管理层风险偏好对企业投资效率的影响

The Effect of Management Risk Appetite on Corporate Investment Efficiency

基于中国沪深两市A股上市公司2010—2019年的经验数据,研究了管理层风险偏好对企业投资效率的影响路径与作用机理,并进一步将股权激励制度引入两者关系研究中。研究发现:管理层风险偏好能使人克服天生的风险厌恶情绪进行积极稳健的投资从而显著提升企业的投资效率,而企业实行股权激励制度能够进一步促进管理层风险偏好与企业投资效率的正向关系。

Based on the empirical data of A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2019,empirical research method is used to study the impact path and mechanism of management risk preference on enterprise investment efficiency,and further introduces equity incentive system into the relationship between the two.It is found that management risk appetite can overcome people's innate risk aversion and make active and steady investment,thus significantly improving the investment efficiency of enterprises,and the implementation of equity incentive system can further promote the positive relationship between management risk appetite and enterprise investment efficiency.