摘要
高管宏观认知(manager macro-cognition,MMC)是管理层对公司所处环境的信息关注、判断以及运用于决策的认知结构与认知过程。本文以我国上市公司为样本,利用自然语言处理技术提取年报“管理层讨论与分析”(MD&A)中包含宏观经济词汇的描述,构建高管宏观认知指标,并研究其对企业投资效率的影响。结果发现,高管宏观认知能力越强,企业的投资效率更高,表现为投资对投资机会的敏感性更强。在经过采用Bartik工具变量的因果关系识别策略缓解潜在的内生性问题等一系列稳健性检验后,结论依旧成立。我们将MD&A区分为回顾与展望两部分后,发现在前瞻性信息更强的展望部分,高管宏观认知对投资对投资机会敏感性的作用更加明显。进一步研究发现,上述现象在经济周期下行期、企业宏观经济风险程度高、非国有企业以及管理层能力越强的企业中体现得更为明显。本文为高管认知方面的研究提供了新的视角,并将宏观经济因素内化于企业层面,深化了宏微观互动关系的相关研究。
Managerial Macro-Cognition(MMC)is the cognitive structures and processes through which management processes information of the company’s business environment and makes judgments and decisions.Using a sample of listed companies in China and natural language processing techniques to extract macroeconomic terms from the“Management Discussion and Analysis(MD&A)”sections of annual reports,this paper constructs the MMC indexes and studies the impact of MMC on corporate investment efficiency.We find that the higher the MMC,the higher the firm’s investment efficiency,as the manager of the firm is more sensitive to investment opportunities.The findings are robust to a battery of robustness checks,including employing Bartik’s instrumental variables to address potential endogeneity concerns.We further categorize the MD&A as the forward-looking and backward-looking sections and find that MMC’s impact on the investment–investment opportunity sensitivity is significantly improved by the forwardlooking section.Further analysis shows that the positive relationship between MMC and the investment–investment opportunity sensitivity is more pronounced during economic downturns,when firms face a high level of macroeconomic uncertainties,for non-stateowned enterprises,and for firms with more capable management teams.We proposes a new perspective on manager cognition by incorporating macroeconomic factors into a firm,and contribute to the research on the interactions between macro and microeconomies.
作者
罗勇根
饶品贵
陈灿
Yonggen Luo;Pingui Rao;Can Chen(School of Management,Guangzhou University,Guangzhou,China 510006;School of Management,Jinan University,Guangzhou,China 510632;Faculty of Business Administration,University of Macao,Macao,China 519000)
出处
《当代会计评论》
2024年第1期74-104,共31页
Contemporary Accounting Review
基金
国家社会科学基金重大项目“推进数字经济与实体经济有效融合的制度设计与实现路径研究”(23&ZD089)
国家自然科学基金“创新视角下高管宏观认知的资本配置效率研究”(72002043)
广东省自然科学基金面上项目“数字创新对企业要素配置效率的影响研究:理论机制与实证分析”(2024A1515011315)的资助
关键词
高管宏观认知
宏观经济
投资效率
文本分析
managerial macro-cognition(MMC)
macroeconomics
investment efficiency
textual analysis
