管理者过度自信、会计稳健性与制造业投资效率--基于我国制造业上市企业异质性研究

Managers'Overconfidence,Accounting Conservatism and Manufacturing Investment Efficiency--Based on the Research on the Heterogeneity of China's Manufacturing Listed Companies

本文以2010—2020年沪深两市制造业上市企业为样本,建立动态面板模型,实证检验了制造业企业管理者过度自信、会计稳健性与企业投资的关系。研究发现:当企业存在过度投资时,管理者过度自信将会进一步加剧过度投资程度;当企业存在投资不足时,管理者过度自信将会凭借积极的负债策略,一定程度上缓解投资不足。调节效应检验发现会计稳健性可以抑制制造业企业过度投资行为,缓解投资不足,降低管理者过度自信对制造业过度投资的推动作用,增强其对制造业投资不足的缓解效应。异质性检验发现会计稳健性的调节效应在非国有企业、东部地区、小规模企业表现更明显。

By taking the listed manufacturing companies in Shanghai and Shenzhen stock markets from 2010 to 2020 as the sample,this paper establishes a dynamic panel model to empirically test the relationship between overconfi-dence,accounting conservatism and corporate investment in manufacturing companies'managers.It is found that:when a company has over-investment behaviors,the over-confidence of managers will further aggravate the degree of over-investment;when the company is undercapitalized,the over-confidence of managers will rely on active debt strat-egies to alleviate the under-investment to a certain extent.The moderating effect test finds that accounting conservatism can restrain the excessive investment behavior of manufacturing enterprises,alleviate the under-investment,reduce the managers'overconfidence to promote the over-investment in the manufacturing industry,and enhance its mitigation effect on the under-investment in the manufacturing industry.The heterogeneity test found that the moderating effect of accounting conservatism is more obvious in non-state-owned enterprises,eastern regions,and small-scale enterprises.