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本文选用2008~2010年应用过衍生品的沪深A股上市公司为研究样本,检验企业在应用衍生品过程中的投机行为与管理层认知偏差之间的相关性。结果表明:管理层的认知偏差会导致企业在应用衍生品时实施投机行为;但在企业快速增长时,管理层可能会因为认识到自身认知偏差的缺陷而变得相对谨慎,从而抑制企业的衍生品投机行为。此外,证据还表明:更多的样本公司应用衍生品是为了套期保值,但投机行为也很显著;在管理层认知偏差更大的情况下,企业应用衍生品的行为就会从套保转化为投机。
This article selects the Shanghai and Shenzhen A-share listed companies which used derivatives from 2008 to 2010 as the research sample to test the correlation between the speculation behavior and the management cognition deviation in the process of applying the derivatives. The results show that: management’s cognitive bias will lead to the implementation of speculation in the application of derivatives; However, when the rapid growth of the enterprise, management may become cautious by recognizing its own cognitive bias defects, thus inhibiting the enterprise Derivatives speculation. In addition, the evidence shows that: More sample companies use derivatives for hedging, but speculation is also significant; in the case of management bias greater awareness of corporate behavior will be applied derivative products from hedging Into speculation.