Research On Alienation Of Investment Behavior Of Biomedical Listed Companies

According to relevant statistical results,there is a widespread phenomenon of alienation of investment behavior in Chinese enterprises,that is to say,investment behaviors that do not aim at maximizing the value of enterprises when making investment decisions.As a high-tech industry,biomedicine has the characteristics of large investment scale and high return,but it also has problems such as high investment risk and long cycle.Therefore,biopharmaceutical listed companies are more likely to cause investment behavior alienation,that is,investment results are over-investment or under investment.Therefore,it is necessary to study on whether there is any alienation of investment behavior in China's biopharmaceutical listed companies,and analyze the influencing factors that cause this phenomenon.As the decision-makers of corporate investment behavior,managers will not only be affected by their personal psychological factors,but their investment behavior will deviate from the optimal decision-making,and will also be affected and constrained by the external environment-institutional environment.Therefore,the analysis of managerial overconfidence and the alienation of investment behavior of biopharmaceutical listed companies cannot leave the background of China's special institutional environment.Behavioral finance theory is based on traditional financial theory,combines the theoretical knowledge of psychology and sociology,and recognizes that managers are bounded rational,providing a new perspective for studying the alienation of corporate investment behavior.Therefore,based on the behavioral finance theory,this paper discusses the relationship between managerial overconfidence,institutional environment and corporate investment behavioral alienation;using the data of China's Shanghai and Shenzhen biopharmaceutical listed companies in 2008-2017 as a sample,using The software of SPASS analyzes statistics.Firstly,the residual model is used to measure the phenomenon of corporate investment behavior alienation,and the residual value is used to measure the alienation of investment behavior.Then the residual value and sample data are substituted into the empirical model to study the relationship between managerial overconfidence and corporate investment behavior alienation.Correlation between sexuality,institutional environment and corporate investment behavior alienation;Finally,the institutional environment is added as an adjustment variable to the empirical model to test whether it affects the relationship between managerial overconfidence and corporate investment behavioral alienation.Through the above theoretical analysis and empirical test,it is concluded that:limiting other conditions,managers' overconfidence will aggravate the alienation of investment behavior of biopharmaceutical listed companies in China;and other conditions,the institutional environment of the province where biopharmaceutical listed companies are located will inhibit the alienation of corporate investment behavior.By limiting other conditions,the institutional environment undermines the positive correlation between managerial overconfidence and the alienation of corporate investment behavior.Finally,the thesis puts forward suggestions on how biopharmaceutical listed companies can improve the alienation of investment behavior,which has already provided a reference for future scholars to study the alienation of investment behavior of listed companies.