本文以2010-2014年A股上市公司为研究对象,系统分析管理者过度自信类型、强弱的异质性对企业投资行为偏差的影响。实证结果发现,管理者结果表现型过度自信有着较高的投资水平,并加强企业投资对现金流的敏感性;管理者强过度自信有着更高的投资水平,但会削弱企业投资对现金流的敏感性。 This article takes A-share listed companies from 2010 to 2014 as the research object, and systematically analyzes the influence of overconfidence types and the heterogeneity of managers on the deviation of corporate investment behavior. Empirical results show that managers have a higher level of investment in performance-based overconfidence and enhance the sensitivity of corporate investment to cash flow. Managers are overconfident with higher investment levels, but they will weaken the impact of corporate investment on cash flow Sensitivity.