| 摘要: |
| 基于2012—2017年中国A股市场上市公司数据,同时考虑应计盈余管理和真实盈余管理两种盈余操作模式,在改进管理者过度自信衡量方法的基础上,实证分析管理者过度自信对盈余管理与资产定价之间关系的调节作用。结果表明:(1)管理者过度自信对股票收益产生显著的负向影响。(2)应计盈余管理、真实盈余管理分别与资产定价之间呈U形关系。(3)管理者过度自信未能在应计盈余管理与资产定价之间的关系中发挥调节作用,而管理者过度自信显著地负向调节了真实盈余管理与资产定价之间的U形关系。上述结论拓展和深化了资产定价的研究,为管理者过度自信在盈余管理对股票资产定价影响中发挥的调节作用提供了经验证据。 |
| 关键词: 管理者过度自信 盈余管理 资产定价 盈利因子 |
| DOI： |
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| Further Explanation of the Relationship between the Profit Factor and Asset Pricing:Based on the Moderating Effect of Managerial Overconfidence |
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LI Shuang-qi;ZHU Sha1,2
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1.School of Finance,Chongqing Technology and Business University;2.School of Economics,Chongqing Technology and Business University
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| Abstract: |
| Based on the data of listed companies in China A-share market from 2012 to 2017，and considering the two earnings operation modes of accrued earnings management and real earnings management，this paper empirically analyses the moderating effect of managerial overconfidence on the relationship between earnings management and asset pricing on the basis of improving the measurement method of managerial overconfidence. The results show that managerial overconfidence has a significant negative impact on stock returns； the relationship between accrued earnings management or real earnings management and asset pricing is U-shaped； managerial overconfidence fails to play a moderating role in the relationship between accrued earnings management and asset pricing， while managerial overconfidence significantly negatively moderates the U-shaped relationship between real earnings management and asset pricing. These conclusions expand and deepen the study of asset pricing， which provides empirical evidence for the moderating effect of managerial overconfidence on the relationship between earnings management and asset pricing. |
| Key words: managerial overconfidence earnings management asset pricing profit factor |
