管理层过度自信对会计稳健性影响的实证研究

Empirical research on influence of managerial overconfidence on accounting conservatism

近年来,管理者的非完全理性对公司财务决策所造成的影响日益显现,其主要表现有过度自信、有限理性、参考偏好点等,而其中最为主要也最为重要的便是管理者的过度自信对公司决策的影响。以2010—2012年我国沪深A股上市公司作为研究对象,运用多元线性回归方法实证检验我国上市公司管理层过度自信与会计条件稳健性和会计非条件稳健性之间的关系,指出管理层过度自信显著降低了企业财务会计的条件稳健性与非条件稳健性;不同股权性质的公司中,管理层过度自信对会计稳健性的影响程度不同,非国有控股公司中管理者过度自信对会计稳健性的负效应比国有控股公司更大;严格的外部监管能够显著地减弱管理层过度自信对企业财务会计的条件稳健性和非条件稳健性的影响程度。

In recent years, the influence caused by the incomplete rationality of managers to the financial decision of companies is increasingly apparent, which is mainly manifested as overconfidence, limited rationality, the reference to propensity points, etc. One of the major and most important among them is the influence of managerial overconfidence on the decision making of companies. With the listing companies of A shares in the Shanghai and Shenzhen securities exchanges from 2010 to 2012 in China as the research object, the relationship between the managerial overconfidence of listing corporations in China and the accounting conservatism has been empirically studied with and without conditions respectively by using the method of multiple linear regression. It is proposed that managerial overconfidence significantly reduced the conditional conservatism and unconditional conservatism of the enterprise financial accounting. The negative effect of managerial overconfidence on accounting conservatism in non-state-controlled companies is larger than that in state-controlled companies. The stricter external monitoring can significantly weaken the influence degree of managerial overconfidence on the conditional conservatism and unconditional conservatism of financial accounting in companies.