基于权力接近与抑制理论的高管权力与风险承担——一项实验证据  

Managerial Power and Risk Taking Based on the Approach and Inhibiting Theory of Power——An Evidence from Experiment

作　　者：牛草林[1] 李旭洋[1] 苏日娜[1] NIU Cao - lin LI xu - yang SU Ri - na(School of Economic and Management, Inner Mongolia University, Hohhot 010021, China)

机构地区：[1]内蒙古大学经济管理学院,内蒙古呼和浩特010021

出　　处：《财经理论研究》2017年第2期86-97,共12页Journal of Finance and Economics Theory

摘　　要：本文运用社会心理学的权力接近与抑制理论,采用行为实验研究方法,研究了高管权力对风险承担的影响以及环境不确定性对二者关系的调节作用。研究表明:与高管权力较小相比,当高管权力较大时,高管更可能采取大胆积极的决策态度,更愿意选择高风险、高回报的投资项目,有更强的风险承担意愿。考虑了环境不确定性的影响作用之后,研究发现:在环境不确定性程度较低的情况下,与高管权力较小相比,当高管权力较大的时候,高管采取大胆积极决策态度的可能性会更高,愿意选择高风险、高回报的投资项目的程度会更大,风险承担意愿也会更强;而在环境不确定性程度较高的情况下,高管权力的大小对风险承担的影响没有显著差异。此外,附加分析还排除了被试决策时的自信心水平、被试对企业目前财务状况的评价以及被试感知的自变量对决策的影响程度等因素对研究的其他解释。本文丰富了风险承担相关影响因素的研究,补充了高管权力的研究视角,并进一步证实了环境不确定性对企业决策的影响作用,为以后公司治理的相关研究提供了新的思路和角度。同时,本文的结论也为企业如何更好地进行公司治理、高管如何更好进行判断和决策提供了建议。In this paper, we use the approach and inhibition theory of power of social psychology and adopt the behavioral experimental research method to study the influence of managerial power on risk taking and the moderating effect of environment uncertainty on the relationship between managerial power and risk taking. The research shows that compared with the smaller managerial power, when the managerial power is larger, the executive is more likely to take a bold and positive attitude towards decision making, more willing to choose the investment projects with high risk and high return and also has a stronger willingness to take risks. After considering the influence of environment uncertainty, this study find that in the case of low degree of environment uncertainty, compared with the smaller managerial power, when the managerial power is larger, the possibility of the executive to take a bold and positive attitude will be higher and the willingness to choose the investment projects with high risk and high return will be greater. The willingness of the executive to take risks will also be stronger. However, in the case of high degree of environment uncertainty, there is no significant difference in the effect of the size of managerial power on risk taking. In addition, additional analysis also excludes other explanations for this study which made by the factors, such as the level of confidence in the subjects＇decision making , the evaluation of the current financial situation of the enterprise of the subjects and the influence degree of independent variables on decision making perceived by the subjects. This paper enriches the research of risk taking related factors and supplements the research perspective of managerial power. Besides, it further proves the influence of environment uncertainty on enterprise decision making and provides a new idea and perspective for the study of corporate governance in the future. At the same time, the conclusion of this paper also provides advices for the enterprise on how to set

关 键 词：风险承担 高管权力 环境不确定性 实验证据 

分 类 号：F272[经济管理—企业管理] F275[经济管理—国民经济]