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《Journal of Industrial Technological Economics》 2018-07
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Executives Overconfidence,Internal Control and Investment Efficiency——Empirical Evidence Based on Chinese A-share Listed Companies

Xie Zhong;Kong Lingxiang;School of Economics,Hefei University of Technology;  
Based on the behavioral corporate finance theory and the traditional financial theory,this paper chooses Chinese A-share listed companies from 2012 to 2016 as the sample data and studies the relationship between executives overconfidence,internal control and investment efficiency. The results show that:( 1) there is a significant negative impact of executives overconfidence on investment efficiency,positive positive effect on overinvestment and no significant impact on underinvestment;( 2) internal control has significant positive effect on investment efficiency;( 3) internal control has a negative regulatory effect on the positive correlation between executives overconfidence and overinvestmen,and has no significant regulatory effect on the relationship between executives overconfidence and underinvestment. The above conclusions provide empirical evidence for the formulation of relevant policies or business strategies by our government,regulatory authorities and listed companies from the perspective of empirical tests and have certain theoretical and practical significance.
【Fund】: 中央高校基本科研业务经费专项资金项目“我国中部地区开发区产业升级的绩效、机制以及支撑体系研究”(项目编号:JS2015HGXJ0099)
【CateGory Index】: F272.91;F275;F832.51
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