首席执行官个人风险偏好变化对公司研发投入决策影响研究——基于首席执行官保险选择数据的实证分析Influence of CEO Personal Risk Preference Change on Corporate R&D Investment Decision-making
马原,焦捷,邓颖璐 ,李鹏飞
摘要(Abstract):
本研究的研究领域为高管风险偏好与公司风险决策相关关系,这一领域的研究通常存在内生性问题,本研究通过引入车祸作为绝对外生事件,使用保险数据测量风险偏好指标,解决了本领域研究的内生性问题。本研究的研究问题是:公司首席执行官和董事长的车祸经历是否会影响其认知,进而影响其所在企业研发投入决策。本研究的研究方法是,通过首席执行官和董事长保险选择数据,测量高管风险偏好这一认知指标,进而研究其对企业研发投入的影响。本研究的结论是,首席执行官和董事长在其个人生活中经历车祸将增加他们的风险规避,而风险规避的增加导致公司研发投入降低。本研究创新地采用公司首席执行官车祸事件,识别首席执行官风险态度变化对公司研发投入的影响。文章使用保险选择测量风险偏好指标,车祸作为绝对外生的事件,有效地解决了以往高管风险偏好与公司风险决策相关研究的指标选择及内生性问题。
关键词(KeyWords): 风险规避;首席执行官和高管;公司风险决策;研发投入
基金项目(Foundation):
作者(Author): 马原,焦捷,邓颖璐 ,李鹏飞
参考文献(References):
- Amihud Y.2002.Illiquidity and stock returns:Cross-section and time-series effects[J].Journal of Financial Markets,5:31-56.
- Bertrand M,Schoar A.2003.Managing with style:the effect of managers on firm policies[J].The Quarterly Journal of Economics,118(4):1169-1208.
- Cain M D,McKeon S B.2016.CEO personal risk-taking and corporate policies[J].Journal of Financial and Quantitative Analysis,51(1):139-164.
- Cohen A,Einav L.2007.Estimating risk preferences from deductible choice[J].American Economic Review,97(3):745-788.
- Cronqvist H,Makhija A K,Yonker S E.2012.Behavioral consistency in corporate finance:CEO personal and corporate leverage[J].Journal of Financial Economics,103(1):20-40.
- Frank M Z,Goyal V K.2007.Corporate leverage:How much do managers really matter?[Z].Unpublished working paper,University of Minnesota and Hong Kong University of Science and Technology.
- Galasso A,Simcoe T S.2011.CEO overconfidence and innovation[J].Management Science,57(8):1469-1484.
- Graham J R,Harvey C R,Puri M.2013.Managerial attitudes and corporate actions[J].Journal of Financial Economics,109(1):103-121.
- Hirshleifer D,Low A,Teoh S H.2012.Are overconfident CEOs better innovators?[J].The Journal of Finance,67(4):1457-1498.
- Hutton I,Jiang D,Kumar A.2014.Corporate policies of republican managers[J].Journal of Financial and Quantitative Analysis,89(5-6):1279-1310.
- Malmendier U,Tate G.2005.CEO overconfidence and corporate investment[J].The Journal of Finance,60(6):2661-2700.
- Malmendier U,Tate G.2008.Who makes acquisitions?CEO overconfidence and the market's reaction[J].Journal of Financial Economics,89(1):20-43.
- Malmendier U,Tate G,Yan J.2011.Overconfidence and early-life experiences:the effect of managerial traits on corporate financial policies[J].The Journal of Finance,66(5):1687-1733.
- Opler T C,Titman S.1994.Financial distress and corporate performance[J].The Journal of Finance,49(3):1015-1040.
- Parsons C,Titman S.2008.Capital structure and corporate strategy[M]//Eckbo B E.Handbook of Empirical Corporate Finance:Handbooks in Finance,vol.2.North Holland:Elsevier,203-234.
- Sunder J ,Sunder S V ,Zhang J .Pilot CEOs and corporate innovation[J].Journal of Financial Economics,2017,123(1):209-224.
- Tate G,Yan J.2011.Overconfidence and early life Experiences.The effect of managerial traits on corporate financial policies[J].Journal of Finance,66(5):1687-1733.