管理者过度自信对公司业绩:好事还是坏事?——基于会计稳健性视角的经验证据
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财经研究 2014 年 第 40 卷第 01 期, 页码：137 - 146
摘要
参考文献
摘要
文章研究了管理者过度自信对会计稳健性的影响,并分析了会计稳健性在管理者过度自信与公司业绩之间的调节效应,以及此调节效应在盈利或亏损企业间的差异。结果表明:公司管理者的过度自信对会计稳健性有显著的负面影响;会计稳健性在管理者过度自信与公司业绩之间发挥了一定的调节作用;在亏损企业该调节作用提高了公司业绩,而在盈利企业则恶化了公司业绩。
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[2]何威风,刘启亮,刘永丽.管理者过度自信与企业盈余管理行为研究[J].投资研究,2011,(11):73-92.
[3]胡国柳,周遂.会计稳健性、管理者过度自信与企业过度投资[J].东南大学学报(哲学社会科学版),2013,(2):50-55.
[4]姜付秀,张敏,陆正飞,等.管理者过度自信、企业扩张与财务困境[J].经济研究,2009,(1):131-143.
[5]江伟.董事长过度自信对上市公司融资偏好行为的影响[J].经济管理,2010,(2):112-122.
[6]李培功,肖珉.CEO任期与企业资本投资[J].金融研究,2010,(2):127-141.
[7]刘斌,吴娅玲.会计稳健性与资本投资效率的实证研究[J].审计与经济研究,2011,(4):60-68.
[8]文芳.管理者信心与公司治理的有效性——基于我国上市公司管理者变更的经验证据[J].财经研究,2011,(1):38-47.
[9]张兆国,刘永丽,谈多娇.管理者背景特征与会计稳健性——来自中国上市公司的经验证据[J].会计研究,2011,(7):11-18.
[10]Ahmed A S,Billings B,Morton R,et al.The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs[J].The Accounting Review,2002,77(4):867-891.
[11]Ahmed A S,Duellman S.Accounting conservatism and board of director characteristics:An empirical analysis[J].Journal of Accounting and Economics,2007,43(2-3):411-437.
[12]Anwer S A,Duellman S.Managerial overconfidence and accounting conservatism[J].Journal of Accounting Research,2013,51(1):1-30.
[13]Ball R,Shivakuma L.Earnings quality in U K private firms:Comparative loss recognition timeliness[J].Journal of Accounting and Economics,2005,39(1):83-128.
[14]Beaver W H,Ryan S G.Conditional and unconditional conservatism:Concepts and modeling[J].Review of Accounting Studies,2005,10(2):269-310.
[15]Brown R,Sarma N.CEO overconfidence,CEO dominance and corporate acquisitions[J].Journal of Econom ics and Business,2007,59(5):358-379.
[16]Chen Q,Hemmer T,Zhang Y.On the relation between conservatism in accounting standards and incentives for earnings management[J].Journal of Accounting Research,2007,45(3):541-565.
[17]Doukas Ja,Petmezasd.Acquisitions,overconfident managers and self-attribution bias[J].Journal of European Financial Management,2007,13(3):531-577
[18]Gervais S,Heaton J B,Odean T.Overconfidence,investment policy and executive stock options[R].Working Paper,University of Pennsylvania,2003.
[19]Gervais S,Heaton J B,Odean T.Overconfidence,compensation contracts,and capital budgeting[J].Journal of Finance,2011,66(5):1735-1777.
[20]Givoly D,Hayn C.The changing time series properties of earnings,cash flows,and accruals:Has financial reporting become more conservative?[J].Journal of Accounting and Economics,2000,29(3):287-320.
[21]Hayward M L A,Hambrick D C.Explaining the premiums paid for large acquisitions:Evidence of CEO hubris[J].Administrative Science Quarterly,1997,42(1):103-127.
[22]Heaton J B.Managerial optimism and corporate finance[J].Financial Management,2002,31(2):33-45.
[23]Huang W,Jiang Fuxiu,Liu Zhibiao,et al.Agency cost,top executives’overconfidence and investment-cash flow sensitivity——Evidence from listed companies in China[J].Pacific-Basin Finance Journal,2011,19(3):261-277.
[24]Kang T,Lee L F,Ng T,et al.The impact of culture on accounting choices:Can cultural conservatism explain accounting conservatism?[R].In the Fourth Asia Pacific Interdisciplinary Research in Accounting Conference,Singapore,2004.
[25]Khan M,Watts R L.Estimation and empirical properties of a firm-year measure of accounting conservatism[J].Journal of Accounting and Economics,2009,48(2):132-150.
[26]Lafond R,Roychowdhury S.Managerial ownership and accounting conservatism[J].Journal of Accounting Research,2008,46(1):101-135.
[27]Liang P J,Wen X.Accounting measurement basis,market mispricing,and firm investment efficiency[J].Journal of Accounting Research,2007,45(1):155-197.
[28]Malmendier U,Tate G.CEO overconfidence and corporate investment[J].Journal of Finance,2005,60(6):2661-2700.
[29]Malmendier U,Tate G.Who makes acquisitions?CEO overconfidence and the market’s reaction[J].Journal of Financial Economics,2008,89(1):20-43.
[30]Salter S B,Niswander F.Cultural influence on the development of accounting systems internationally:A test of Gray’s(1988)Theory[J].Journal of International Business Studies,1995,26(2):379-397.
引用本文
罗劲博. 管理者过度自信对公司业绩:好事还是坏事?——基于会计稳健性视角的经验证据[J]. 财经研究, 2014, 40(1): 137–146.
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