对外报告变化对管理决策行为影响的试验分析

本文主要验证在我国现行报告制度下,公司对外报告次数变化导致公司管理当局进行决策的选择行为。由于外部报告产生的资本市场压力会直接或间接影响管理人员的决策行为和决策动机,当决策项目产生的会计盈余时与公司未来长期盈余之间存在矛盾,管理者在进行项目决策时,面临外部报告的资本市场压力,内部代理问题和财务分析师的盈利预测相关因素影响,管理者通常选择短期利润最大化的项目而不是选择长期盈余最大项目,从而导致公司管理层的决策短期化。

Analysis of the Influences of the Change of External Reporting on the Managerial Behavior of Decision

The primary goal of the paper is to exam the effects of managerial behavior decision, when the frequency of external reporting is change from semiannual to quarterly disclosure in the light of present rules. The pressure of external reporting induced by capital market has effect on the decision of manager directly or indirectly. In the experiment ,the short-term earning and long-term cash flow is different in those projects ,we select some managers to choose their answers, they are face the same capital pressure resulting from stock issuance, internal agency friction and earning preceding of CFA.The manager also select maximize short-term earning not the maximize long-term cash flow project. It induced the managerial myopia of management.