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本文以2002~2011年中国A股上市公司为样本,考察了高管过度自信和政治关系对公司资本投资水平的影响。研究发现,高管所拥有的政治关系对其过度自信的认知偏差具有正向效应,且随着政治关系强度的提升,其过度自信的倾向也加大。过度自信管理者使其政治关系与公司投资之间的敏感性增强,加大了公司的投资水平;与代表类政治关系相比,官员类政治关系与其过度自信对公司投资的正向影响更大、更显著;而对于不同产权的公司而言,国有公司的高管过度自信与政治关系对公司投资的影响效应更大。
This paper takes Chinese A-share listed companies from 2002 to 2011 as samples to examine the impact of overconfidence and political relations on the level of capital investment. The study finds that the political relations owned by senior executives have a positive effect on their cognitive bias of overconfidence, and their tendency of overconfidence increases with the increase of political relations. Overconfidence Managers increase the sensitivity between their political relations and corporate investment and increase the firm’s level of investment. Compared with representative political relations, official political relations and their overconfidence have a more positive impact on corporate investment , And more significant. For companies with different property rights, the overconfidence and the political relations of executives of state-owned companies have a greater impact on the company’s investment.