管理者认知偏差对中小企业债务性融资风险的影响机理研究:基于实证分析  

Research on the Mechanism of the Impact of Managers’Cognitive Bias on the Financing Risk of Small and Me-dium Enterprises:Based on Empirical Analysis

作　　者：甘凯 金粲璨 付歆 赖肸 Gan Kai;Jin Cancan;Fu Xin;Lai Xi(School of Economics and Finance,Xi'an Jiaotong University;School of Economics and Management,Xi'an University of Technology)

机构地区：[1]西安交通大学 [2]西安理工大学经济与管理学院

出　　处：《南开管理评论》2024年第3期204-212,I0037,I0038,共11页Nankai Business Review

基　　金：国家社会科学基金项目(20BGL147)资助。

摘　　要：中小企业融资过程中,管理者扮演着重要角色,管理者的思维方式又是决策工作的导航系统,因此不应忽视认知偏差这样一个可能导致企业融资风险的重要影响因素。本文拟从认知科学的视角分析管理者认知偏差对中小企业债务性融资风险的影响机理。研究设计分为两个阶段,第一个阶段分析管理者在决策过程中可能存在的不同认知偏差从而建立概念模型,第二个阶段围绕不同的认知偏差提出假设,通过调查问卷收集数据,借助A MOS软件采用结构方程模型进行实证分析。研究结果表明,管理者存在的认知偏差之间存在着相互关联,情境因素变动偏差影响着启发式偏差、内部识别偏差以及心理偏差,启发式偏差会对心理偏差产生一定的影响。情境因素变动偏差、启发式偏差、内部识别偏差和心理偏差对中小企业债务性融资风险具有显著的正向影响。研究结论为中小企业防范和应对债务性融资风险提供有益经验证据和优化建议。SMEs are an important part of China’s national economy,an important foundation for building a modernised economic system and promoting the economy to achieve high-quality development,and as the most dynamic microeconomic group,they play an important role in promoting employment,stabilising growth and improving people’s livelihoods.However,due to SMEs’poorer operational stability and weaker risk-resistant ability,under the environment of greater economic downward pressure,SMEs are facing the double pressure of financing difficulties and elevated financing risks.While managers play an important role in the financing process of SMEs,and the way of thinking of managers is the navigation system of decision-making,we should not ignore cognitive bias as an important influence factor that may lead to the risk of enterprise financing. This paper intends to analyse the mechanism of managers’ cognitive bias on SMEs debt financing risk from the perspective of cog-nitive science. The research design is divided into two phases, in the first phase the conceptual model is established by analysing the different cognitive biases that may exist in the decision-making process of managers;in the second phase, hypotheses are put forward around the different cognitive biases, a questionnaire is designed and the questionnaire questions are borrowed from domestic and international mature scales of high quality, and after the pre-survey adjustments are made to form the final questionnaire to collect the data, and with the help of the AMOS software, the structural equation model is used to carry out the empirical analysis. empirical analysis. The results of this paper show that there are cognitive biases in the choice of financing channels, the formulation of loan programmes and the decision-making of loan funds, and among the many cognitive biases, the contextual factors change bias, heu-ristic bias, internal identification bias and psychological bias are the most obvious, which is also an important reason leading to the difficult

关 键 词：中小企业 认知偏差 债务性融资风险 

分 类 号：F275[经济管理—企业管理] F276.3[经济管理—国民经济] F272.91