高管过度自信加剧了企业跨国投资的风险偏好吗?——基于行为经济学的视角

Does Executive Overconfidence Exacerbate Enterprises Risk Appetite for Transnational Investments?——Based on the Perspective of Behavioral Economics

近年来,我国企业的跨国投资呈现出向高风险国家和地区倾斜的态势,而高管在企业跨国投资决策中扮演着不可或缺的角色。基于行为经济学理论,运用2010—2018年中国A股上市公司数据,对高管过度自信如何影响企业跨国投资风险偏好进行实证分析。结果表明:高管的个人特征会对企业跨国投资决策产生一定影响,高管过度自信总体上会促进企业跨国投资的风险偏好,高管具有过度自信的特征时更偏向于追求高风险投资以实现高收益。

In recent years,the transnational investment of China′s enterprises shows a tendency to favor high-risk countries and regions.Executives play an indispensable role in the decision-making of transnational investment of enterprises.Based on the theory of behavioral economics and using the data of China′s A-share listed companies from 2010 to 2018,this paper conducts an empirical analysis on how executive overconfidence affects the risk appetite of enterprises in transnational investment.The results show that the personal characteristics of executives will have a certain impact on the company′s transnational investment decision-making.The overconfidence of executives will generally promote the risk appetite of the company′s transnational investment.When the executives have the characteristics of overconfidence,they are more inclined to pursue high-risk investment in order to achieve high benefit.