本文主要研究经理人短视对我国上市公司证券投资的影响,选用换手率衡量经理人短视作为解释变量,以市值账面比、资产负债率、每股现金流净额和上期总资产作为控制变量对我国制造类上市公司2007—2009年数据进行实证分析,研究发现换手率和证券投资额呈显著正相关,大盘走势和证券投资额呈负相关,尤其是熊市对证券投资的影响更为显著。 This paper mainly studies the effect of manager’s shortsightedness on the securities investment of listed companies in our country. We choose the short-sighted manager’s shortsightedness as the explanatory variable, and take the market value book ratio, asset-liability ratio, net cash flow per share and the total assets of the previous period as the control variables The empirical analysis of 2007-2009 data shows that there is a significant positive correlation between the turnover rate and the amount of securities investment. The trend of the market is negatively correlated with the amount of securities investment, especially the bear market has a more significant impact on the securities investment.