我国上市公司管理层过度自信对会计稳健性的影响

Effect of Managerial Overconfidence of Chinese Listed Companies on Accounting Conservatism

我国资本市场处于转型发展的新时期,上市公司规范管理的重要性日益突出。本文从行为金融学的角度出发,以2012~2014年沪市主板和深市创业板的上市公司为研究对象,选择严格的过度自信衡量方法,提出优化的会计稳健性计算方法,对上市公司管理层过度自信和会计稳健性的关系进行实证研究。结果表明,上市公司管理层的过度自信对公司的会计稳健性有着不利影响,会损害公司的会计稳健性;公司的成长阶段和规模与会计稳健性亦为负相关,规模越大、发展阶段越成熟的上市公司的会计稳健性越低。

Chinese capital market which is in the new era of restructuring and development,underscores the growing prominence of standardized management of＂ listed companies. In order to conduct empirical analysis on the data of accounting conservatism and overconfidence,listed companies in the Shanghai Stock Exchange main board and Shenzhen GEM during 2012 - 2014 are selected as research objects from the perspective of behavioral finance, a strict measurement of overconfidence is adopted, and an optimized calculation method of accounting conservatism is proposed. The empirical result shows that accounting conservatism could be hurt by overconfident managers of listed companies. A negative correlation between the growth phase of the company and accounting conservatism exhibits that the larger the scale and the more mature the development stage of the listed companies, the lower the accounting conservatism.