预算软约束、持续经营与投资者风险偏好漂移——实验室实验的证据  

Soft Budget Constraints,Going-concern and Risk Preference Drift of Investors——Evidences From Lab Experiment

作　　者：李建标[1] 李朝阳[1] 

机构地区：[1]南开大学公司治理研究中心,天津300071

出　　处：《系统工程》2012年第10期43-48,共6页Systems Engineering

基　　金：国家自然科学基金资助项目(71172068;70972086;71132001);国家社会科学基金重大招标课题子课题(10zd&035);长江学者和创新团队发展计划项目(PCSIRT)

摘　　要：利用实验经济学方法设置3种不同风险的投资选择和4类预算软约束市场,检验预算软约束对投资者行为的影响。结果发现,预算软约束提高了投资者的风险偏好程度,持续经营则削弱了投资者的风险偏好程度,风险偏好漂移女性比男性更明显;持续经营实验中投资者资产较高或较低时冒险、资产中等时相对风险规避,投资者的前期收益情况会影响其当期投资选择,投资者存在短视行为。In order to test the influence of soft budget constraints on investor＇s behavior, we utilize economics experiments tv design 3 kinds of investment options with risk and 4 kinds of market structure with different soft budget constraints. It shows that soft budget constraints increase investors＇ risk preference, while sustainable management decreases risk their preference. Female investors are more likely to change their risk preference than males. In the sustainable management experiments, investors are risk-seeking when they have much or little capital, and they are risk-averse with moderate capital. There are short-sight effects when investors make decisions, and their profit of prior periods has an obvious effect on the current options.

关 键 词：预算软约束 持续经营 风险偏好漂移 实验 

分 类 号：F830[经济管理—金融学]