摘要
管理者过度自信对企业的发展影响极大,基于民营企业创始人角度研究其过度自信是对管理者过度自信研究的有效拓展。以中小板民营上市公司为样本,检验了民营企业中创始人管理和创始人过度自信与企业投资行为的关系。结果表明:民营企业中创始人管理与企业投资水平和过度投资呈负相关关系、与企业投资不足呈正相关关系;基于心理特征的创始人过度自信会带来更高的投资水平,同时加剧了过度投资和抑制了投资不足。
The overconfidence of managers has huge impact on enterprise development.It is an effective expansion of overconfidence of managers to study the overconfidence from the perspective of founders of private enterprises.This paper examines the relationship between founder management,founder overconfidence and enterprise investment behavior in private enterprises by taking small and medium-sized private listed companies as samples.The results show that:there is a negative correlation between founder management and investment level and over investment,and a positive correlation between founder management and under investment.The overconfidence of founders based on psychological characteristics can lead to higher investment level,which also aggravates the overinvestment and inhibits the underinvestment.
作者
石晓飞
姚计海
Shi Xiaofei;Yao Jihai(School of Business Administration,Hebei University of Economics and Business,Hebei Shijiazhuang 050061,China)
出处
《河北经贸大学学报》
CSSCI
北大核心
2020年第5期98-108,共11页
Journal of Hebei University of Economics and Business
基金
国家自然科学基金面上项目“股东网络特征与投资决策权配置研究”(71772094)
河北省人文社会科学研究重大课题攻关项目“河北民营企业的发展、走向及对策”(ZD201906)
河北省高等学校人文社会科学研究青年拔尖人才计划项目“家族企业创始人离任、董事会稳定性与代际传承有效性研究”(BJ2020067)。
关键词
创始人过度自信
投资水平
过度投资
投资不足
民营企业
founder overconfidence
investment level
overinvestment
underinvestment
private enterprise
