富豪上榜是否导致企业非效率投资?——对福布斯富豪榜公司的实证研究

Does the Actual Controllers' Appearing on the Rich List Lead to Enterprises' Inefficient Investment?——An Empirical Study on Forbes Rich List

本文利用企业实际控制人首次登上"福布斯中国富豪榜"事件,考察上榜后富豪所在公司投资行为的变化。媒体的宣传报道会在一定程度上提升富豪公司的知名度,从而缓解企业的融资约束,而上榜者成为公众人物甚至被奉为企业明星,也可能引起其过度自信的心理,从而在投资上过度乐观并可能导致非效率投资;此外,富豪上榜之后为了降低政治成本倾向于进行盈余管理,从而产生非效率投资;通过对比倾向评分匹配样本和运用双重差分模型实证研究发现,与上榜之前相比,富豪公司的上榜确实与随后的非效率投资行为相关联,而多次上榜的企业相对于一次上榜的企业而言,又呈现出更为显著的非效率投资,从而验证了推断的正确性。

In view of the actual controllers of enterprises appearing on the＂Forbes China Rich List＂for the first time,we investigate the changes in an enterprise＇s investment behavior after its actual controller is listed.The media exposure will enhance the reputation of rich enterprises,which can help to ease their financing constraints,but meanwhile the fact that the listed rich become public figures or even enterprise stars may cause their overconfidence and consequently,their excessive optimism about investment may result in inefficient investment.Besides,in order to reduce political costs,the listed rich tend to carry out earnings management,which leads to the inefficient investment.By using Propensity Score Matching Method and Double Differential Model,we find that rich enterprises being listed are indeed related to the following inefficient investment.Moreover,enterprises listed for many times present more significant inefficient investment than those listed only once and thus the validity of the inference is verified.