管理者过度自信、公司治理和投资行为实证分析-会计学专业论文.docxVIP

华 华 中 科 技 大 学 硕 士 学 位 论 文 II II Abstract Investment behavior has been the focus of theoretical research. However, compared with the theoretical analysis to calculate the optimal investment, enterprise investment distortion problems always exist. Investment distortions including overinvestment and insufficient investment, the traditional finance theory mainly from the principal-agent theory and asymmetric information theory to explain the investment distortions, it is very difficult for the reality of some investment vision to give a reasonable explanation. Go up century 70 time, academia put forward traditional theories are based on the hypothesis of rational man, if to relax this assumption, is not completely rational person hypothesis, closer to the reality of the situation. In 1986, Roll debut with Managerial Overconfidence Theory to explain the company decision-making problem, open the managerial over confidence in the financial decision making to use on the curtain. So far, many domestic and foreign scholars are pushing the development of behavioral finance and development. However, managerial overconfidence metric, managerial overconfidence on financial decision-making influence is still a problem to be solved urgently. This article from the behavioral finance theory, explore the managerial overconfidence on corporate investment behavior. With the background of manager characteristics as overconfidence measure index, introduced the management sex, age, education, length of service in four dimensions, and use the principal component analysis method of reducing dimension, to further simplify the managerial overconfidence measure index. And then used to quantify the managerial overconfidence, research on corporate excessive investment, as well as Manager Overconfidence and corporate governance interaction. With 06-10 two stock markets the empirical data of listed companies, demonstrated overconfidence management tends to overestimate gains, leading to excessive