作　　者： ; ; ; ;

机构地区： 上海财经大学国际工商管理学院

出　　处： 《中国工业经济》 2015年第5期110-121,共12页

摘　　要： 本文基于社会心理学,从企业行为理论与前景理论角度探讨了企业处于绩优状态下的压力形成过程及其对投机经营的影响,分析了家族控制在这种绩优状态与投机行为之间的作用。基于中国上市公司的数据,本文研究发现:经营业绩相对较好的企业具有一种向上比较的倾向,其决策参照点将随着业绩的提高而上升,以至于这些企业一直处于高度的追赶性压力状态中:绩优企业将高期望目标变为现实进而缓解追赶性压力的主要途径是采取掏空式关联交易等短期的投机经营行为。另外,本文将企业的产权性质纳入研究模型后发现,相比于非家族制企业,家族企业在市场竞争过程中面临更大的资源获取压力,同时为了实现物质财富和情感财富的延续,它们在绩优状态下还将面临挑战性的追赶压力,进一步提高了家族企业在绩优状态下从事短期投机经营活动的动机。本文的研究对于理解绩优企业的决策行为具有一定的理论价值与现实意义,也进一步丰富了压力理论的研究成果。 In light of social psychology,behavioral theory of the firm and prospect theory,this paper explores the process of formation of pressure in firms with good performance and its influences on opportunistic behaviors.We further analyze the moderating effects of family control on the relationship between good performance and opportunistic behaviors.Using the data of listed firms from China,we found that firms with good performance have tendencies to compare with other better firms so that they enhance their aspiration level and then brought about the high pressure of catch-up.Firms with good performance mainly use related transactions and other shortterm opportunistic activities to release the stress of catching up with competitors.In addition,this paper incorporate property structure right into research model and found that family firms have more pressure in acquiring resources in competitive marketplace than non-family firms.Meanwhile,family firms also have more pressure of catch-up in order to maintain socioemotional wealth which improves their motivations of conducting opportunistic activities.This paper has both theoretical and practical significance in understanding Chinese firm’s decision in emerging economy,which also can fulfill the literatures of pressure theory.

关 键 词： 绩优企业 投机经营 向上比较 追赶性压力 家族控制

领　　域： [经济管理] [经济管理]