企业非效率投资:基于行为经济学的解释

Corporation Inefficient Investment: An Explanation from Behavioral Economics

行为经济学研究按主体不同,可以划分为投资者非理性和管理者非理性两个分支。投资者非理性行为主要表现为投资者情绪,已有研究主要用股权融资渠道观、理性迎合渠道观解释投资者情绪对企业实物投资的影响,用市场驱动并购理论解释投资者情绪对企业并购的影响。管理者非理性行为主要表现为管理者过度自信,已有研究发现,管理者过度自信往往造成过度投资或投资不足,且与并购决策正相关,与并购绩效负相关。未来研究应将投资者非理性和管理者非理性纳入同一框架,考虑不同人文环境下主体非理性行为差异。

Based on different research targets,the research on behavioral economics is categorized into research on investor irrationality and on manager irrationality.Investor ir-rationality is mainly reflected by investor sentiment.Equity financing channels and ration-ally catering channels are used to explain how investor sentiment affects corporate invest-ment,and the market-driven acquisition theory is used to explain how investor sentiment affects corporate acquisitions.Manager irrationality is mainly reflected by over confidence, which causes over-investment or under-investment,more acquisitions and worse perform-ance.Future research should integrate the irrationality of investors and managers into the same framework and examine the differences in their rationality of different targets within different cultural environments.