本文關(guān)鍵詞： 創(chuàng)業(yè)板 中小板 管理者過(guò)度自信 非效率投資 企業(yè)價(jià)值　出處：《西南交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：投資活動(dòng)作為企業(yè)的三大活動(dòng)之一,影響著企業(yè)的長(zhǎng)期發(fā)展,企業(yè)管理者做出的投資決策是否合理有效,直接影響著企業(yè)價(jià)值的大小。因此,投資決策問題是企業(yè)管理者十分重視的問題之一。本文以創(chuàng)業(yè)板和中小板上市公司為研究對(duì)象,從管理者過(guò)度自信心理的角度展開對(duì)兩個(gè)市場(chǎng)中上市公司的投資決策影響的比較研究。檢驗(yàn)創(chuàng)業(yè)板和中小板上市公司是否存在不同程度的管理者過(guò)度自信心理,這種心理偏差是否會(huì)導(dǎo)致公司的非效率投資活動(dòng)的產(chǎn)生,公司存在的非效率投資活動(dòng)對(duì)企業(yè)價(jià)值存在何種影響,最后驗(yàn)證該心理偏差是否加劇企業(yè)非效率投資行為對(duì)企業(yè)價(jià)值的相關(guān)影響。本文選取創(chuàng)業(yè)板和中小板上市公司2013年至2015年的數(shù)據(jù)作為樣本數(shù)據(jù)。先對(duì)各樣本中的相關(guān)數(shù)據(jù)進(jìn)行了描述性統(tǒng)計(jì),分析結(jié)果表明創(chuàng)業(yè)板上市公司的管理者自信水平明顯高于中小板上市公司。也就是說(shuō)較之于中小板上市公司,創(chuàng)業(yè)板公司的管理者更容易形成過(guò)度自信的心理偏差。然后借鑒學(xué)者Richardson提出的預(yù)期投資模型衡量創(chuàng)業(yè)板和中小板市場(chǎng)中的相關(guān)投資活動(dòng),判斷各市場(chǎng)中存在的適度投資活動(dòng)以及非效率的投資活動(dòng),結(jié)果證實(shí)了在創(chuàng)業(yè)板和中小板公司均存在投資過(guò)度或投資不足的非效率投資行為。本文主要建立了三大研究模型,首先是研究創(chuàng)業(yè)板和中小板公司中管理者自信水平對(duì)非效率投資的影響,結(jié)果表明管理者的自信水平會(huì)顯著正向影響企業(yè)的非效率投資行為。其次,分組構(gòu)建了非效率投資對(duì)企業(yè)價(jià)值影響的相關(guān)模型,結(jié)果表明無(wú)論是創(chuàng)業(yè)板還是中小板上市公司,其存在的投資過(guò)度行為和投資不足行為均會(huì)造成企業(yè)價(jià)值的下降,并且通過(guò)分析發(fā)現(xiàn)投資不足行為對(duì)企業(yè)價(jià)值的損害程度更大。最后,本文建立模型驗(yàn)證在創(chuàng)業(yè)板和中小板市場(chǎng),管理者存在的過(guò)度自信是否會(huì)加劇非效率投資對(duì)企業(yè)價(jià)值的負(fù)向影響以及比較在這兩個(gè)市場(chǎng)中存在的影響程度的差異�；貧w結(jié)果表明管理者過(guò)度自信確實(shí)會(huì)加劇非效率投資對(duì)企業(yè)價(jià)值的負(fù)向影響,且這種加劇作用在創(chuàng)業(yè)板公司更為明顯�；谇懊嫠械难芯拷Y(jié)果,本文從預(yù)防管理過(guò)度自信、保持良好自信水平的角度出發(fā),為改善創(chuàng)業(yè)板和中小板上市公司的投資決策提出建議,以進(jìn)一步降低企業(yè)的非效率投資水平,從而弱化其對(duì)企業(yè)價(jià)值的負(fù)向影響。
[Abstract]:As one of the three major activities of enterprises, investment activities affect the long-term development of enterprises, whether the investment decisions made by enterprise managers are reasonable and effective, directly affect the size of the enterprise value. Investment decision-making is one of the most important issues for enterprise managers. This paper takes the gem and the small and medium board listed companies as the research object. From the perspective of managers' overconfidence psychology, this paper makes a comparative study on the impact of investment decisions of listed companies in the two markets, and tests whether there are different degrees of manager overconfidence in gem and small and medium board listed companies. Whether this psychological deviation will lead to the emergence of the company's inefficient investment activities, the existence of the company's inefficient investment activities on the value of the enterprise. Finally, it is verified whether the psychological deviation intensifies the influence of the inefficient investment behavior on the enterprise value. This paper selects the data from 2013 to 2015 of the gem and the small and medium-sized board listed companies as the sample data. Descriptive statistics were carried out on the relevant data in each sample. The results show that the level of manager confidence of gem listed companies is significantly higher than that of small and medium board listed companies, that is to say, compared with small and medium board listed companies. The managers of gem companies are more likely to form psychological deviations of overconfidence. Then the expected investment model proposed by Richardson is used to measure the related investment activities in the gem and the small and medium-sized market. Judging the existence of appropriate investment activities and inefficient investment activities in each market. The results confirm that there are inefficient investment behaviors in gem and small and medium board companies. This paper mainly establishes three research models. The first is to study the influence of managers' confidence level on inefficient investment in gem and small and medium-sized board companies. The results show that managers' confidence level will significantly positively affect the non-efficient investment behavior of enterprises. The related model of the influence of inefficient investment on the enterprise value is constructed, and the results show that both the gem and the small and medium-sized listed companies are listed. The existence of excessive investment behavior and underinvestment behavior will lead to the decline of enterprise value, and through the analysis found that the degree of damage to the enterprise value is greater. Finally. This paper establishes a model to verify the growth enterprise market and small and medium-sized market. Whether the overconfidence of managers will aggravate the negative impact of inefficient investment on the enterprise value and the difference in the degree of influence existing in these two markets. The regression results show that the overconfidence of managers does increase. The negative impact of inefficient investment on enterprise value. Based on all the previous research results, this paper starts from the perspective of prevention management overconfidence and maintaining good confidence level. In order to improve the investment decision of the listed companies on the gem and the small and medium-sized board, the paper puts forward some suggestions to further reduce the non-efficiency investment level of the enterprises and weaken their negative influence on the enterprise value.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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