认知的桎梏：从稳定型财务业绩到企业过度投资 ——基于中国上市公司的证据

Compare with the rate of development of human society , human biological evolution and behavioral pattern change very slowly ,thus human has to use “raw” cognitive pattern which cause bias to process modern information. To study the problem of Corporate Over-investment based on Heuristic Theory , this paper based on the behavior perspective. Based on Richandson (2006) model , using 2001 to 2012 data of China listed companies , we find that : when company shows consistency of high financial performance ( 1 ) due to the Self-attribution Bias, the level of confidence will increase, then exacerbate over-investment ; ( 2 ) due to Representative Bias and Conservatism Bias, causing the decision-making process related to information processing bias, over-investment will be intensified ; ( 3 ) based on the use of executive compensation and corporate risk levels to measure overconfidence , overconfidence will aggravate this distortion .