投资者和管理者非理性对企业投资行为的影响研究
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摘要
近年来，我国企业经常呈现出投资行为扭曲现象，委托代理理论对其进行了解释，但是该理论隐含的“理性经济人”假设与实际严重不符，因而受到行为金融理论的质疑。此外，越来越多的资本市场异象和企业异常财务行为表明，决策主体的认知偏差及市场的非理性会直接影响决策过程和结果，而这很难被生硬地框入传统的“理性经济人”假设的范畴。因此，投资者和管理者非理性对企业投资行为的影响逐渐引起学术界的广泛关注，成为目前的一个热点问题。
在明确已有研究不足的基础上，本文首先对企业投资行为的概念进行界定，进而明确投资者和管理者非理性的定义、表现形式和产生原因。接着，对投资者情绪、投资者羊群行为、管理者过度自信、管理者短视偏差对企业投资行为的影响机理进行分析，对投资者情绪和管理者过度自信对企业投资行为的影响机理进行分析，并提出相应的研究假设。然后，逐步放宽理性人假设，分析投资者和管理者非理性对企业投资行为的影响。具体来说，主要从投资者情绪、投资者羊群行为、管理者过度自信和管理者短视偏差对企业投资行为的影响来展开研究；而在投资者和管理者都非理性的框架下，主要探讨投资者情绪与管理者过度自信对企业投资行为的影响。最后，根据研究结论，针对企业提出相应对策建议。
实证部分选取沪深两市A股上市公司作为研究样本进行实证分析。投资者非理性对企业投资行为影响的研究结果表明，投资者情绪对企业投资行为有显著的促进作用，并且盈余质量在投资者情绪影响企业投资行为的过程中起到正向调节作用，即盈余质量越高，投资者情绪对企业投资行为的影响越大。此外，买方羊群行为对企业投资行为有显著的促进作用，而卖方羊群行为对企业投资行为有显著的抑制作用，并且两者的影响程度存在一定的差异。
管理者非理性对企业投资行为影响的研究结果表明，管理者过度自信对企业投资支出具有显著的促进作用，而管理者权力对企业投资支出的影响并不显著，但却强化了管理者过度自信对企业投资行为的促进作用。并且在不同管理者权力强度条件下，管理者过度自信对企业投资支出的影响存在差异；在管理者是否过度自信条件下，管理者权力对企业投资支出的影响也存在差异。此外，股东短期利益压力引起的管理者短视偏差对企业短期投资水平有正向的促进作用，进而降低企业未来盈利能力和业绩水平，增大企业风险，但是却不会加大企业当期陷入财务困境的可能性。
投资者和管理者非理性对企业投资行为影响的实证研究表明，投资者情绪对管理者过度自信具有正向作用，投资者情绪越高涨，则越容易使得管理者过度自信。并且在投资者情绪对企业投资行为的影响过程中，管理者过度自信起到了部分中介作用，意味着投资者情绪对企业投资行为的影响路径中存在着一条间接的影响路径。
本文的研究具有重要的理论价值和现实意义，不仅深化了对投资者情绪、投资者羊群行为、管理者过度自信及管理者短视偏差等的认识，拓展和丰富了行为金融领域的研究，而且突破代理理论和信息不对称理论对企业产生非效率投资行为的传统解释，为加强企业监管，保持企业持续竞争力，实现企业良性发展提供了新的参考证据。
In rencent years, the phenomenon of investment behavior distortion often appearsin the the Chinese companies. To some extent, the principal-agent theory can explainthis phenomenon. But the “rational economic man” hypothesis, which is implied in thistheory, is inconsistent with the actual situation. Thus this theory is questioned bybehavioral finance theory. Moreover, more and more anomalies in financial market andabnormal financial behaviors in companies show that, cognitive bias ofdecision-makers and the market's irrationality will directly influence the process andresults of decision making, and it is hard to put these all into the category of traditional“rational economic man” hypothesis. So the study on the effect of investor irrationalityand manager irrational on corporate investment behavior, which are given more andmore attention in academic circle, become a hot issue at present.
After determining the deficiency of the existing researches, this paper defines theconcept of corporate investment behavior and analyses the mechanism of action of theeffect of investor irrationality and manager irrationality on the corporate investmentbehavior firstly. Then researches on the effect of investor irrationality and managerirrational on corporate investment behavior with gradually relaxing rationalityhypothesis, specifically includes the study about the effect of investor sentiment,investor herd behavior, manager overconfidence and manager myopia on corporateinvestment behavior. This paper mainly discuss the effect of investor sentiment andmanager overconfidence on corporate investment behavior when put investorirrationality and manager irrationality into a research framework. At last, put forwardrelevant policy recommendations for listed companies.
The empirical researches of this paper select A-shared listed companies inShanghai and Shenzhen stock exchange market as research sample. The empiricalresults of the study on the effect of investor irrationality on the corporate investmentbehavior show that, the investor sentiment plays an important role in promotingcorporate investment behavior and earnings quality plays a positive regulatory role inthis process. Moreover, the buyer’s herd behavior has positive effect on the level ofcorporate investment, while the seller’s herd behavior has inhibitory effect on the levelof corporate investment. And the degree of influence on corporate investment variesbetween the buyer’s herd behavior and that of the seller’s.
The empirical results of the study on the effect of manager irrationality on thecorporate investment behavior show that, manager overconfidence plays a significantrole in promoting corporate investment spending, while the effect of manager power onthe corporate investment spending isn’t significant, but to strengthen the influence ofmanager overconfidence on corporate investment behavior. The influence on enterpriseinvestment spending from manager overconfidence differs as a result of various powerintensity from different manager; so as the effect from manager power to enterpriseinvestment spending differs under the condition of whether manager is overconfidenceor not. In addition, there is a positive relationship between manager myopia andcorporate temporary investments. And the temporary investments of firms withshortsighted managers will ruduce corporate profitability and performance in the futureand increase corporate risk, but can not cause them into finacial distress currently.
The empirical results of the study on the effect of investor irrationality andmanager irrationality on the corporate investment behavior show that, the investorsentiment plays an important role in promoting manager overconfidence. Furthermore,manager overconfidence plays a part of the intermediary role in the influence processof investor sentiment on corporate investment behavior, which means there is anindirect influence path between investor sentiment and corporate investment behavior.
This study has important theoretical value and practical significance. It not onlyhelps us have a further understanding of investor sentiment, investor herd behavior,manager overconfidence and manager myopia, but also expand and enrich the researchin the field of behavioral finance. In addition, it breakthrough the traditionalinterpretation of agency theory and information asymmetry theory to thenon-efficiency investment behavior in enterprise, and provide important new referenceevidence to strengthen enterprise supervision, keep the enterprise sustainedcompetitiveness and realize the benign development of the enterprise.
在明确已有研究不足的基础上，本文首先对企业投资行为的概念进行界定，进而明确投资者和管理者非理性的定义、表现形式和产生原因。接着，对投资者情绪、投资者羊群行为、管理者过度自信、管理者短视偏差对企业投资行为的影响机理进行分析，对投资者情绪和管理者过度自信对企业投资行为的影响机理进行分析，并提出相应的研究假设。然后，逐步放宽理性人假设，分析投资者和管理者非理性对企业投资行为的影响。具体来说，主要从投资者情绪、投资者羊群行为、管理者过度自信和管理者短视偏差对企业投资行为的影响来展开研究；而在投资者和管理者都非理性的框架下，主要探讨投资者情绪与管理者过度自信对企业投资行为的影响。最后，根据研究结论，针对企业提出相应对策建议。
实证部分选取沪深两市A股上市公司作为研究样本进行实证分析。投资者非理性对企业投资行为影响的研究结果表明，投资者情绪对企业投资行为有显著的促进作用，并且盈余质量在投资者情绪影响企业投资行为的过程中起到正向调节作用，即盈余质量越高，投资者情绪对企业投资行为的影响越大。此外，买方羊群行为对企业投资行为有显著的促进作用，而卖方羊群行为对企业投资行为有显著的抑制作用，并且两者的影响程度存在一定的差异。
管理者非理性对企业投资行为影响的研究结果表明，管理者过度自信对企业投资支出具有显著的促进作用，而管理者权力对企业投资支出的影响并不显著，但却强化了管理者过度自信对企业投资行为的促进作用。并且在不同管理者权力强度条件下，管理者过度自信对企业投资支出的影响存在差异；在管理者是否过度自信条件下，管理者权力对企业投资支出的影响也存在差异。此外，股东短期利益压力引起的管理者短视偏差对企业短期投资水平有正向的促进作用，进而降低企业未来盈利能力和业绩水平，增大企业风险，但是却不会加大企业当期陷入财务困境的可能性。
投资者和管理者非理性对企业投资行为影响的实证研究表明，投资者情绪对管理者过度自信具有正向作用，投资者情绪越高涨，则越容易使得管理者过度自信。并且在投资者情绪对企业投资行为的影响过程中，管理者过度自信起到了部分中介作用，意味着投资者情绪对企业投资行为的影响路径中存在着一条间接的影响路径。
本文的研究具有重要的理论价值和现实意义，不仅深化了对投资者情绪、投资者羊群行为、管理者过度自信及管理者短视偏差等的认识，拓展和丰富了行为金融领域的研究，而且突破代理理论和信息不对称理论对企业产生非效率投资行为的传统解释，为加强企业监管，保持企业持续竞争力，实现企业良性发展提供了新的参考证据。
In rencent years, the phenomenon of investment behavior distortion often appearsin the the Chinese companies. To some extent, the principal-agent theory can explainthis phenomenon. But the “rational economic man” hypothesis, which is implied in thistheory, is inconsistent with the actual situation. Thus this theory is questioned bybehavioral finance theory. Moreover, more and more anomalies in financial market andabnormal financial behaviors in companies show that, cognitive bias ofdecision-makers and the market's irrationality will directly influence the process andresults of decision making, and it is hard to put these all into the category of traditional“rational economic man” hypothesis. So the study on the effect of investor irrationalityand manager irrational on corporate investment behavior, which are given more andmore attention in academic circle, become a hot issue at present.
After determining the deficiency of the existing researches, this paper defines theconcept of corporate investment behavior and analyses the mechanism of action of theeffect of investor irrationality and manager irrationality on the corporate investmentbehavior firstly. Then researches on the effect of investor irrationality and managerirrational on corporate investment behavior with gradually relaxing rationalityhypothesis, specifically includes the study about the effect of investor sentiment,investor herd behavior, manager overconfidence and manager myopia on corporateinvestment behavior. This paper mainly discuss the effect of investor sentiment andmanager overconfidence on corporate investment behavior when put investorirrationality and manager irrationality into a research framework. At last, put forwardrelevant policy recommendations for listed companies.
The empirical researches of this paper select A-shared listed companies inShanghai and Shenzhen stock exchange market as research sample. The empiricalresults of the study on the effect of investor irrationality on the corporate investmentbehavior show that, the investor sentiment plays an important role in promotingcorporate investment behavior and earnings quality plays a positive regulatory role inthis process. Moreover, the buyer’s herd behavior has positive effect on the level ofcorporate investment, while the seller’s herd behavior has inhibitory effect on the levelof corporate investment. And the degree of influence on corporate investment variesbetween the buyer’s herd behavior and that of the seller’s.
The empirical results of the study on the effect of manager irrationality on thecorporate investment behavior show that, manager overconfidence plays a significantrole in promoting corporate investment spending, while the effect of manager power onthe corporate investment spending isn’t significant, but to strengthen the influence ofmanager overconfidence on corporate investment behavior. The influence on enterpriseinvestment spending from manager overconfidence differs as a result of various powerintensity from different manager; so as the effect from manager power to enterpriseinvestment spending differs under the condition of whether manager is overconfidenceor not. In addition, there is a positive relationship between manager myopia andcorporate temporary investments. And the temporary investments of firms withshortsighted managers will ruduce corporate profitability and performance in the futureand increase corporate risk, but can not cause them into finacial distress currently.
The empirical results of the study on the effect of investor irrationality andmanager irrationality on the corporate investment behavior show that, the investorsentiment plays an important role in promoting manager overconfidence. Furthermore,manager overconfidence plays a part of the intermediary role in the influence processof investor sentiment on corporate investment behavior, which means there is anindirect influence path between investor sentiment and corporate investment behavior.
This study has important theoretical value and practical significance. It not onlyhelps us have a further understanding of investor sentiment, investor herd behavior,manager overconfidence and manager myopia, but also expand and enrich the researchin the field of behavioral finance. In addition, it breakthrough the traditionalinterpretation of agency theory and information asymmetry theory to thenon-efficiency investment behavior in enterprise, and provide important new referenceevidence to strengthen enterprise supervision, keep the enterprise sustainedcompetitiveness and realize the benign development of the enterprise.
引文
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