| Since the reform and opening up,our country’s economy has continued to develop for decades.At the same time,the various problems in our country’s economy have become more highly highlighted,investment bubbles,high leverages,etc.,have become more and more prominent.Enterprise is an important carrier of entity economic development,and the uncertain factors of macro environments will also affect various decisions of micro-enterprises.In particular,corporate investment decision-making is an important hub of the three major decisions of enterprises,which is an important drive factor that determines the development of the company.As the overall investment returns of the national economy continue to decrease,it is necessary to turn the investment to invest effective to drive.The traditional theory is often based on rational human assumptions when explaining effectiveness of investment effectiveness.However,when managers make decisions,due to the influence of psychological factors,objective conditions and other factors,managers finally decided to have systematically forecasts of traditional economic theory.Therefore,it is necessary to study the factors of excessive investment in our country’s listed companies in practice.In addition,as an important redundant resource,financial flexibility reflects whether the company can flexibly deal with changes in the external environment and can grasp the opportunities for favorable investment in time,and the elasticity of corporate finance is significant.Therefore,the psychological factors of executive levels and the economic capabilities of enterprise level are important factors that cannot be ignored by corporate investment quality.Based on this,this paper uses high-managed excessive confidence,financial elasticity and corporate investment efficiency theory framework,using2011-2020 National Tai’an database,investigating the impact of excessive confidence,financial elasticity on corporate investment efficiency,and two interactions The impact of excessive investment,and an empirical analysis of the differences between the relationship between the different industries.Research indicates:(1)Excessive over-confidence will lead to low enterprise investment efficiency,especially the excessive investment of enterprises,but the relationship with insufficient investment in business is not obvious.(2)The relationship between excessive self-confidence and corporate investment efficiency has heterogeneity in the enterprise of property rights.The positive relationship between excessive self-confidence and low enterprise investment efficiency in state-owned enterprises is stronger than non-state enterprises.(3)The relationship between excessive self-confidence and corporate investment efficiency has heterogeneity in different industries.The positive relationship between excessive self-confidence and low enterprise investment efficiency in the control industry is stronger than freely competitive industries.(4)There is a forward relationship between enterprise financial elasticity and excessive investment of enterprises.The higher the cash elasticity of corporate cash and leverage,the greater the possibility of excessive investment in business.(5)Enterprise Financial Elasticity is adjusting the forward relationship between excessive self-confidence and excessive investment in executives.The contribution of this article:(1)Researching the influence of excessive confidence and enterprise financial flexibility on enterprise investment efficiency,identifying forward regulation of financial flexibility on relationship between excessive confidence and enterprise investment efficiency,these provide a new perspective to explain the intrinsic influencing factors of my country’s current corporate investment efficiency.(2)Integrating executives over confidently theory and financial flexibility theory into corporate investment decision theory,investing decision and investment efficiency of enterprises from enterprise objective economic characteristics and senior subjective psychological characteristics,which has enriched and expanded. |
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