摘要
本文应用前景理论(Prospect Theory)对我国上市公司的风险倾向进行了研究,结果发现:(1)业绩低于目标水平的企业,风险-回报呈显著的负相关关系;(2)业绩高于目标水平的企业,风险-回报没有相关关系。这一发现说明,(1)我国上市公司中的问题企业同样更倾向冒险;(2)我国上市公司的风险倾向不完全符合前景理论的预期;(3)我国企业较欧美企业具有更强的冒险倾向。本文从多个方面对造成这一现象的原因进行了解释,并对进一步的研究给出了建议。
The Paper studied the risk propensity of China＇s listed companies by using of prospect theory.We found that（1）for returns below target,a large majority of firms appeared to be risk seeking;（2）for returns above target,a large majority of firms appeared to be risk neutrality.These finding suggest that（1）troubled firms also seek more risk in China;（2）firms＇risk propensity of China is not completely consistent with prediction of prospect theory;（3）China＇s firms has a stronger risk-taking propensity than firms in developed countries.We discussed the issue from multi-perspectives and offered several suggestions on further study.
出处
《预测》
CSSCI
北大核心
2010年第4期47-52,80,共7页
Forecasting
