认知的桎梏:从稳定型财务业绩到公司过度投资——基于中国上市公司的证据被引量：4

Cognitive Shackles: From Consistency of Financial Performance to Corporate Over-investment——Evidence Based on China's Listed Companies

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摘要本文以稳定增长型的历史财务信息这一特殊信息模式入手,来探究启发式认知偏差在公司过度投资中的作用。通过对2001年至2012年中国上市公司数据的分析后,本文发现:(1)投资前财务业绩呈现稳定型高增长的公司,存在更严重的过度投资问题;(2)过度投资程度与公司财务业绩稳定增长的时长存在正相关;(3)考虑到稳定型业绩信息会造成启发式偏差与自我归因偏差,在控制自我归因偏差的影响后,启发式认知偏差仍能稳定地影响公司过度投资水平;(4)无论公司高管是否过度自信,稳定型财务业绩均能造成严重的过度投资问题。 This paper aims to study the influence of heuristic bias on corporation over-investment. Based on the data of China＇s listed companies during 2001 to 2012,we find：（ 1） higher level of overinvestment exist in the corporations with consistency of historical financial performance;（ 2） the level of overinvestment is positively related with the length of consistency period;（ 3） after peeling off the influence of self-attributionbias,the heuristic bias still affect the level of over-investment robustly;（ 4） the effects of consistency of financial performance information on over-investment exist in companies managed both by overconfident managers and rational ones.

作者钟马徐光华

机构地区南京理工大学经济管理学院

出处《管理评论》 CSSCI 北大核心 2015年第11期207-216,共10页 Management Review

基金国家自然科学基金项目(71172104 71472088 71173108) 国家社会科学基金项目(13BGL057) 南京理工大学自主科研项目(2012ZDJH011) 江苏省研究生创新工程项目(CXZZ13_0227)

关键词稳定型财务业绩信息启发式偏差自我归因偏差管理者认知偏差过度投资非效率投资 consistency of financial performance information heuristic bias self-attribution bias manager cognitive bias overinvest-ment inefficient investment

分类号 F275 [经济管理—企业管理]

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