管理者风险偏好对企业投资水平的影响研究

Research on the Influence of Managers'Risk Appetite on the Investment Level of Enterprises

近几年来中国市场化程度不断提高,政府针对不断加强的市场化趋势不断推进经济改革措施,人们开始把专注点投放到企业投资活动中。企业投资效率的高低水平既决定着企业的发展与成效,同时与中国经济发展息息相关。基于中国资本市场年上市公司经验数据,本文研究了管理者风险偏好对企业投资效率的影响,并采用理论与实践相结合的办法表明管理者风险偏好与企业投资水平负相关,即管理者越偏好风险,企业投资水平越低。

In recent years,the degree of market in China has been increasing.In view of the increasing trend of market,the government has been pushing forward economic reform measures and people have begun to focus on the investment activities of enterprises.The level of investment efficiency not only determines the development and effectiveness of enterprises,but also is closely related to China's economic development.Based on the experience data of Chinese capital market annual listed companies,this paper studies the influence of managers'risk preference on enterprise investment level,and adopts the method of combining theory with practice to show that managers'risk preference is negative correlation to investment.That is,the more managers prefer risk,the more negative correlation investment level.