摘要
企业的投资异化现象普遍存在于各国的企业中,这种异化会给企业及其利益相关者带来损失。随着行为金融学的兴起,近年来,从管理者过度自信角度研究企业投资异化问题成为学术界一个研究的热点,逐步形成了一些理论模型,得出了相应的研究结论。就该领域主要的理论研究和实证研究,从管理者过度自信所引起的过度投资、投资不足、过度并购以及由此带来的价值损毁等问题,对相关文献进行了回顾和评述,并对未来的研究方向进行了一定的展望。
Investment distortion is popular in fLrrns around the world, and it will destroy the value of the firm and related interests. It is a new area in recent years to study this distortion based on management overeonfidence, and there have been some theoretical models and empirical results. These studies focus on overinvestment, underinvestment, over-mergers and related value destroying coming from management overconfidence. This paper reviews some of the main theoretical and empirical studies of this area.
出处
《财贸研究》
CSSCI
2009年第5期134-140,共7页
Finance and Trade Research
基金
国家自然科学基金"财务信息重述
盈余质量与资本市场效率"(项目号:70872107)的阶段性成果
关键词
过度自信
企业投资异化
过度投资
投资不足
并购
overconfidence
investment distortion
overinvestment
underinvestment
M＆A
