A Research On The Influence Of Managers' Overconfidence On The Investment Efficiency Of Listed Companies

From the national level,the relationship among investment,consumption and export is likened by many experts and scholars as the troika to pull the national economy.From the enterprise level,financing activities,operation activities and investment activities are linked to each other to form a complete life chain of the enterprise.It can be seen that no matter in the country or in the people,investment is related to the overall strategic situation,and investment efficiency is the practical test of investment strategy.In the process of comprehensive reform in China,the low investment efficiency of enterprises seriously restricts the rise of the nation and the development of enterprises.Therefore,how to improve the efficiency of investment has become the concern of managers and the research object of scholars.At present,although domestic scholars discuss from the perspectives of market environment,national policies and organizational structure,there are few researches on the influence of behavioral characteristics of managers' overconfidence on investment efficiency,so the empirical research on the influence of managers' overconfidence on investment efficiency of listed companies can continue to enrich.In order to explore the impact of managers' overconfidence on investment efficiency,this paper summarizes the research results at home and abroad,analyzes the current situation and theory based on the latest theory,and puts forward the possible hypotheses.In order to prove the rationality of the hypotheses,6525 valid sample data of several listed companies in Shanghai and Shenzhen stock market from 2010 to 2018 are selected for empirical study,so as to build a suitable current environment Based on the residual measurement model of environment and the relationship model between managers' overconfidence and investment efficiency,the following conclusions are drawn: there is a negative correlation between managers' overconfidence and investment efficiency of listed companies;there is a positive correlation between managers' overconfidence and investment overconfidence of listed companies;there is a positive correlation between managers' overconfidence and investment insufficiency of listed companies In the positive correlation,the companies with overconfidence pay more attention to the sensitivity of investment cash flow when making financial decisions,and the effect of overconfidence on overconfidence is more significant than underinvestment.Finally,based on the empirical results,this paper puts forward somesuggestions for managers' overconfidence and investment efficiency improvement from corporate governance mechanism and manager selection and supervision mechanism.