The Relationship between Managerial Overconfidence and Over-Investment of China's Manufacturing Listed Companies

被引：0

作者：

Qian, Chunhong ^{[1
]}

机构：

[1] Tongji Zhejiang Coll, Dept Accouting, Jiaxing 314051, Zhejiang, Peoples R China

来源：

2019 3RD INTERNATIONAL CONFERENCE ON EDUCATION, MANAGEMENT AND SOCIAL SCIENCE (EMSS 2019) | 2019年

关键词：

Managerial Overconfidence; Over-Investment; Ownership Concentration;

D O I：

暂无

中图分类号：

G40 [教育学];

学科分类号：

040101 ; 120403 ;

摘要：

From the perspective of behavioral finance, this paper analyzes the relationship between managerial overconfidence and over-investment, and compares the influence of different ownership concentration and shareholder nature on the relationship between them. It selects the China's manufacturing listed companies as research sample from 2013 to 2017 year. The research shows that managerial overconfidence and over-investment are significant positive correlation, the overconfidence of managers will aggravate the over-investment. Compared with companies with low ownership concentration, high ownership concentration can reduce the over-investment caused by managerial overconfidence. Meanwhile, compared with the non-state-owned holding companies, state-owned holding companies can lead to more over-investment caused by managerial overconfidence.

引用

页码：282 / 286

页数：5