中文摘要：

我国上市公司投资的高速扩张不能简单地归因于投资机会。应摒弃完全理性经济人的假设，从行为金融学角度深入分析管理者过度自信对投资决策的影响。以沪、深两市2012—2014年的上市公司数据对管理者过度自信与过度投资及公司市场价值的关系进行研究。实证结果发现，公司高管越过度自信，越倾向于过度投资；过度自信、过度投资的交互作用对公司财务产生了显著的负面影响，降低了公司市场价值。由此证明管理者的过度自信是影响企业投资决策的重要因素。本文从管理者过度自信的视角所做的研究，丰富和拓展了企业财务决策理论。

英文摘要：

China＇s rapid expansion of investment in listed companies can not simply be attributed to investment opportunities. The as- sumption of rational economic man should be abandoned and the effect of overconfidence of the managers on investment decisions should be analyzed from the perspective of behavioral finance. Based on the data of Chinese listed companies from 2012-2014, the paper stud- ies the relationship between managerial overconfidence and corporate market value of over-investment. The empirical results show that the more over-confident the executives are, the higher the level of over-investment is, and the interaction of over-confidence and over -investment has a significant negative impact on companies financial status and reduces the company＇s market value. This justifies manager＇s overconfidence being a significant factor influencing enterprises decision. This paper enriches and expands the theory of Fi- nancial Decision due to the aspect of managers overconfidence.