“富则思安”吗?——基于中国民营上市公司的实证分析  

Does Wealth Accumulation Lead to Strategy Persistence?A Case Stdy Based on China's Private Listed Companies

作　　者：张远飞[1] 贺小刚[1,2] 连燕玲[1] 

机构地区：[1]上海财经大学国际工商管理学院 [2]上海财经大学浙江学院

出　　处：《管理世界》2013年第7期130-144,188,共15页Journal of Management World

基　　金：国家自然科学基金项目"家族权威与私营企业成长机制研究"(项目批准号:70872065);"家族结构;组织行为与私营企业成长机制研究"(项目批准号:71172140);教育部新世纪优秀人才支持计划"创始人的身份治理与企业成长机制研究"(项目批准号:NCET-08-0804);上海市曙光计划项目(项目批准号:07SG41);上海市社科规划项目"家族和谐与私营企业成长机制研究"(批准号:2011BGL007);上海财经大学国家级项目后续研究项目"创业家族的治理结构与私营企业的成长机制研究"(项目编号:2012110294)的资助;上海财经大学优秀博士学位论文培育基金;上海财经大学研究生科研创新基金(项目编号:CXJJ-2011-323;CXJJ-2011-371)的资助

摘　　要：民营企业积累财富到一定程度之后是选择追求一种安稳的处世态度还是采取积极进取的策略,这是一个值得深入探讨的研究问题。本文基于企业行为理论,尤其是业绩反馈理论等分析了处于相对富有状态中的民营企业追求安稳、规避变革的可能性,并探讨了企业内部经营控制和外部治理机制的调节作用。基于中国民营上市公司的数据,本文得到了以下研究结论:第一,当民营上市公司的经营业绩高于期望水平而处于相对的富有状态将促使它们采取一种追求安稳的策略,富有程度越高则"思安"的可能性越大;第二,在创始人控制企业的情况下,民营上市公司"富则思安"的行为受到了一定程度的遏制,但在家族二代掌控的民营上市公司则更具有"守业情结",在企业获得满意绩效时更倾向于采取安稳的战略;民营上市公司在采取完全由职业化管理的情况下,职业经理人决策的风险规避意识使得企业更加偏好"富则思安";第三,外部激烈的市场竞争遏制了民营上市公司"富则思安"的行为,激烈的竞争环境促使企业即使处于富有状态也要"居安思危"。Whether, after the private enterprise have accumulated wealth to a certain degree, they choose to seek to be calm and poised in their attitude to other people or they take a strategy of being enterprising is a question worthy of a pro fund discussion. Based on the theory on enterprise behavior, especially the theory on the performance feedback, we have analyzed the posibility of the rich private enterprise seeking to be calm and poised and explored the control over the internal management and the adjustment role of the external control mechanism. Founded on the data on China's private listed companies(CPLC), we have drawn the following conclusions: Firstly, when firm's performance is higher than the historical and social aspiration and when the firm is relative rich, they are propelled to adopt the strategy of seeking to calm and poised; the greater the degree of being rich, the greater the posibility of seeking to be 'calm'.Sec ondly, when the enterprise is controlled by the founder, the entrepreneurship of the founder can curb this kind of strate gy pesistence; however, the CPLC controlled by the second generation will show more strategy persistence when the firm obtains a satisfactory performance. When the CPLC have adopted the full professionalism management, the profes sional-manager's consciousness, in policy-making, of risk avesion, will make the enterprise have a predilection for 'peace whey they are rich'. Thirdly, the external fierce competition in the market has curbbed the behavior of 'seek ing peace when CPLC are rich'; the environment of the fierce competition will propell the firm to'think of possible dangers in timejs of peace'even if they are in the state of being rich.

关 键 词：企业富有 安稳战略 创始人控制 职业化经营 外部竞争 

分 类 号：F276.5[经济管理—企业管理] F224[经济管理—国民经济]