财经理论与实践2016，Vol.37Issue(4)：44-49,6.
股权激励对企业非效率投资行为的影响研究基于高管过度自信中介效应的视角
Research on the Effect of Stock Ownership Incentive on the Non-Efficiency Investment Behavior of Enterprises:Based on the Perspective of the Mediating Effect of Executive Overconfidence
摘要
Abstract
From the managers overconfidence perspective,this paper examines China's listed equity incentive effect on corporate investment behavior.The results show that excessive invest-ment and insufficient investment phenomenon generally exist in China's listed companies;equity incentive can effectively inhibit the over investment behavior,but enterprises lack of investment has a significant role in promoting.Managerial overconfidence will lead to over investment behav-ior of enterprises,the corresponding will reduce the investment problems;managerial overconfi-dence leads to equity incentive plan of weakening the effectiveness of the important reasons,the implementation of equity incentive will be in the role of managerial overconfidence exacerbated by corporate over investment behavior,and the lack of investment showed no significant inhibitory effect.At the same time,a good corporate governance environment can effectively restrain the probability of the senior executives'confidence,and also is an important precondition for the in-centive effect to play.关键词
股权激励/企业非效率投资/高管过度自信/中介效应Key words
Equity incentive/Corporate inefficient investment/Overconfidence of Executive/Mediating effect分类
管理科学引用本文复制引用
彭耿,廖凯诚..股权激励对企业非效率投资行为的影响研究基于高管过度自信中介效应的视角[J].财经理论与实践,2016,37(4):44-49,6.基金项目
国家自然科学基金项目(71462008)、湖南省研究生科研创新项目(CX2015B543)、吉首大学校级科研项目(15SKY034) （71462008）
