本文利用企业实际控制人首次登上“福布斯中国富豪榜”事件,考察上榜后富豪所在公司投资行为的变化。媒体的宣传报道会在一定程度上提升富豪公司的知名度,从而缓解企业的融资约束,而上榜者成为公众人物甚至被奉为企业明星,也可能引起其过度自信的心理,从而在投资上过度乐观并可能导致非效率投资;此外,富豪上榜之后为了降低政治成本倾向于进行盈余管理,从而产生非效率投资;通过对比倾向评分匹配样本和运用双重差分模型实证研究发现,与上榜之前相比,富豪公司的上榜确实与随后的非效率投资行为相关联,而多次上榜的企业相对于一次上榜的企业而言,又呈现出更为显著的非效率投资,从而验证了推断的正确性。 This article makes use of the fact that the actual controller of the enterprise first boarded the Forbes China Rich List to examine the changes in the investment behavior of the Regal companies after the list was completed. Media coverage will to a certain extent enhance the visibility of Regal, thereby alleviating the financial constraints of enterprises, and the public who became the public figure or even be regarded as corporate stars, may also cause their overconfidence in the psychological, thus over-investment Optimistic and may lead to inefficient investment; In addition, the rich after the list in order to reduce political costs tend to carry out earnings management, resulting in inefficient investment; By comparing the propensity score matching samples and the use of double difference model empirical study found that the list before the phase Compared with the Regal company’s list is indeed associated with subsequent inefficient investment behavior, while the number of companies on the list relative to the list of companies, but also showed a more significant non-efficiency investment, thus verifying the inferred Correctness