政治关联、过度自信与非效率投资
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引用本文:胡国柳,周遂.政治关联、过度自信与非效率投资[J].财经理论与实践,2012,(6):37-42
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作者单位
胡国柳,周遂 (海南大学 经济与管理学院海南 海口570228) 
中文摘要:通过运用2006~2010年上市公司的管理者个人背景数据以及投资数据样本,对不同政治关联形式对管理者过度自信心理形成的影响,以及在不同产权性质下,政治关联所导致的过度自信心理同企业非效率投资之间的相关关系进行实证研究。结果表明,对于管理者而言,具有政府部门工作背景比担任人大或政协代表更易引发其过度自信心理的形成。同时,在政治关联所引起的管理者过度自信心理的作用下,企业会加剧其过度投资水平,而缓解其投资不足状况。
中文关键词:政治关联  过度自信  过度投资  产权性质
 
Political Association,Overconfidence and Non-efficient Investments
Abstract:Using the data of managers personal background and corporate investment from the listed companies from 2006 to 2010, the influence of political association on managers overconfidence has been analyzed. Also, the relationship between the overconfidence and non efficient investment has been analyzed, too. The results show that the managers with the background as government officers is more easily to be overconfident than those with the background as representatives of the CNNPC or CPPCC. At the same time, overinvestment occurs when political association happens.
keywords:Political association  Overconfidence  Over-investment  The nature of property rights
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