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管理者风险偏好与财务报告舞弊相关性的实证研究

发布时间:2018-01-10 09:12

  本文关键词:管理者风险偏好与财务报告舞弊相关性的实证研究 出处:《东北财经大学》2012年硕士论文 论文类型:学位论文


  更多相关文章: 财务报告舞弊 风险偏好 行为经济学


【摘要】:针对上市公司财务报告舞弊屡禁不止的现状,本文试图从一个不同于以往的角度对其形成机理进行研究,以往的研究大多考虑财务报告舞弊与公司治理结构之间的关系,却忽视了管理层作为公司的财务决策者,其个体特征及其他特质间差异也对财务报告舞弊造成影响。目前,行为经济学的作为—个新兴学科,其“有限理性”假设相对来说更加贴近现实环境,故本文结合行为经济学的相关理论,在管理者“有限理性”的基本前提上,分析不同风险偏好的管理者是否会对财务报告舞弊行为的发生产生影响。 本文的研究借鉴了行为经济学下的效用理论,行为经济学的研究都是基于“有限理性”假设前提的,其与传统经济学相比,认为决策者在行为活动过程中并不能保持完全理性,会存在这样或那样的偏差,因而相对传统经济学来说更加贴近现实环境。笔者认为,在有限理性的前提下,不同的决策者有着不同的风险偏好,这导致了同一事件会赋予不同风险偏好者不同的效用,而不同风险偏好的管理者从财务报告舞弊行为中可以获得的效用是不同的,高风险偏好的管理者可能会从舞弊行为中获得更高的效用,故而推断管理者的风险偏好与财务报告舞弊呈正相关。另外,本文还研究了当公司控股股东性质不同时,上市公司管理者风险偏好与财务报告舞弊的相关性是否会有所不同。 本文将管理者的性别、年龄、任职月份、期末财富、防御距离指标、产权比例六个变量作为度量管理者风险偏好的替代变量,通过提取主成分的方法,实证检验了管理者风险偏好的程度与财务报告舞弊之间的关系。本文的研究结论包括:(1)管理者风险偏好与财务报告舞弊正相关;(2)公司控股股东为国有性质时,管理者风险偏好与财务报告舞弊的正相关性显著低于控股股东为非国有时的相关性。 文章分为六个部分:第一部分为绪论,介绍了本文的研究背景、研究目的及意义、研究方法及内容;第二部分为文献综述,对目前国内外有关财务报告舞弊及风险偏好的相关研究做出综述,指出现有文献的研究不足指出以及未来可能的研究方向;第三部分为理论基础,对本文涉及的相关理论进行阐述,并对相关概念做了界定,同时对本文的主要解释变量的度量方法进行说明;第四部分为理论分析,结合前文理论进行推出本文研究的假设,并建立数学模型,对相关变量进行解释,界定样本筛选过程;第五部分为实证结果部分,实证回归结果证实了本文的研究假设;最后一部分即为本文的结论、同时还有针对性地提出了政策性建议,并指明本文的创新与不足之处。 本文的贡献在于:尝试将行为经济学的相关理念融入到公司财务报告舞弊的相关研究中,并且通过实证检验的方式获得了相应的结论,一方面突破了以往财务报告舞弊研究对于管理者有限理性前提的忽略,另一方面对于与行为经济学相关的研究提供了实证上的支持。
[Abstract]:According to the present situation of listed company financial report fraud repeated, this article attempts from a different perspective on the formation mechanism of most previous studies consider the relationship between financial fraud and corporate governance structure, but ignore the management as the company's financial decision-makers, the difference of the individual characteristics and other characteristics also the impact on the financial reporting fraud. At present, behavioral economics as a new subject, the "limited rationality" hypothesis is more close to the real environment, so this paper combined theory of behavioral economics, in the management of "limited rationality" premise, analyze whether the different risk preferences of managers have an effect on financial reporting fraud.
This paper uses the utility theory of behavioral economics and behavioral economics research are based on the "limited rationality" hypothesis, compared with the traditional economics, that the decision makers in the behavior process and can not keep completely rational, there will be this or that deviation, thus more relative to traditional economics is close to the real environment the author thinks that, on the premise of limited rationality, different decision makers have different risk preferences, which leads to the same events have different risk preferences of different effects, different risk preferences of managers from the financial reporting fraud can get utility is different, high risk preference managers can get more utility from fraud, so that managers positively risk preference and financial reporting fraud. In addition, this paper also studies the company Whether the property of the controlling shareholders is different, the correlation between the risk preference of the managers of the listed companies and the fraud of the financial report will be different.
The manager's gender, age, job tenure, final wealth index, defense distance, the proportion of property six variables for measurement of managers' risk preference, using the principal components method, empirical test of the relationship between the degree of managerial risk preference and financial reporting fraud. The conclusions of this study include: (1) managers' risk preference and financial reporting fraud are related; (2) the controlling shareholder of the company is state-owned property, the positive correlation between fraud risk managers and financial reporting was significantly lower than that of the controlling shareholder of the relationship between non state-owned.
The article is divided into six parts: the first part is the introduction, introduces the research background, research purpose and significance, research methods and content; the second part is the literature review, the current domestic and foreign research on financial reporting fraud and risk preference to survey the research limitations of the existing literature and points out the possible research direction in the future the third part is the theory basis; the related theory involved in this paper were discussed, and the related concepts are defined, and methods to measure the main explanatory variables of this is described; the fourth part is theoretical analysis, combined with the theory of this paper introduced the study hypothesis, and established a mathematical model to explain the relevant variables the definition, sample selection process; the fifth part is the empirical results, the empirical regression results confirmed the hypothesis; the last part is the At the same time, the article puts forward the policy suggestions pertinence, and points out the innovation and inadequacies of this article.
The contribution of this paper is: try to related concepts of behavioral economics into the research to the financial reporting fraud, and through the empirical test of the way to obtain the corresponding conclusion, on the one hand, breaking the previous study on fraudulent financial reporting for managers ignore the limited rationality premise, on the other hand to provide empirical support for research related to behavioral economics.

【学位授予单位】:东北财经大学
【学位级别】:硕士
【学位授予年份】:2012
【分类号】:F231.5;F832.51;F224

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