财务从业经验与投资风险偏好--来自审计从业人员的微观证据

Practice Experience and Investment Risk Preference:Evidence from Audit Practitioners

从业经验的积累将如何影响投资的风险偏好,是经济学理论和现实生活中备受关注的话题。本文运用四大会计师事务所之一的普华永道事务所的数据,基于对该事务所投资情况的特征性事实分析,构建反映员工投资风险偏好的综合指标,实证检验财务从业经验对员工投资风险偏好的影响。研究发现:财务从业经验会使投资决策更加保守。这一结论在以不同方法衡量投资风险偏好时均成立。随着年龄的增长,投资者的投资风险偏好将更加保守,因此出现了年龄增长对投资风险偏好的抑制作用。进一步的异质性分析发现财务从业经验对投资风险偏好的作用效果具有地域与学历异质性。本文的研究对于厘清财务从业经验对投资风险偏好的影响,进而更好地调控金融市场等具有重要的理论价值与现实意义。

How the accumulation of working experience will affect the risk preference is a topic of interest in both economic theory and real life.Based on the sample data of a famous accounting firm,this paper examines the impact of auditor's practice experience on their investment risk preference.To be specific,this paper firstly analyzes the characteristic facts of the investment situation of a big four accounting firm and preliminarily analyzes the relationship between the staff's investment risk preference and their working experience.On this basis,a comprehensive index that can reflect employees'investment risk preference is constructed to empirically test the impact of financial experience on employees'investment risk preference.The results show that:(1)financial experience leads to more conservative investment decisions.This conclusion is valid in the regression of investment risk preference measured by total investment risk preference,average investment risk preference and investment holding time.(2)With the increase of age,investors'investment risk preference tends to be conservative due to their worries about the current and future financial burden of the family as a whole and pension issues.Therefore,the increase of age has a restraining effect on investment risk preference.(3)Through heterogeneity analysis,this paper finds that there may be regional and educational heterogeneity in the effect of financial experience on investment risk preference.The research of this paper has important theoretical value and practical significance for clarifying the influence of employment experience on venture capital preference,realizing the reasonable regulation of financial market and promoting the stable and healthy development of financial market.