关键词: 经理任期 , 声誉效应 , 过度投资 , U型关系 , 门限自回归模型

Abstract: The reputation effect is thought to be a method to moral hazard and curb overinvestmentBut reputational effects also has flawsIts effect will be accelerated recession when manager s tenure is off office approachThis paper theoretically analyzes the Ushaped relationship between overinvestment and manager s tenure and give an empirical analysis of listed companies in Chinese A shares market by using TAR modelThe paper draws the following conclusions: as a proxy variable of reputation effect,the influence of manager s tenure on overinvestment is UshapedManagers tenure is negatively related to overinvestment before its threshold （42 months）The degree of overinvestment increased after managers tenure reached its thresholdAt this time,the reputation loses its effect gradually

Key words: manager s tenure , reputation effect , overinvestment , Ushaped relationship , TAR mode