the over-investment of the companies is; meanwhile, the higher executive overconfidence degree is, the stronger over-investments and free cash flow sensitivity are.

作者胡国柳曹丰

机构地区海南大学经济与管理学院中国人民大学商学院

出处《预测》 CSSCI 北大核心 2013年第6期29-34,共6页 Forecasting

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资助项目(NCET-10-0123) 中国人民大学科学研究基金资助项目(中央高校基本科研业务费专项资金资助项目)(13XNH158)

关键词高管过度自信程度过度投资自由现金流投资效率现金流敏感性 executive overconfidence over-investment free cash flow investment efficiency cash flow sensitivity

分类号 F275.5 [经济管理—企业管理]

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