产权性质、高管背景特征与衍生品使用——基于A股上市公司的实证研究  

Ownership, Executive Background Characteristics and Derivatives Usage： Evidence from China Listed Companies

作　　者：孟庆斌[1] 孙寅[1] 汪昌云[2] 张永冀[3] 

机构地区：[1]中国人民大学商学院 [2]中国人民大学中国财政金融政策研究中心 [3]北京理工大学管理与经济学院

出　　处：《中国会计评论》2016年第1期83-104,共22页China Accounting Review

基　　金：国家自然科学基金(71302156、71272150、71432008、71102110)的资助

摘　　要：本文对2008-2011年使用衍生品的427家中国A股上市公司进行配对，研究不同产权性质下衍生品使用与公司风险、业绩及公司价值的关系，并引入高管背景特征考察其对衍生品使用效果的影响。结果发现，无论是国有企业还是民营企业，使用衍生品都能显著降低公司风险，国有企业效果更加显著；民营企业使用衍生品后显著提高了业绩，但显著降低了公司价值，国有企业使用衍生品对其业绩和价值的影响均不显著；在民营企业，管理者（尤其是财务总监）能力有助于提升衍生品的使用效果，而国有企业中这种效果不显著。本文结合中国特殊的市场与制度环境全面考察企业衍生品的使用效果，并且尝试从管理者能力角度对其进行解释，丰富了衍生品使用效果领域的研究，提供了与西方发达市场不同的经验证据。In this paper, we investigate the impact of the usage of derivatives on corporate risk, performance and value in state-owned vs. private listed firms in China based on a matched sample from 2008--2011. Besides, we introduce executive background characteris- tics to examine the influence of management characteristics on the effect of derivatives usage We find that derivatives usage in China reduces corporate risk in both state-owned and private firms, while risk reduction is more significant in state-owned firms than that in private firms Private firms successfully use derivatives to improve performance but harm corporate value, while these relations are not obvious in state-owned firms. Meanwhile, in private firms, the executive＇s capacity improves the effect of derivatives usage, while this is not significant in state-owned firms. The paper provides fresh evidence on the effect of derivatives usage under Chinese institutional background, and attempts to use executive＇s background characteristics to offer an explanation for the findings.

关 键 词：衍生品 产权性质 高管背景特征 

分 类 号：F275[经济管理—企业管理]