| 投资者过度自信下上市公司投资短视行为 |
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| 引用本文： | 史金艳,李延喜. 投资者过度自信下上市公司投资短视行为[J]. 系统工程, 2011, 0(3) |
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| 作者姓名： | 史金艳 李延喜 |
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| 作者单位： | 大连理工大学经济学院; |
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| 基金项目： | 国家自然科学基金资助项目(70772087;71001015); 中央高校基本科研业务费专项资金资助项目(DUT10ZD107;DUT10RW417) |
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| 摘 要： | 在行为金融框架下,基于投资者过度自信理论,构建了理论模型,阐释了投资者过度自信引致上市公司投资短视行为的机理,证明了投资者越是过度自信,管理者投资短视行为越突出。在实证分析中,通过选取中国上市公司数据,得出了与理论模型基本一致的经验证据:在控制其它因素后,投资者过度自信系数对公司短视投资行为的影响统计上显著。研究结论为从微观层面上如何降低上市公司投资短视行为发生的可能性提供了理论依据。
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| 关 键 词： | 行为金融 过度自信 投资短视 投资行为 |
Investment Myopia of Listed Companies in the Case of Investors' Overconfidence |
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| SHI Jin-yan,LI Yan-xi. Investment Myopia of Listed Companies in the Case of Investors' Overconfidence[J]. Systems Engineering, 2011, 0(3) |
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| Authors: | SHI Jin-yan LI Yan-xi |
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| Affiliation: | SHI Jin-yan,LI Yan-xi(School of Economics,Dalian University of Technology,Dalian 116024,China) |
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| Abstract: | Under the framework of behavioral finance and based on investor overconfidence theory,this paper constructs a theoretical model to explain the mechanism of how investors' overconfidence causes the investment myopia of listed companies.It is theoretically proved that the more overconfident the investor is, the more abundant the corporate investment myopia is.The data on listed companies in China were selected and the econometric models were built to test the theoretical conclusions of the model.Empirical res... |
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| Keywords: | Behavioral Finance Overconfidence Investment Myopia Investment Behavior |
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