An Empirical Study On The Impact Of Manager Overconfidence On Listed Corporation Investment Decision

Company Behavior Finance goes through the subjects like Finance and Management. The company behavior finance theory develops fast because traditional finance could not completely explain the realistic economic phenomena any more. So the research of the resume of irrational person and the subjects under this resume become more and more important. Over confidence is a popular psychology phenomenon among the economic elements and it is a classical irrational activity. By the research of domestic and foreign scholars based on the rational assumptions, used "the financing constraint hypothesis" the over confidence is absolutely exist in economic.This issue is mainly about researching the decision of over confidence managers of Chinese listed company. There are two methods to resolve the problem: regular research and experimental research.Five chapters are included in the issue. First chapter introduction mainly introduce the whole issue, include research method and the frame of issue.The second chapter mainly analyzes the overconfidence theory by theories announced by domestic and foreign scholars. The third part is experimental part. Through 2011—2013 listed company finance data, research the relationship between overconfidence and managers investment decision.