摘要
基于中国资本市场2007—2011年上市公司经验数据，本文研究了公司特有风险以及管理者风险特质对企业投资效率影响的经济后果。在区分了过度投资组和投资不足组的基础上，发现公司特有风险大的企业更容易出现投资不足，而特有风险与过度投资更多地表现出显著负相关关系；风险偏好型管理者会更加倾向于增加投资，容易出现过度投资趋势，而风险规避型管理者则会更加注重寻求稳健保守型的投资策略，并且为了降低因资产大幅度波动而引起的公司风险，他们往往会尽可能地减少投资，从而导致企业投资不足。
In this paper,we use the data of A-share Chinese listed companies from 2007 to 2011, and based on the distinction between overinvest and underinvest sample, we empirically examines the effect of the idiosyncratic risk and manager＇s risk characteristics on the corporate investment. We find that the companies with high idiosyncratic risk will be significantly affected in corporate investment;specifically, this effect is positively with underinvested and negatively with overinvests. In addition, the effects of managers risk preference characteristics on corporate investment are always different- ly. The managers with risk-preference are more inclined to increase investment, however, the risk-averse managers are tend to seek more steady and conservative investment strategies, to avoid the increase in companies risk caused by the fluctua- tions in asset.
出处
《经济与管理研究》
CSSCI
北大核心
2013年第11期67-75,共9页
Research on Economics and Management
关键词
公司特有风险
管理者风险特质
投资效率
Idiosyncratic Risk
Manager＇s Risk Characteristics
Investment Efficiency
