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The Research on Security Investment Reaction of Listed Company Based on Management Myopia

Author: LiSuYin
Tutor: WangHua
School: Jinan University
Course: Accounting
Keywords: Manager Myopia Securities investment
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 97
Quote: 0
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Abstract


More and more listed companies have increased their investment on securities recently in China. Their investment myopia has become serious increasingly. According to the short-term securities investment phenomenon of these companies in our country, this paper seeks to study security investment of them based on management myopia for entrenchment.This article based on agency theory, internal control theory, upper echelons perspective theory etc, firstly research on the motives of managers’myopia by theory research. The listed company’s managers choose investment myopia as their second-best choice. Through descriptive statistical analysis and empirical study based on the sample of listed companies from 2007 to 2009 in our country, we found that a large number of managers of these companies had investment myopia. Manager’s age and capacity have significant impact on such myopic action, and the relationship between them is significant negative. However when it comes to remuneration and shareholding ratio of the managers, there is no significant relationship. And so as managers share ratio, there is no significant relationship. We also found that china’s current governance environment indirectly stimulate the Manager’s investment myopia. In response to these conclusions, this article proposes some suggestion to rational and scientific evaluation managers’ value, take measures to improve internal control and corporate governance to reduce myopia of Manager’s investment.This article’s first innovation is to select a positive, direct angle to research Manager’s investment myopia. The second innovation is select of the related data for the listed company from 2007 to 2009 for empirical study, quite different from experimental research and comparative analysis.

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