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风险偏好是影响高级管理者决策的重要因素之一。本文在货币激励对内部激励的挤出效应理论基础上,以礼物感谢替代小额现金支付,采用KT虚拟货币激励方法,通过实验检验了中国被试分别在较高和较低货币奖金情况下的风险态度。对实验结果进行非参数检验发现,在一个样本中存在激励效应,风险态度模式也存在着显著的性别差异。本文的发现扩展了公司治理理论,同时,研究结论对上市公司股利政策制定及董事会成员专业背景和性别组成规范改进具有实践指导意义。
Risk appetite is one of the most important factors affecting senior managers’ decision-making. Based on the crowding out effect theory of monetary incentive to internal incentive, this paper replaces the use of small cash payment with gift appreciation, and uses KT virtual currency incentive method to test the Chinese participants’ performance in higher and lower currency bonus Risk attitude. Nonparametric tests on the experimental results show that there is incentive effect in one sample, and there is also a significant gender difference in the risk attitude model. The findings of this paper expand the theory of corporate governance. At the same time, the conclusions of the study have practical guiding significance for the formulation of dividend policy of listed companies and the professional background of the members of the board of directors as well as the improvement of the standard of gender composition.