关键词: 羊群行为,产业政策,企业投资,企业价值

Abstract: Taking China’s A-share companies listed in Shanghai and Shenzhen stock markets as research samples, this paper selects the 11th Five-year Plan as the time window to empirically test the existence of manager’s investment herd behavior and its influence on financial policies and corporate value during the years from 2006 to 2010. The research indicates that industrial policy has positive influence on corporate investment and the scale of corporate investment of the industries encouraged and supported by the state is larger. When the factors influencing the industrial policies are controlled, the manager’s investment herd behavior still exists; however, compared with the companies encouraged and supported by the industrial policies, the degree of the herd behavior is much lower. The herd behavior will exert negative influence on corporate values, there is a significant negative correlation between the degree of herd behavior and the corporate values.

Key words: herd behavior; industrial policy; corporate investment; corporate value