Research On The Impact Of Performance Expectation Gap On Enterprise Over-Investment From Multiple Perspectives

Investment plays a key role in the value creation of enterprises.Efficient investment helps to accumulate capital and promote long-term sustainable development of enterprises.However,in actual investment decisions,inefficient investment often occurs,which is not only a challenge faced by listed companies but also a hot topic of academic attention.From the longterm trend of China’s economy,the proportion of investment in GDP remains high,seriously affecting the long-term prosperity and stable development of China’s economy.“Optimizing investment structure and maintaining reasonable investment growth” is a clear requirement proposed in China’s 14 th Five Year Plan,which is not only related to the improvement of enterprises’ own competitiveness,but also related to the high-quality development of the macro economy.Scholars have explored the impact of actual performance on corporate investment behavior,but have overlooked the importance of relative performance,which is the gap between actual performance and expected performance.Due to the motivation to improve performance,performance expectation gaps can lead to management adjustments in investment decisions,However,what is the impact of this on the company’s over-investment,and through what path does it affect the company’s over-investment.The exploration of these issues in this thesis is of great significance for both theory and practice.Therefore,based on relevant theories,this thesis selects Chinese A-share listed companies in Shanghai and Shenzhen from 2012 to 2021 as the research object,draws on the research idea of “Antecedents-Process-Context-Behaviors”,constructs a research framework of “causal perspective”,“contingency perspective”,and “process perspective”,and studies the impact of performance expectation gaps on corporate over-investment from multiple perspectives.The research findings are as follows:(1)From a “causal perspective”,performance expectation surpluses can exacerbate corporate over-investment,and performance expectation gaps have an inverted U-shape relationship with corporate over-investment that first intensifies and then alleviates;(2)From a “contingency perspective”,among organizational internal characteristics,the aggravating effect of performance expectation surplus on enterprise over-investment in nonstate owned enterprises and family owned enterprises has been alleviated,and the inverted Ushape relationship between performance expectation gap and enterprise over-investment is also weaker;In the external environment of the organization,a good level of marketization alleviates the aggravating effect of performance expectation surplus on enterprise over-investment,while the regulatory effect on the relationship between performance expectation gap and enterprise over-investment is not significant;(3)From a “process perspective”,managerial overconfidence plays a mediating role in the impact of both performance expectation surpluses and performance expectation gaps on corporate over-investment.This thesis supplements the research on the impact of environmental factors on the overinvestment of enterprises from the perspective of corporate behavior theory,verifies the mechanism between performance expectation gap and over-investment of enterprises,enriches the research scope of performance feedback theory,and has important reference significance for the government,enterprises and management to alleviate over-investment.