摘要
企业财务风险偏好画像由财务决策、信息披露、董监高财务风险偏好三个维度构成。财务决策风险偏好由筹资、投资、营运类财务指标度量;信息披露风险偏好采用情感与认知两个层面指标,应用中文信息处理技术度量;董监高财务风险偏好使用董监高财务特征指标度量。挖掘沪深主板市场2 595家上市公司2017—2021年的数据,进行财务风险偏好画像,展示了不同行业、不同地域企业财务风险偏好画像。结果显示,企业各维度风险偏好呈现多元性,且与所处行业和地域相关。企业财务风险偏好画像有助于全面刻画企业风险偏好,辅助企业优化风险管理策略。
The portrait of enterprise financial risk appetite is composed of three dimensions, financial decision-making,information disclosure and financial risk appetite for directors, supervisors and senior executives. Financial decision-making risk appetite is measured by the financial indicators of financing, investment and operation. And information disclosure risk appetite adopts the indicators from two aspects of emotion and cognition, and uses Chinese information processing technology to do the measurement.The financial risk appetite for directors, supervisors and senior is measured by personal financial characteristics. After mining the data of 2595 listed companies in Shanghai and Shenzhen main board markets from 2017 to 2021, this paper carried out financial risk appetite portraits and displayed the financial risk appetite portraits in various industries and different regions. The results showed that the each dimension of risk appetite was diversified and related to their industry and region. Enterprise financial risk appetite portrait was conductive to the comprehensive portrayal of enterprise risk appetite and the optimization of risk management strategy.
作者
聂帆飞
马元驹
NIE Fan-fei;MA Yuan-jv(School of Accounting,Capital University of Economics and Business,Beijing 100070,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2022年第11期94-107,共14页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金项目(71572118)。
关键词
企业财务风险偏好
画像
财务决策风险偏好
信息披露风险偏好
董监高风险偏好
enterprise financial risk appetite
portrait
risk appetite for financial decisions
risk appetite for information disclosure
risk appetite for directors
supervisors and senior executives
