發(fā)布時間：2018-04-06 05:23

  本文選題：衍生品投機　切入點：機構(gòu)投資者　出處：《財經(jīng)理論與實踐》2017年02期

【摘要】：以2007-2011年應用過衍生品的中國上市公司為樣本,檢驗機構(gòu)投資者持股與企業(yè)應用衍生品及其投機行為的關系,研究發(fā)現(xiàn):機構(gòu)投資者擔心企業(yè)應用衍生品尤其是應用衍生品的投機行為會損害其自身的利益,并且這種擔心超出了機構(gòu)投資者通過積極的監(jiān)督來保障自身利益的意愿,因此,機構(gòu)投資者傾向于減少對那些應用衍生品公司的投資,大多維持在一個較低的水平。此外,證據(jù)還表明:在我國上市公司中,機構(gòu)投資者的投資并不普遍,份量也較輕;衍生品在我國上市公司中的應用亦不普遍并且應用的程度很低,大多數(shù)應用衍生品的公司是為了套保,但一旦投機則非常嚴重;機構(gòu)投資者較為看重應用衍生品公司的成長性,而反感其業(yè)績與盈余管理行為。
[Abstract]:Taking Chinese listed companies that used derivatives from 2007-2011 as a sample, to examine the relationship between institutional investors' holdings and enterprises' application of derivatives and their speculative behavior.The study found that institutional investors are worried that the speculative behavior of enterprises applying derivatives, especially derivatives, will harm their own interests, and this concern is beyond the willingness of institutional investors to protect their own interests through active supervision.Institutional investors tend to reduce their exposure to derivatives companies, mostly at a low level.In addition, the evidence also shows that the investment of institutional investors is not common and light in listed companies in China, and the use of derivatives in listed companies in China is not common and the degree of application is very low.Most companies using derivatives are hedging, but speculation is serious; institutional investors value the growth of derivatives companies more than their performance and earnings management practices.
【作者單位】： 江西財經(jīng)大學會計學院;
【基金】：中國博士后科學基金面上項目(20100471422) 江西省社會科學規(guī)劃項目(14YJ12)
【分類號】：F832.51

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本文編號：1718157