本文關(guān)鍵詞： 管理者過(guò)度自信 企業(yè)過(guò)度投資 企業(yè)自由現(xiàn)金流　出處：《南京理工大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：公司投資活動(dòng)是公司發(fā)展的重要活動(dòng),作為公司成長(zhǎng)的基礎(chǔ),能夠促進(jìn)未來(lái)現(xiàn)金流的增長(zhǎng),公司的價(jià)值在很大程度上受到管理者的投資行為的影響,但是企業(yè)在日常的經(jīng)營(yíng)活動(dòng)中經(jīng)常會(huì)發(fā)生非效率投資,越來(lái)越多的實(shí)證研究發(fā)現(xiàn),在現(xiàn)實(shí)的企業(yè)經(jīng)營(yíng)中,理性人的嚴(yán)格假設(shè)是不存在的,隨著研究的深入,認(rèn)知心理學(xué)的理論被引入了財(cái)務(wù)研究領(lǐng)域,經(jīng)過(guò)幾十年的研究產(chǎn)生了行為金融科學(xué)理論,該理論在研究非效率投資的過(guò)程中,進(jìn)一步研究了管理者非理性這一概念。所以,本文從不同的視角,即過(guò)度自信心理偏差的方向,探討心理偏差對(duì)企業(yè)過(guò)度投資行為的影響,在此研究的基礎(chǔ)上,研究公司自由現(xiàn)金流是否會(huì)對(duì)過(guò)度投資產(chǎn)生影響,并且將總樣本的公司分為國(guó)有和非國(guó)有上市公司兩個(gè)樣本,研究?jī)煞N不同上市公司的區(qū)別,最后將企業(yè)自由現(xiàn)金流為正的樣本的公司分為高低兩個(gè)公司治理程度的樣本,探討公司治理對(duì)過(guò)度投資產(chǎn)生的影響。本文首先閱讀并整理了國(guó)內(nèi)外學(xué)者的相關(guān)文獻(xiàn),采用合適的指標(biāo)來(lái)定義管理者過(guò)度自信與企業(yè)過(guò)度投資,文章選取2011-2015年滬深A(yù)股所有的上市公司作為實(shí)證樣本,根據(jù)研究的需要對(duì)樣本數(shù)據(jù)進(jìn)行篩選,研究管理者過(guò)度自信對(duì)公司過(guò)度投資的影響。通過(guò)研究國(guó)內(nèi)外學(xué)者的相關(guān)文獻(xiàn)和實(shí)證數(shù)據(jù)的結(jié)果證實(shí):第一,上市公司過(guò)度自信的管理者會(huì)導(dǎo)致企業(yè)過(guò)度投資,管理者自我認(rèn)知水平不準(zhǔn)確,認(rèn)為自身的能力高于常人,同時(shí)過(guò)高估計(jì)投資項(xiàng)目的成功率,引發(fā)過(guò)度投資行為;第二,當(dāng)企業(yè)存在充裕的現(xiàn)金流時(shí),為了節(jié)約現(xiàn)金流的成本,降低現(xiàn)金流水平,管理者想利用充足的現(xiàn)金流來(lái)提高企業(yè)效益,因此充足的現(xiàn)金加強(qiáng)了管理者的過(guò)度自信偏差,越容易導(dǎo)致過(guò)度投資的發(fā)生;第三,與非國(guó)有上市公司相比,國(guó)有上市公司過(guò)度自信的管理者更傾向于過(guò)度投資;第四,公司治理水平的高低會(huì)制約管理者的過(guò)度自信偏差,對(duì)企業(yè)的投資行為產(chǎn)生影響,在治理水平較高的公司中,管理者受到的約束較多,過(guò)度自信的影響有所減弱,進(jìn)而減少其過(guò)度投資情況,在治理水平較低的公司中,過(guò)度自信管理者會(huì)加重過(guò)度投資的傾向。最后整理相關(guān)研究結(jié)論,根據(jù)理論基礎(chǔ)及實(shí)證研究結(jié)果提出建議,期望對(duì)企業(yè)投資效率的提高提供有益的貢獻(xiàn)和參考。
[Abstract]:Corporate investment is an important activity of the development of the company, as the basis of the growth of the company, it can promote the growth of future cash flow, and the value of the company is greatly affected by the investment behavior of the managers. However, enterprises often have inefficient investment in their daily business activities. More and more empirical studies have found that the strict assumption of rational people does not exist in the real business operation, with the deepening of the research. The theory of cognitive psychology has been introduced into the field of financial research. After decades of research, behavioral financial science theory has emerged, which is in the process of studying inefficient investment. Further study the concept of irrational managers. Therefore, this paper from different perspectives, that is, the direction of overconfidence psychological bias, to explore the impact of psychological bias on corporate over-investment behavior, on the basis of this study. To study whether the free cash flow will have an impact on overinvestment and to divide the total sample into state-owned and non-state-owned listed companies to study the differences between the two different listed companies. Finally, the companies with positive free cash flow are divided into two samples of corporate governance. This paper first reads and collates the relevant literature of scholars at home and abroad, and uses appropriate indicators to define managers' overconfidence and corporate overinvestment. This paper selects all the listed companies of Shanghai and Shenzhen A shares from 2011-2015 as the empirical sample, and selects the sample data according to the need of the research. Through the study of scholars at home and abroad related literature and empirical data confirmed that: first, overconfident managers of listed companies will lead to corporate overinvestment. The self-cognition level of managers is not accurate, they think that their ability is higher than ordinary people, and overestimate the success rate of investment projects, which leads to excessive investment behavior; Second, when there is abundant cash flow, in order to save the cost of cash flow and reduce the level of cash flow, managers want to use sufficient cash flow to improve the efficiency of the enterprise. Therefore, sufficient cash strengthens managers' overconfidence bias, and the more likely it is to lead to overinvestment; Third, compared with non-state-owned listed companies, overconfident managers of state-owned listed companies tend to overinvest; In 4th, the level of corporate governance will restrict the overconfidence deviation of managers, and have an impact on the investment behavior of enterprises. In the companies with higher governance level, managers are subject to more constraints. The influence of overconfidence has weakened, and then reduce its overinvestment, in the low level of governance companies, overconfident managers will increase the tendency to overinvest. Finally, collate the relevant research conclusions. Based on the theoretical basis and empirical research results, the author puts forward some suggestions, hoping to provide useful contribution and reference to the improvement of enterprise investment efficiency.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275;F832.51

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