管理者类型对企业投资效率的影响研究-毕业论文.docVIP

PAGE PAGE II PAGE PAGE I 本科毕业论文 管理者类型对企业投资效率的影响研究 ——以创新工场为例 摘 要 管理者存在过度自信心理，在投资决策时，会错误判断投资项目的收益率，从而做出错误的投资决策，影响企业财务目标的实现。 本文以创新工场为特定对象，对过度自信类型的管理者对企业投资效率的影响进行了研究。通过研究公司目前的投资效率现状，检验了管理者过度自信与企业投资效率的关系，并进一步探究了现金流充足程度、终极控制人性质以及独立董事比例三个因素对管理者过度自信与企业投资效率关系的调节作用。通过实证研究发现，管理者过度自信与企业投资效率呈负相关，现金流充足、国企能加强两者负相关关系。独立董事占比高，能减弱两者负相关关系。 关键词：管理者类型,过度自信,投资效率,现金流 Abstract Managers have over-confidence. When making investment decisions, they will misjudge the return on investment projects, thereby making wrong investment decisions and affecting the achievement of corporate financial goals. This article takes the innovation workshop as the specific object, and studies the influence of over-confident managers on the investment efficiency of enterprises. By examining the companys current investment efficiency status, it examines the relationship between managers overconfidence and corporate investment efficiency, and further explores the three factors of cash flow adequacy, ultimate controller nature, and the proportion of independent directors. Moderating effect of efficiency relationship. Through empirical research, it is found that managers overconfidence is negatively related to corporate investment efficiency, cash flow is sufficient, and state-owned enterprises can strengthen the negative correlation between the two. The high proportion of independent directors can weaken the negative correlation between the two. Keywords: manager type; overconfidence; investment efficiency; cash flow PAGE V PAGE V 目 录 TOC \o 1-3 \h \u 549198389 摘 要 I 492609117 Abstract II 1437392822 第1章 绪论 1 1217614251 1.1选题背景和研究意义 2 1071044294 1.1.1选题背景 2 833520104 1.1.2研究意义 3 936558547 1.2研究内容与方法 4 1831850566 1.2.1研究内容 4 1586899370 1.2.2研究方法 5 1418299497 第2 章 文献综述 6 291164379 2.1管理者过度自信研究现状 6 1631969987 2.1.1管理者过度自信的驱动因素 6 858432025 2.1.2过度自信效果研究 7 871903629 2.2企业投资效率研究现状 8 1803369122 2.2.1外在因素与企业投资效率 8 1788123343 2.2.2企业内在因素与企业投资效率 8 1102869683 2.3关于管理者过度自信