机构投资者担心企业应用衍生品进行投机吗——来自中国上市公司的证据

发布时间：2018-04-06 05:23

本文选题：衍生品投机　切入点：机构投资者　出处：《财经理论与实践》2017年02期

【摘要】：以2007-2011年应用过衍生品的中国上市公司为样本,检验机构投资者持股与企业应用衍生品及其投机行为的关系,研究发现:机构投资者担心企业应用衍生品尤其是应用衍生品的投机行为会损害其自身的利益,并且这种担心超出了机构投资者通过积极的监督来保障自身利益的意愿,因此,机构投资者倾向于减少对那些应用衍生品公司的投资,大多维持在一个较低的水平。此外,证据还表明:在我国上市公司中,机构投资者的投资并不普遍,份量也较轻;衍生品在我国上市公司中的应用亦不普遍并且应用的程度很低,大多数应用衍生品的公司是为了套保,但一旦投机则非常严重;机构投资者较为看重应用衍生品公司的成长性,而反感其业绩与盈余管理行为。
[Abstract]:Taking Chinese listed companies that used derivatives from 2007-2011 as a sample, to examine the relationship between institutional investors' holdings and enterprises' application of derivatives and their speculative behavior.The study found that institutional investors are worried that the speculative behavior of enterprises applying derivatives, especially derivatives, will harm their own interests, and this concern is beyond the willingness of institutional investors to protect their own interests through active supervision.Institutional investors tend to reduce their exposure to derivatives companies, mostly at a low level.In addition, the evidence also shows that the investment of institutional investors is not common and light in listed companies in China, and the use of derivatives in listed companies in China is not common and the degree of application is very low.Most companies using derivatives are hedging, but speculation is serious; institutional investors value the growth of derivatives companies more than their performance and earnings management practices.
【作者单位】：江西财经大学会计学院;
【基金】：中国博士后科学基金面上项目(20100471422) 江西省社会科学规划项目(14YJ12)
【分类号】：F832.51

【相似文献】