Research on the Influence of Managers’ Self-Serving Attributive Behavior on Enterprise Investment Efficiency

摘要

Corporate investment behavior has always been a matter of great concern. It is the main force for corporate growth and basis for future cash flow growth. Investment will directly affect the profitability and operational risks of enterprises, and will also affect financing and dividend distribution and series of corporate financial policies. However, there is always a large number of under-investment or over-investment behavior in enterprises in reality, which is also called the non-efficiency investment by enterprises. In addition to macro factors, the behavior and psychological deviation of manager also has an impact on corporate investment behavior. From the perspective of behavioral finance, this paper draws on the phenomenon of psychological deviation of people’s overconfidence in psychology, and measures the overconfidence of managers in 2015-2017. The impact of behavior on corporate investment efficiency attempts to provide theoretical explanations and empirical evidence for the phenomenon of non-efficiency investment.