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Research on the Impact of Managers Overconfidence on the Operationg Performance Impact of Chinese Listed Company

Author: XuHan
Tutor: ZhangLiPing
School: East China Jiaotong University
Course: Accounting
Keywords: Overconfidence Operating performance Regression analysis
CLC: F276.6;F832.51
Type: Master's thesis
Year: 2011
Downloads: 69
Quote: 0
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Abstract


In recent years, with the rise of behavioral finance theory, corporate finance researchers have begun to recognize the irrational behavior of managers may have an impact on the company. Managers overconfidence theory as an important part of the behavioral theory of corporate finance, to give up the \a good explanation of the traditional interpretation of the classical theory can not ─ ─ distortions in investment behavior. Investor overconfidence theory is gradually perfected, but managers overconfidence role in operating performance is not very mature. Corporate executives is the key decision-makers, is one of the key factors affecting business performance. This paper tries to explore the listed company managers overconfidence impact of the company's business performance, mining manager overconfidence on corporate performance impact mechanism to rich managers overconfidence in related fields of research results, and provide a favorable reference to the management practices, with some of the theoretical and practical significance. First, we start from the basic theory, managers overconfidence theoretical basis, a brief review of the domestic and foreign managers overconfidence research literature on the impact and the managers of the investment and financing operating performance, summarizes existing research there some of the issues, and on this basis to find out the point of this innovation. Secondly, managers overconfidence affect the mechanism of the operating performance of listed companies and the four assumptions in order to verify whether these four assumptions established, the paper selects the Shanghai and Shenzhen listed companies in 2007-2009 as a research sample, the unsatisfactory samples removed the last remaining 737 listed companies. Summarize and combing So far the research managers overconfidence metrics used, and on this basis the metrics in line with China's actual situation. Again, empirical test. Selected sample variable descriptive statistical analysis found that the presence of a large number of listed companies in China overconfident managers. Correlation analysis found that managers of overconfidence and operating performance is negatively correlated; followed by a comparative analysis found that managers overconfidence finally established the separation of the two roles, equity moderately concentrated and dispersed ownership, there was no significant difference in the impact of private listed company's operating performance; model regression analysis of the overall sample and conditions of the samples to further validate our assumptions on the basis of the comparative analysis, draw conclusions managers overconfidence will have a negative impact on business performance, but the listed companies to improve corporate governance in order to weaken this kind of negative impact. Finally, a summary, and put forward some proposals on this basis, from the macro level and micro level.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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