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论文编号：	11789
作者编号：	2120182950
上传时间：	2020/6/21 17:05:45
中文题目：	CEO自恋、会计信息透明度与企业价值
英文题目：	CEO Narcissism, Accounting Information Transparency and Firm Value
指导老师：	程新生
中文关键字：	CEO自恋；会计信息透明度；企业价值
英文关键字：	CEO narcissism; accounting information transparency;firm value
中文摘要：	随着我国经济步入新常态，人力资本的重要性尤为突出。企业CEO作为企业的管理者与决策制定者，负责企业的重大经营及财务决策。根据高层梯队理论，高管的背景、心理特征会影响高管的行为选择，从而对企业产生影响。因此本文引入CEO自恋，考察CEO的自恋特征对于企业价值的影响。由于现代公司实行两权分离制度，信息不对称问题突出，会计信息透明度成为管理者与投资者之间的桥梁。越来越多企业开始重视会计信息透明度的提高。本文尝试将CEO自恋、会计信息透明度与企业价值纳入一个系统的框架中，具有一定创新性。 本文以2010-2017年深交所上市公司为样本，采用规范研究和实证研究相结合的方法对CEO自恋、会计信息透明度与企业价值进行研究。首先梳理总结国内外学者文献，界定三者概念，随后从理论角度归纳分析三者之间的作用机制，从而引出本文的假设。运用多元回归分析方法，从高层梯队理论、信号传递理论等视角，以CEO手写签名大小衡量CEO自恋，使用托宾Q值作为企业价值的代理变量，利用深圳证券交易所信息披露考核结果来衡量会计信息透明度，实证分析CEO自恋对企业价值的影响，以及会计信息透明度对于CEO自恋对企业价值的调节作用。 本文的研究结果是：CEO自恋对企业价值有显著负向影响作用。同时，与会计信息透明度较低的公司相比，高会计信息透明度的公司能够显著削弱CEO自恋对企业价值的负向影响。结合上述结论，本文提出以下建议：企业在聘任CEO时，要区分积极型还是消极性自恋领导，不仅要考虑CEO的管理经营能力，也应该考虑CEO的性格特征是否符合企业经营发展的目标。企业要从管理的角度以制度约束管理者行为，将自恋关进“笼子”里，要加大信息披露力度，注重信息披露数量和质量两手抓。同时相关管理部门要完善法律法规体系建设，增强监管力度。 本文丰富了CEO自恋的人格特质对于企业经营产生的破坏性影响研究，从会计信息透明度角度丰富了会计信息质量经济后果的研究文献，为企业管理决策与投资者投资决策提供了一定参考。
英文摘要：	As China's economy enters a period of new normal, the importance of human capital is particularly prominent. As the manager and decision-maker of an enterprise, the CEO is responsible for its major operational and financial decisions. According to the Upper-echelons Perspective, the background and psychological characteristics of senior executives will influence the behavioral choices of senior executives, thus influencing the enterprises. Therefore, this paper introduces CEO narcissism to investigate the influence of CEO narcissism on firm value. Because of the separation of two rights in modern companies, the problem of information asymmetry is prominent, and the transparency of accounting information becomes a bridge between managers and investors. More and more enterprises begin to pay attention to the improvement of accounting information transparency. This paper tries to integrate CEO narcissism, accounting information transparency and firm value into a systematic framework, which is innovative to some extent. Based on the samples of companies listed in shenzhen stock exchange from 2010 to 2017, this paper adopts the method of combining normative research and empirical research to study CEO narcissism, accounting information transparency and firm value. Firstly, the author summarizes the domestic and foreign scholars' literature, defines the three concepts, and then summarizes and analyzes the action mechanism of the three from the theoretical perspective, thus leading to the hypothesis of this paper. Using multiple regression analysis method, from the Upper-echelons Perspective, signaling theory,etc.,measure CEO narcissism by the size of the CEO ’s handwritten signature, use the Tobin’s Q value as a proxy for corporate value, and use the Shenzhen Stock Exchange information disclosure assessment results to measure the transparency of accounting information, empirically analyze the impact of CEO narcissism on firm value, and the role of accounting information transparency in regulating the value of CEO narcissism. The results of this paper are as follows: CEO narcissism has a significant negative effect on enterprise value. At the same time, compared with companies with low accounting information transparency, companies with high accounting information transparency can significantly reduce the negative impact of CEO narcissism on enterprise value. Combined with the above conclusions, this paper puts forward the following Suggestions: when an enterprise hires a CEO, it should distinguish between positive and negative narcissistic leaders. It should not only consider the CEO's management and operation ability, but also consider whether the CEO's personality characteristics conform to the enterprise's operation and development goals. From the perspective of management, enterprises should restrict the behavior of managers by the system, and put narcissism into a "cage". They should increase the intensity of information disclosure and pay attention to both the quantity and quality of information disclosure. At the same time, relevant administrative departments should improve the construction of laws and regulations system and strengthen supervision. This paper enriches the research on the destructive influence of CEO's narcissistic personality traits on enterprise management, enriches the research literature on the economic consequences of accounting information quality from the perspective of accounting information transparency, and provides a certain reference for enterprise management decisions and investors' investment decisions.
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