企业投资决策趋同:羊群效应抑或“潮涌现象”?
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财经研究 2012 年 第 38 卷第 11 期, 页码：93 - 103
摘要
参考文献
摘要
文章选取1999-2009年上市公司数据研究了中国企业投资决策羊群行为的存在性及其后果。研究发现,上市公司投资决策存在羊群行为,而投资羊群行为恶化了行业绩效。进一步研究发现,公司治理机制与投资羊群行为显著相关。
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[3]林毅夫.潮涌现象与发展中国家宏观经济理论的重新构建[J].经济研究,2007,(1):126-131.
[4]林毅夫,巫和懋,刑亦青.“潮涌现象”与产能过剩的形成机制[J].经济研究,2010,(10):4-19.
[5]伍旭川,何鹏.中国开放式基金羊群行为分析[J].金融研究,2005,(5):60-69.
[6]辛清泉,林斌,王彦超.政府控制、经理薪酬与资本投资[J].经济研究,2007,(8):110-122.
[7]郑江淮.信息追随、管理者从众行为与报酬合约[J].中国工业经济,2002,(3):77-82.
[8]Albuquerque A.Peer firms in relative performance evaluation[J].Journal of Accounting and Economics,2009,48:69-89
[9]Banerjeer A.A simple model of herd behavior[J].Quarterly Journal of Economics,1992,107(3):797-817.
[10]Bo H.Herding in corporate investment:UK evidence[R].Working Paper,SOAS U-niversity of London,2006.
[11]Choi N,Sias R W.Institutional industry herding[J].Journal of Financial Economics,2009,94(3):469-491.
[12]Graham,John R.Herding among investment newsletters:Theory and evidence[J].Journal of Finance,1999,54(1):237-268.
[13]Knyazeva A,Knyazeva D,Morck R,et al.Comovement in investment[R/OL].http://ssrn.com/abstract=1017323,2008.
[14]Maug E,Naik N.Herding and delegated portfolio management:The impact of relative performance evaluation on asset allocation[R/OL].Working Paper,http://papers.ss-rn.com/sol3/papers.cfm?abstract_id=7362,1995.
[15]Narayanan M.Managerial incentives for short-term results[J].Journal of Finance,1985,40:1469-1484.
[16]Richardson S.Over-investment of free cash flow[J].Review of Accounting Studies,2006,11:159-189.
[17]Scharfstein D S,Stein J C.Herd behavior and investment[J].American Economic Re-view,1990,80(6):465-479.
[18]Stein J.Efficient capital markets,inefficient firms:A model of myopic corporate behavior[J].Quarterly Journal of Economics,1989,104:655-669.
[19]Stein J.Agency,information and corporate investment[A].Constantinides G M,Har-ris M,Stulz R.Handbook of the economics of finance[C].USA:Elsrier B V,2003:111-165,2003.
引用本文
方军雄. 企业投资决策趋同:羊群效应抑或“潮涌现象”?[J]. 财经研究, 2012, 38(11): 93–103.
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