管理者风险偏好与公司盈余质量的关系研究

Study of the Relationship between Manager's Risk Preference and Corporate Earnings Quality

通过构建管理者风险偏好评价模型,从管理者风险偏好效用指数和特征指数两个维度出发,选取2010-2012年我国沪深两市A股上市公司为研究对象,实证分析了管理者风险偏好的影响因素,以及对公司盈余质量的影响。研究发现：管理者个人特征在很大程度上决定了其风险偏好程度,包括财富、年龄、任职期限和学历,而这种风险偏好对公司盈余质量产生了显著地消极影响。研究表明,随着主要特征因素的变化,管理者风险偏好水平也显著发生改变;而且管理者越倾向于偏好风险,公司的盈余质量则相对越低。研究结论进一步支持了从管理者特征和风险偏好角度完善我国上市公司盈余质量的重要性,同时为监管机构、投资人等利益相关者提供了新的实证证据。

By establishing an evaluation model of manager＇s risk preference,and selecting the data of the listed companies in Shanghai and Shenzhen Stock Exchange from 2010 to 2012,it conducts an analysis of the influence factors of risk preference and the company＇s earnings quality from the two dimensions of utility index and characteristics index.This study indicates that personal characteristics including fortune,age,tenure and education affect the risk preferences of managers to a great extent;however,this kind of risk preference has a significantly negative influence on the earnings quality of the companies.With the personal characteristics change,the levels of risk preferences change;moreover,if the managers become risk-seeking,the earnings quality of the companies becomes relatively lower.The conclusion supports the importance of the improvements on the earnings quality of the listed companies in China from the perspectives of risk preference and manager＇s characteristics,and provides new empirical evidence for their stakeholders.