| With the progress of science and technology and the development of economy,the world will usher in the information age,which in turn promotes the development of economy,among which investment plays a key role and is also an important indicator reflecting the long-term development of enterprise economy.Meanwhile,with the rapid development of Chinese economy and the development of network technology,listed companies also welcome the spring of investment.Listed companies rely on a wide range of information,including market information and information obtained by individual investors.At present,the investment of listed companies shows the herd phenomenon,that is,the phenomenon of conformity,which shows that the investment of a certain industry is too hot or too cold in a certain period of time,resulting in excessive or insufficient investment.This investment flocks of macro phenomenon actually is the microcosmic performance of the investors' herd mentality,excessive to concentrate resources in the minority areas,not only will cause the waste of resources(human,financial and material resources),also caused the resource utilization efficiency is low,is not conducive to the overall economic stability will also reduce the efficiency of economic development,finally to the entire national economy stable increasing adverse impact.Therefore,the author thinks it is necessary to discuss the influencing factors of corporate investment conformity.As one of the investment decision makers of enterprises,CEO is also one of the subjects of enterprise strategic decision.The CEO's decision plays an important role in the long-term development of the enterprise.Whether his investment decision is correct or not is related to the size of his financial risk,which further affects the judgment of the enterprise's business status by the stakeholders,leading to the decline of the enterprise's business performance.According to the theory of high-level echelon,people's behavior is influenced by their growth environment,three views,especially values,gender,age,etc.,and CEO is no exception.In recent years,venture capital investment has become popular and concentrated in a few popular industries,such as real estate,we media,network communication,etc.,which is closely related to the personal decision-making factors of some company executives.This is not bad news for businesses or even entire industries or the national economy.The main reason is the deviation of investment philosophy of enterprise managers :(1)managers believe that they should not put all their eggs in one basket,so when companies have extra funds to invest,they will usually choose portfolio products for diversified investment,so as to reduce risks.Aimlessly into the unfamiliar industry,however,without any experience of investment on the one hand,can lead to serious from your core business,reduce enterprise competitive strength in the industry to lose at industry zhongyuan some hard power,on the other hand blindly to move into new areas likely to cause the failure of investment,lead to enterprise core areas of daily production and business operation affected;(2)the company's blind acquisition without preparation leads to excessive investment,which is likely to cause chaos in the internal structure of the company,increase business risks,and reduce cash holdings.The rise of the asset-liability ratio is confused with the responsibilities of the management,which will easily affect the business scope of the enterprise.Once problems occur in daily production and operation,the company will be embarrassed.In this way,even if there are good investment projects,the lack of cash flow will limit the investment of enterprises and affect the long-term development of enterprises.Herd behavior,colloquially speaking,is the behavior of an individual who is influenced by other individuals in the group,ignores himself and wants to blindly follow others and imitate others.This behavior originated from the animal kingdom,is the survival instinct of animals,and the existence of this behavior in economics will lead to the disaster of an enterprise,an industry or even the whole national economy.Based on the public data of a-share listed companies in Shanghai and shenzhen,this paper proves the existence of herd behavior in enterprise investment and further studies the influence of CEO characteristics on herd behavior in enterprise investment under different property rights.Based on the empirical conclusion,this paper puts forward some Suggestions to alleviate herd behavior in enterprise investment.CEO's personal characteristics(age,education background,etc.)will have an impact on his behavior,which will have the most direct impact on the internal decision-making of an enterprise.Therefore,the relationship between CEO's characteristics and corporate investment herd behavior has become the research direction of many scholars at home and abroad.At present,domestic and foreign studies on the relationship between the characteristics of managers and the herd behavior of enterprise investment have achieved fruitful results,but there are few studies on the distinction between different property rights,especially on the CEO's herd behavior of enterprise investment.In order to explore the CEO characteristics under different property rights and enterprise investment,the relationship between the herd behavior of this paper reviews the related literature at home and abroad,draw lessons from burleigh and rice,put forward the principal-agent theory,offered A top echelon Hambrick&Mason,John Adair put forward strategic leadership theory and the theory of herd behavior in Shanghai and shenzhen a-share listed companies as samples,the selection of characteristics of ceos of listed companies as the research object,first proved the existence of herd behavior,enterprise investment setting the stage for later further research.Then we introduce CEO characteristics and prove the relationship between CEO characteristics and herd behavior.On this basis,we distinguish different property rights and demonstrate the relationship between CEO characteristics and herd behavior.Through the above theoretical and empirical research,this paper draws the following conclusions:(1)at present,whether state-owned or non-state-owned enterprises,China's Shanghai and shenzhen a-share listed companies do have herd behavior of investment.Moreover,compared with state-owned listed enterprises,non-state-owned listed enterprises have more significant herd effect on investment.(2)there is a certain correlation between CEO background characteristics and enterprise investment herding behavior.Other conditions being the same,CEO age,education background and duty separation are significantly negatively correlated with enterprise investment herding behavior,while CEO salary level is significantly positively correlated with enterprise investment herding behavior.(3)under different property rights,CEO characteristics have different influences on herd behavior of enterprise investment.Among them,ceos of non-state-owned enterprises are more likely to blindly invest under the influence of other investors in the industry,that is,ceos of non-state-owned enterprises have greater influences on herd behavior of enterprise investment.For China's special national conditions,state-owned enterprises due to non-market environment factors,the influence of CEO background characteristics on enterprise herd investment is less than that of non-state-owned enterprises.Finally,based on the conclusions of the research,this paper summarizes and puts forward some policy Suggestions to ease the herd behavior of enterprise investment. |
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