认知的桎梏:从稳定型财务业绩到公司过度投资——基于中国上市公司的证据

›› 2015, Vol. 27 ›› Issue (11): 207-216.

认知的桎梏:从稳定型财务业绩到公司过度投资——基于中国上市公司的证据

钟马, 徐光华

南京理工大学经济管理学院, 南京 210094

收稿日期:2014-04-22 出版日期:2015-11-30 发布日期:2015-12-07
作者简介:钟马,南京理工大学经济管理学院博士研究生;徐光华,南京理工大学经济管理学院教授,博士生导师,博士。
基金资助:
国家自然科学基金项目(71172104;71472088;71173108);国家社会科学基金项目(13BGL057);南京理工大学自主科研项目(2012ZDJH011);江苏省研究生创新工程项目(CXZZ13_0227)。

Cognitive Shackles:From Consistency of Financial Performance to Corporate Over-investment——Evidence Based on China's Listed Companies

Zhong Ma, Xu Guanghua

School of Economics and Management, Nanjing University of Science & Technology, Nanjing 210094

Received:2014-04-22 Online:2015-11-30 Published:2015-12-07

摘要/Abstract

摘要：

本文以稳定增长型的历史财务信息这一特殊信息模式入手,来探究启发式认知偏差在公司过度投资中的作用。通过对2001年至2012年中国上市公司数据的分析后,本文发现:(1)投资前财务业绩呈现稳定型高增长的公司,存在更严重的过度投资问题;(2)过度投资程度与公司财务业绩稳定增长的时长存在正相关;(3)考虑到稳定型业绩信息会造成启发式偏差与自我归因偏差,在控制自我归因偏差的影响后,启发式认知偏差仍能稳定地影响公司过度投资水平;(4)无论公司高管是否过度自信,稳定型财务业绩均能造成严重的过度投资问题。

关键词: 稳定型财务业绩信息, 启发式偏差, 自我归因偏差, 管理者认知偏差, 过度投资, 非效率投资

Abstract:

This paper aims to study the influence of heuristic bias on corporation over-investment. Based on the data of China's listed companies during 2001 to 2012, we find:(1) higher level of overinvestment exist in the corporations with consistency of historical financial performance;(2) the level of overinvestment is positively related with the length of consistency period;(3) after peeling off the influence of self-attributionbias, the heuristic bias still affect the level of over-investment robustly;(4) the effects of consistency of financial performance information on over-investment exist in companies managed both by overconfident managers and rational ones.

Key words: consistency of financial performance information, heuristic bias, self-attribution bias, manager cognitive bias, overinvestment, inefficient investment

钟马, 徐光华. 认知的桎梏:从稳定型财务业绩到公司过度投资——基于中国上市公司的证据[J]. , 2015, 27(11): 207-216.

Zhong Ma, Xu Guanghua. Cognitive Shackles:From Consistency of Financial Performance to Corporate Over-investment——Evidence Based on China's Listed Companies[J]. , 2015, 27(11): 207-216.

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