CAJ | 학술논문

羊群行为是一种非理性行为行为,其表现为投资者忽略私有信息,而跟从市场中大多数人进行决策。董事会作为上市公司治理的核心,在很大程度上决定企业的投资决策,进而影响公司的投资行为。本文通过研究汽车行业投资中羊群行为的存在性,以及董事会特征对企业投资羊群行为的影响,认为我国汽车行业上市公司投资存在较明显的羊群行为行为,而董事会特征是影响投资羊群行为的重要因素,其中董事会规模、董事长持股和董事会年龄与企业投资羊群行为显著相关。这些研究结论可以为公司合理安排董事会结构,进行理性投资提供参考。
양군행위시일충비이성행위행위,기표현위투자자홀략사유신식,이근종시장중대다수인진행결책。동사회작위상시공사치리적핵심,재흔대정도상결정기업적투자결책,진이영향공사적투자행위。본문통과연구기차행업투자중양군행위적존재성,이급동사회특정대기업투자양군행위적영향,인위아국기차행업상시공사투자존재교명현적양군행위행위,이동사회특정시영향투자양군행위적중요인소,기중동사회규모、동사장지고화동사회년령여기업투자양군행위현저상관。저사연구결론가이위공사합리안배동사회결구,진행이성투자제공삼고。
As a kind of irrational behavior, herding behavior is that investors ignore private information, and make decisions by following most people. As the core of the corporate governance, the board of directors determines corporate investment decisions largely, thereby affecting the company＇ s investment behavior. This article analyzes the existence of the herding behavior of the automotive industry investment, and the relationship between the board characteristics and the corporate investment herding behavior. The empirical results indicate that the herding behavior of the automotive industry is obvious, and the board feature is an important factor of herding behavior. Board size, director shareholding and board age have a significant correlation with the herd behavior in corporate investment. These conclusions can provide reference for reasonable arrangements for the company board structure and companies＇ rational investment.