Media Supervision?Managers' Overconfidence And Investment Efficiency Of Enterprise

For a long time,the efficiency of enterprise investment has been the focus of wide attention from all walks of life.It is not only the focus of scholars in the academic research,but also the special concern of the practical circle in the operation and management practice.In the past,people always attributed the damage of investment efficiency to the principal-agent problem and information asymmetry,which can indeed explain part of the phenomenon of the low efficiency of investment.However,with the deepening of the research,scholars began to study the investment efficiency from the perspective of "manager psychology",and found that when the manager's psychology is "overconfidence",it will also affect the investment efficiency of enterprises.Further,scholars have found that internal and external governance mechanisms play an important role in studying how to restrain managers' overconfidence.Dyck & Zingales proposed in 2008 that media supervision can be used as the external governance mechanism of a company to effectively make up for the deficiency of internal governance mechanism.However,in the existing studies,scholars have neglected the role of "media supervision",an external mechanism,in regulating the influence of managers' overconfidence on investment efficiency.Therefore,taking "media supervision" as the starting point,this paper conducts theoretical analysis and empirical test on media supervision,managers' overconfidence and enterprise investment efficiency.Firstly,through reading relevant literature and analyzing the theoretical basis,three research hypotheses are proposed.Secondly,by referring to the research models and variable indicators of scholars,the selected data of A-share listing was processed from 2009 to 2018.Thirdly,using descriptive statistics,correlation analysis and fixed effects regression analysis and other research methods,empirical test the influence of managers' overconfidence on the investment efficiency of enterprises,the moderating role of media supervision between managers' overconfidence and investment efficiency,and the moderating effect of media supervision under different property rights.At the same time,in order to make the conclusion more reliable,the hypothesis is further tested for robustness.Finally,the conclusions of this paper are drawn through analysis and summary,and on this basis,the relevant policy suggestions,shortcomings and future prospects are put forward.The main conclusions of this paper are as follows:(1)Overconfidence of managers will lead to over-investment or under-investment,which will damage investment efficiency;(2)Media supervision can negatively adjust the over-investment or under-investment caused by overconfidence of managers,and promote the increase of investment efficiency of enterprises;(3)Under different property rights,the media-supervision plays the different regulating role.Compared with non-state-ownedenterprises,media supervision can weaken the positive relationship between overconfidence and over-investment of managers of state-owned enterprises to a greater extent.Compared with state-owned enterprises,media supervision can weaken the positive relationship between overconfidence and under-investment of managers in non-state-owned enterprises to a greater extent.The above conclusions not only provide a new perspective for restraining the damage of managers' overconfidence on investment efficiency,but also help to fully understand the role of media supervision,strengthen the external governance effect of media supervision,and have certain theoretical and practical significance for improving the investment efficiency of enterprises.Through the above conclusions,this paper puts forward relevant suggestions: First,to establish a scientific investment decision-making and evaluation mechanism within the enterprise;Second,strengthen the supervision and management of overconfidence of managers,reduce overconfidence of managers from the source;Third,while improving the internal governance mechanism,we should pay special attention to the external supervision effect of media supervision.