| 创新型企业管理者决策心理影响投资的模型分析 |
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| 引用本文： | 高静,张国武,袁丽梅.创新型企业管理者决策心理影响投资的模型分析[J].科技与经济,2011,24(4):101-105. |
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| 作者姓名： | 高静 张国武 袁丽梅 |
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| 作者单位： | 1. 南京大学政府管理学院,南京,210093
2. 西南财经大学,成都,611130 |
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| 摘 要： | 我国的经理人市场还处于起步阶段,企业管理者的非理性行为十分突出。特别是创新型企业,其管理者在投资决策方面往往受到自身心理因素的制约。在总结国内外相关研究的基础上,对管理者过度自信与投资和现金流之间的相关性进行分析。研究结果表明:管理者过度自信的公司的投资——现金流敏感度比其他公司更高。管理者的过度自信程度与公司的投资水平成正相关。
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| 关 键 词： | 创新型企业 管理者 决策心理 过度自信 投资决策 模型 |
A Model Analysis of Impact of Managerial Decision-making Psychology on Investment in Innovative Enterprises |
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| GAO Jing,ZHANG Guo-wu,YUAN Li-mei.A Model Analysis of Impact of Managerial Decision-making Psychology on Investment in Innovative Enterprises[J].Science & Technology and Economy,2011,24(4):101-105. |
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| Authors: | GAO Jing ZHANG Guo-wu YUAN Li-mei |
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| Institution: | 1 School of Government of Nanjing University, Nanjing 210093, China; 2 Southwestern University of Finance and Economics, Chengdu 611130, China) |
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| Abstract: | China＇s manager market is still in its infancy, and the non-rational behavior of business managers is very prominent. Particularly, managers of innovative companies are often subject to psychological factors in their investment decisions. This paper summarizes research at home and abroad and analyzes the correlation between managers＇ decision-making psychology of overconfidence and investment and cash flow. The results show that the sensitivity of investment-cash flow in companies with overconfident managers is higher than other companies. It shows a positive correlation between the degree of managers＇ overconfidence and corporate investment levels. |
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| Keywords: | innovative enterprises managers decision-making psychology overconfidenc investment decisions model |
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