Research On The Impact Of Managers' Self-interested Attribution Behaviors On Corporate Investment Efficiency

The investment of enterprises has always been a matter of great concern to people.Investment decisions will directly affect the asset structure,business risk and future cash flow of enterprises,and affect the future growth of enterprises.However,in reality,there are a large number of cases that underinvestment or overinvestment exist in enterprises,that is,the phenomenon of enterprise inefficiency investment exists.Apart from macro factors,managers' psychological and behavioral biases also affect the investment efficiency of enterprises.Field of behavioral finance argues that managers under the guidance of factors such as the intuitive driving deviation and frame dependence will make for their own judgment,ascribing the favorable outcome to the internal factors such as personal superb work level and the good decision-making ability,and the unfavorable results to a series of external factors such as others,interference and bad industry conditions,namely enterprise managers have shown which is the self-serving attribution behavior showed by managers of enterprises.This paper firstly judges the attribution bias according to the statement with attributional nature in the performance forecast disclosed by the company,and then introduces the self-serving attribution parameter of the manager,and then selects the listed companies of Shanghai and Shenzhen A shares from 2013 to 2017 as a sample.Using behavioral finance as the theoretical basis,this paper draws on Richardson's enterprise optimal investment level model to measure the degree of inefficiency investment of enterprises,and establishes an empirical model based on the regression residuals of the above model to study the impact of managerial self-serving attribution behavior on corporate investment efficiency.Managers' self-serving attribution affects the investment behavior of enterprises,including the investment choice and investment scale,thus affecting the investment efficiency of enterprises.The inefficient investment of enterprises is mainly manifested in two forms of overinvestment and underinvestment,which is the main reason affecting the investment efficiency of enterprises.The results show that the self-serving behavior of managers will increase the excessive investment of enterprises and restrain the problem of insufficient investment.Then,based on this,we consider the adjustment variables,and use the free cash flow,managers' gender and independent director ratio as variables into the model,and use empirical test to test its impact on the relationship between managers' self-serving attribution and investment efficiency of the enterprise.The results show that the higher the free cash flow is,the more the self-serving attribution of managers will intensify the excessive investment behavior of enterprises and reduce the investment efficiency;compared with women,male enterprise managers' self-serving attribution behavior will promote the excessive investment of enterprises and reduce the investment efficiency;the higher the proportion of the independent directors,the less self-serving attribution behavior of managers will promote the excessive investment of enterprises and improve the investment efficiency.Finally,this paper puts forward suggestions on how to solve the problem of inefficiency investment caused by managers' self-serving attribution behavior.The inefficiency investment behavior of listed companies in China is very common.Therefore,compared with other research methods,this paper draws on the phenomenon of behavioral cognition bias in psychology from the perspective of behavioral finance,and explores the impact of self-serving attribution behavior on corporate investment efficiency.It is of great theoretical and practical significance to try to provide theoretical explanations and empirical evidence for the phenomenon of inefficiency investment in enterprises.