管理者过度自信与真实活动盈余管理——基于女性高管的研究视角

Management Overconfidence and Real Earnings Management——A Study from the Female Top Management Perspective

选用沪深A股上市公司2009-2014年的数据,依据产权性质,从现有研究较少涉猎的女性高管心理特征与财务决策行为视角,剖析了管理者过度自信是否诱发其实施真实活动盈余管理的行为策略与内在动机。研究表明:过度自信的管理者相比其他管理者更易使用真实活动盈余管理;同时,高管性别会影响真实活动盈余管理的实施,其中,国有企业女性高管的实施动机将被显著削弱,而女性高管中过度自信者的实施动机却发生逆转,变得显著增强。反观非国有企业,女性高管过度自信者的决策却变得更为谨慎,一定程度抑制了真实活动盈余管理的实施。

Based on the data from Chinese A-Share Listed Companies from 2009 to 2014, this paper an- alyzes the impact of managerial overconfidence on the real earnings management （REM） among different property rights companies specifically from the female top management emotional and behavioral perspec- tive, which is less studied in the current literature. The research shows that, overconfident managers are more likely to conduct REM, and gender diversity would also make a difference. For State--owned enter- prises （SOEs）, the female top management would not choose REM compared with Non state-owned enter- prises（NSOEs）. Further evidence suggests that SOEs＇ female overconfidence top management prefers REM; however, NSOEs＇ female overconfidence top management would decrease REM due to their prudent judgment.