使用衍生品的公司创新水平更高吗——基于融资约束和高管风险承担意愿视角  

Are Firms that Use Derivatives More Innovative? From the Perspectives of Financing Constraints and Executives’ Risk-taking Willingness

作　　者：李庆华[1,2] 郭飞 刘坤鹏[1] Li Qinghua

机构地区：[1]安徽财经大学会计学院,233030 [2]中南财经政法大学会计学院,430073

出　　处：《会计研究》2021年第2期149-163,共15页Accounting Research

基　　金：国家社会科学基金项目(20BJY029);安徽高校人文社会科学研究项目(SK2020A0026);安徽财经大学校级科研项目(ACKYC20024、ACKYC20021)支持。

摘　　要：本文基于融资约束和高管风险承担意愿视角,采用后金融危机时期中国A股上市公司数据,研究衍生品使用与公司创新水平的关系及作用机制。研究发现,使用衍生品的公司创新水平更高,衍生品使用所表征的高管高风险承担意愿是导致创新水平增加的真正原因,而融资约束在其中表现为"遮掩效应"。进一步研究中,本文排除了高管赌博式投机心理对研究结论的干扰,并发现在行业竞争压力更大和市场化水平更高时,衍生品使用表征的高管高风险承担意愿与创新水平关系变弱;而在获得更多政府补助和拥有更多技术人员时,两者关系更强。本文首次通过公司衍生品使用捕捉高管风险承担意愿,为深入评价衍生品使用、理解公司创新影响因素以及识别高管风险承担意愿特质提供了思路和证据。From the perspectives of financing constraints and executives’ risk-taking willingness, this paper studies the relationship between derivative usage and firm innovation and its mechanism based on the data of Chinese A-share listed firms in the post-financial crisis period.It is found that listed firms using derivatives have a higher level of innovation, and that executives’ risk-taking willingness which is represented by the use of derivatives is the underlying reason that leads to more innovation, and that financing constraint has a"masking effect"through which derivative usage shadows the innovation of firms.In the further study, this paper excludes the interference of executives’ gambling speculative psychology on the research conclusion, and finds that the relationship between executives’ risk-taking willingness captured by derivative usage and innovation becomes weaker in firms with higher industry competition pressure and regions with higher marketization, and more significant in firms with more government subsidies and technical personnel.This paper, for the first time, captures executives’ risk-taking willingness through derivative usage of firms, which provides ideas and evidences for in-depth evaluation of derivative usage, and understanding factors of firm innovation, and identifying executives’ characteristics of risk-taking willingness.

关 键 词：衍生品使用 公司创新 融资约束 高管风险承担意愿 

分 类 号：F832.51[经济管理—金融学] F273.1