The Research of Managerial Overconfidence and Accounting conservatism on the investment efficiency

• Main Authors: WEI, CHIA YI, 魏佳儀
• Other Authors: ZHANG,SEN-HE
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/2wsds3

碩士 === 逢甲大學 === 會計學系 === 106 === Investment is a kind of decision making,This major decisionWill affect the company operation,investment of input:funds , Spent many years ,related investment of risk management borrowing occurs of financing costs from bank or other company ,all matters of an investment consider, net cash flow available in the future:all input must greater than output. The managerment who are overconfidence will overestimate their abilities and professional judgment ,this optimistic also allows managers trust their company’s future performance is full of confidence , may distorted investment decision results,empirical results also show that managerment overconfidence will increase overinvestment,and decrease underinvestment,managerment overconfidence effect investment efficiency. When the company tends to the conservative accounting, will overestimate the company's liabilities and Underestimation the company's both assets and free cash flow,when free cash flow is restricted tend to less investment,empirical results show that accounting conservatism and underinvestment present significant positive correlation, the company's accounting policy more conservative investment less: accounting conservatism and overinvestment not present significant positive correlation.