管理者超额积极情绪对企业风险承担的影响研究

Research on the Impact of Managers' Excess PositiveEmotion on Enterprise Risk Taking

选取我国2010-2020年A股非金融上市公司年报作为研究样本,构建管理者超额积极情绪指标,研究管理者超额积极情绪对企业风险承担的影响以及相应的影响机制,并探究股权激励在其中的调节作用。实证研究表明,管理者超额积极情绪能促进企业风险承担;股权激励在其中起到正向调节作用,会促进管理者超额积极情绪对企业风险承担的正向影响。作用机制检验表明,管理者超额积极情绪主要通过增加债务融资和减少融资约束程度促进企业风险承担。进一步分析表明,管理者超额积极情绪对企业风险承担的促进作用在非国有企业、高机构投资者持股比例显著。

This paper selects the annual reports of non-financial listed A-share companies in China from 2010 to 2020 as a research sample,constructs an indicator of managers'excessive positive emotions,studies the impact of managers'excessive positive emotions on corporate risk taking and the corresponding impact mechanisms,and explores the regulatory role of equity incentives in it.The empirical research shows that managers'excessive positive emotions can promote corporate risk taking.Equity incentives play a positive regulatory role in this process,which promotes the positive impact of managers'excessive positive emotions on corporate risk taking.The mechanism test shows that managers'excessive positive emotions mainly promote corporate risk taking by increasing debt financing and reducing the degree of financing constraints.Further analysis shows that managers'excessive positive emotions have a significant promoting effect on corporate risk taking in non-state owned enterprises and high institutional investors.