The Impact Of The Chinese Listed Company' General Manager' Overconfidence On Enterprise' Investment Behavior

Enterprise'investment behavior always is the key Point of fumdamental Research on economic,finances,industrial organization and so on. In the real life, Compare with the most superior investment scale in some theoretical analyses, from the angle the behavioral corporation finance,we can enplane some problem in real life which can not be figure out by the superior investment theory. this paper studies the relationship between the general manager's over confidence in Chinese listed company and the corporation investment decision.and try to find out the relationship between the average age of general manger and over confidence behavior.the conclusion is:(1) The general manager's overconfidence is positive relativity with the corporation investment level;(2) The investment-cash flow is more sensitive than the level of moderate managers else;(3) in China, average age of general manger is negative relativity with the over confidence behavior and the investment level.The paper has six main parts, The first part 1 referring to Chapterâ… mainly mentions the introduction the purpose and background of this paper. The second part is the Chapter 2,in this part mainly summarize the domestic and oversea research on overconfidence theory. comments on this research., The third part, mainly introduces the related theories involved in the paper. In the fourth part, Be based on the introduces the related theories involved,in this part,the research model is founded.tne fifth part,which is the core part of the paper. Be based on the research model and empirical research about the managerial overconfidence in Chinese listed company to investment decision with company samples listed between 2006 and 2008 in Shanghai and Shenzhen Stock exchange.in this part,we get the conclusion:(1) The general manager's overconfidence is positive relativity with the corporation investment level;(2) The investment-cash flow is more sensitive than the level of moderate managers else;(3) in China, average age of general manger is negative relativity with the over confidence behavior and the investment leve. The last part of this paper is part 6. we give some policy proposals on how to supervise the manager's overconfidence.Moreover, we look forward to the research for the future on this topic.