CAJ | 학술논문

近年来我国进行证券投资的上市公司越来越多，上市公司投资短视行为日趋严重。针对我国上市公司热衷短期证券投资的现象，笔者重点对管理者基于自身利益的上市公司短视行为进行分析。本文选取2007年～2009年的我国上市公司为样本进行实证研究。通过研究，发现大量上市公司管理者存在投资短视行为；管理者年龄、经营能力对这种行为影响较大，并呈显著的负相关关系；而管理者薪酬、管理者持股比例与投资短视不存在显著的关系。
근년래아국진행증권투자적상시공사월래월다，상시공사투자단시행위일추엄중。침대아국상시공사열충단기증권투자적현상，필자중점대관리자기우자신이익적상시공사단시행위진행분석。본문선취2007년～2009년적아국상시공사위양본진행실증연구。통과연구，발현대량상시공사관리자존재투자단시행위；관리자년령、경영능력대저충행위영향교대，병정현저적부상관관계；이관리자신수、관리자지고비례여투자단시불존재현저적관계。
In recent years, there are more and more listed companies investing in securities and their investment myopia has become increasingly serious. In the light of the short - term securities investment of listed companies of our country, the authors analyzed the my- opia behavior of listed companies whose managers consider their own benefits. The authors made an empirical research using the listed companies of our country from 2007 to 2009 as samples. The descriptive statistical analysis and empirical study found that a large num- ber of managers of these companies have investment myopia behavior. Managers＇ age and managing capacity have significant impact on such myopic behavior and the relationship between them is significantly negative. However, the salaries of managers and the shareholding ratio of managers are not clearly related to investment myopia.