企业家风险偏好对企业投资决策行为的影响研究
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摘要
企业家作为企业的最高管理者和最终决策者,拥有着企业的最高决策权。企业家对企业决策的有效性起着关键作用,企业家的风险偏好直接影响着其决策行为,从而对企业的投资决策行为产生影响。中国的经济在经济改革20多年来持续多年高速发展,引起了国内外学者的广泛关注,他们构建了大量的经济学模型对中国的实际经济状况进行了研究。在这些研究和模型中,“风险偏好”是一个极其重要的影响因素,如何设置风险偏好对模型的分析起着重要的影响。而在研究中对风险偏好因子的设置受各种因素的影响不尽完美,其赋值或者是给定的理论参数或者直接采用其他研究文献中类似指标的参数值,缺乏相应的实证分析数值,使得这些研究中国经济的模型严重失真。而在企业决策研究领域,行为经济学和实验经济学的发展使得研究者越来越关注作为企业决策者的企业家个体之间的差异性,引进心理学尤其是认知心理学的研究成果对企业家的决策行为进行分析和解释。包括年龄、性别、知识水平、文化背景、从事的技术种类、工作的经验、环境的认知以及所熟悉与关注的领域在内的众多因素导致了企业家的认知差异。而不同企业家根据其自身的偏好对信息所做出的独特反应,都会对企业的投资决策行为产生影响。基于此,本文对企业投资决策行为起决定作用的企业家风险偏好进行实证分析,并进而对企业家的风险偏好影响企业的投资决策行为进行实证研究。
本文由六部分组成。第一部分是在研究背景、研究目标和研究意义的基础上,提出了文章的研究内容、技术路线和研究方法。第二部分为相关理论的研究综述,旨在总结和评述国内外的相关研究。具体地,在分别对企业家风险偏好理论、有限理性理论和决策行为理论等理论进行综述的基础上,评述国内外学者对企业家风险偏好与决策行为之间的关系研究。第三部分为企业家风险偏好影响企业投资决策行为的作用机理,旨在为后面的研究奠定理论基础。第四部分为企业家风险偏好的综合评价,以企业家在日常生活和工作中的外在表现为基础,选取企业家个人层面和公司层面两个维度的指标,构建了企业家风险偏好水平的综合评价模型,采用主成分分析法对2008-2011年的企业家风险偏好水平进行了综合评价,并通过实证研究检验了企业家的背景特征对于企业家风险偏好的影响。第五部分为企业家风险偏好对企业投资决策行为影响的实证检验。构建了企业家风险偏好水平与企业投资决策行为的多元回归模型,选取了从2008年到2011年的上市公司数据作为研究样本,分别对企业家风险偏好与企业的现金资产决策、并购决策和资本性支出决策的相关性进行了实证检验。第六部分为研究结论与展望。
以上述研究为基础,文章得到如下研究结论,同时也构成了文章的创新点：
第一,企业家风险偏好对企业投资决策行为的影响机理。企业北家在企业中处于决策的地位,他们有权利选择和变更各种战略性投资方案来影响整个企业的投资决策。企业家受个人心理特征和公司治理水平的影响而表现出不同的风险偏好,企业家的风险偏好是企业投资决策的重要决定因素。风险厌恶者一般比较偏好于安全的现金资产和风险较小的固定资产,而具有冒险精神的企业家则对风险较为喜好,通常会偏好风险大但收益高的无形资产等风险资产,由此造成企业投资决策的资产形态各异。在具体的项目选择上,高风险的并购项目对于偏好风险的企业家更有吸引力,因此,会在风险较高的项目上增加投资。同时,企业家还会倾向于扩大投资规模,加快投资速度,造成过度投资和高频投资,导致企业投资效率低。因此,企业家的风险偏好会分别作用于企业的现金持有、并购以及资本性支出等投资决策过程。
第二,企业家风险偏好的综合评价。本文根据企业家在日常生活和工作中的外在表现,选取企业家个人层面和公司层面两个维度的指标,构建了企业家风险偏好水平的综合评价模型,采用主成分分析法对2008-2011年的企业家风险偏好水平进行了综合评价,并通过实证研究检验了企业家的背景特征对于企业家风险偏好的影响。研究结果表明：企业家的学历与企业家风险偏好存在显著的正相关关系,这意味着随着企业家的学历的提高,企业家对风险的容忍度相应提高,其风险偏好程度也随之提高；企业家个人财富与企业家风险偏好存在显著的正向相关关系,随着企业家的个人财富的提高,企业家个人的生活消费逐渐不再受经营活动的报酬牵制,更能够放心大胆的冒险,所以其所表现的风险偏好程度随之提高。而企业家的年龄、性别和任职期限与企业家风险偏好不存在显著的相关性,这说明企业家的年龄、性别和任职期限对企业家风险偏好没有明显的影响。
第三,企业家风险偏好对企业投资决策行为影响的实证检验。本文构建了企业家风险偏好水平与企业投资决策行为的多元回归模型,选取了从2008年到2011年的上市公司数据作为研究样本,分别对企业家风险偏好与企业现金资产持有决策、并购决策和资本性支出决策的相关性进行了实证检验。研究结论如下：企业家风险偏好与企业的现金持有水平存在显著的负相关关系,这意味着企业家风险偏好程度越高,所决策的企业的现金资产持有水平越低；企业家风险偏好与企业并购频率存在显著的正相关关系,这意味着企业家风险偏好程度越高,其主导的企业并购活动越频繁；企业家风险偏好与企业的资本性支出结构存在显著的正相关关系,这意味着企业家风险偏好程度越高,企业的资本性支出结构中风险资产所占比重越大。
As the leader and decision maker of the enterprise, entrepreneurs have the highest decision-making authority of the enterprise. Entrepreneurs play the key roles on the effectiveness of decision-making in the enterprise. The risk preference of entrepreneurs directly affects the decision-making behavior, and thus the risk preference of entrepreneurs impacts on firms' investment decision-making behavior. The sustainable and high speed development of Chinese economy in the economic reform in more than20years has caused the wide attention of scholars both at home and abroad. They have built a lot of economic models to study Chinese actual economic conditions. In these studies and models, risk preference is an extremely important influence factors. The set of the risk preference played an important influence on the analysis of the model. And in these studies, the set of the risk preference factor is imperfect as various factors' affection. The assignment is given by the theoretical parameters or directly derived from the parameters values of similar index in the other research literature, and is lack of the corresponding empirical analysis. These all made the study models of Chinese economy serious distortion. And in the field of enterprise decision-making research, the development of behavioral economy and experimental economy allows researchers to pay more and more attention to the individual differences between entrepreneurs who are decision makers of enterprises. They introduced the research achievements of psychology, especially of cognitive psychology to analysis and interpret the entrepreneur's decision-making behavior. The multitudinous factors including age, gender, knowledge level, cultural background, technology type of engaging, experience, cognitive environment and the area of familiar and concerning lead to the difference of entrepreneur's cognition. The unique information reaction according to different entrepreneurs' own preferences will have an effect on decision-making behavior. Therefore, an empirical analysis on the entrepreneurs' risk preference which has decision role on decision-making behavior has been carried in this paper. And then the empirical study on the impact of entrepreneur's risk preference on the investment decision-making behavior of enterprises has also been carried.
The paper is divided into six parts. In the first part, the paper's research contents, technical route and research methods are proposed on the basis of research background, research objective and research significance. The second part is the research review of the relevant theories. This aims to summarize and review the related research at home and abroad, specifically, to review the relationship research between entrepreneurs' risk preference and decision-making behavior from domestic and foreign scholars based on the respectively review of entrepreneurs' risk preference theory, bounded rationality theory and behavioral decision theory. The third part is the influence mechanism of entrepreneurs' risk preference on entrepreneurial decision. This aims to provide a theoretical basis for the behind research. The fourth part is the comprehensive evaluation on the entrepreneurs' risk preference. In this part, we selected indexes from two dimensions of entrepreneurs personal and company based on the entrepreneurs' external performance in the daily life and work, constructed the comprehensive evaluation model of entrepreneurs' risk preference level, used principal component analysis (PCA) to evaluate entrepreneurs' risk preference level from2008to2011comprehensively, and inspected the influence of the entrepreneurs' background characteristics on entrepreneurs' risk preference through the empirical research. The fifth part is empirical test of entrepreneurs' risk preference on the enterprise investment decision. In this part, we built multivariate regression models to summarize the relationship between the entrepreneurs' risk preference and investment decision-making behavior and carried on the empirical test of entrepreneurs' risk preference on the enterprise cash decisions, the correlation of M&A and capital expenditure decision respectively by the use of the data in listed companies from2008to2011.The sixth part the research conclusion and prospect this paper.
In this paper, we have got the following research conclusion on the basis of the above research. These conclusions also constituted the innovation of the article.
The First is the influence mechanism of entrepreneurs' risk preference on enterprise's investment decision. Entrepreneurs in the enterprise decision-making position have the right to choose and change various strategic investment plans to affect the entire enterprise investment decision. Entrepreneurs show the different risk preference at the influence of individual psychological characteristics and corporate governance level. And entrepreneur's risk preference is an important determinant factor of corporate investment decisions. Risk aversion entrepreneurs prefer the safe cash assets and fixed assets with less risk, but risk appetite entrepreneurs prefer intangible assets investment. This can lead to the difference on the assets form of enterprise investment. In the specific process of choosing projects, merger and acquisition projects with high risk for risk appetite entrepreneurs are more attractive. So they will increase investments on high-risk projects. At the same time, risk appetite entrepreneurs tend to expand the scale of investment, speed up the investment, caused the excessive and high frequency investment, lead to low efficiency of corporate investment. Therefore, entrepreneurs'risk preference will affect investment decisions process of cash holdings, M&A and capital expenditure.
The second is the comprehensive evaluation on the entrepreneurs' risk preference. In this paper, we selected indexes from two dimensions of entrepreneurs personal and company based on the entrepreneurs' external performance in the daily life and work, constructed the comprehensive evaluation model of entrepreneurs' risk preference level, used principal component analysis (PCA) to evaluate entrepreneurs' risk preference level from2008to2011comprehensively, and inspected the influence of the entrepreneurs' background characteristics on entrepreneurs' risk preference through the empirical research. The results show:there is significant positive correlation between degree and entrepreneurs risk preference which means that the degree is higher, entrepreneurs more tend to be risk averse; there is significant positive correlation between entrepreneurs' personal wealth and the entrepreneurs' risk preference which is due to with the improvement of entrepreneur's personal wealth, entrepreneurs personal consumption gradually no longer subject to the business activities of life reward, more can rest assured bold adventure, so the performance of risk appetite. There is not significant correlation between entrepreneur's age, gender and tenure and entrepreneurs' risk preference which means that entrepreneur's age, gender and tenure have no obvious effect on entrepreneurs' risk preference.
The third is empirical test of entrepreneurs' risk preference on the enterprise investment decision. In this paper, we built multivariate regression models to summarize the relationship between the entrepreneurs' risk preference and investment decision-making behavior and carried on the empirical test of entrepreneurs' risk preference on the enterprise cash decisions, the correlation of M&A and capital expenditure decision respectively by the use of the data in listed companies from2008to2011. The results show: there is significant negative correlation relationship between entrepreneurs' risk preference and the corporate cash holdings level which means that the stronger of entrepreneurs' risk preference degree, the less of corporate cash holdings; there is significant positive correlation between entrepreneurs' risk preference and the frequency of mergers and acquisitions which means that the stronger of entrepreneurs' risk preference degree, merger and acquisition activity in enterprise more frequently:there is significant positive correlation between entrepreneurs' risk preference and enterprise capital expenditure structure which means that the stronger of entrepreneurs' risk preference degree, the greater proportion of risk assets in enterprise's capital expenditure structure.
本文由六部分组成。第一部分是在研究背景、研究目标和研究意义的基础上,提出了文章的研究内容、技术路线和研究方法。第二部分为相关理论的研究综述,旨在总结和评述国内外的相关研究。具体地,在分别对企业家风险偏好理论、有限理性理论和决策行为理论等理论进行综述的基础上,评述国内外学者对企业家风险偏好与决策行为之间的关系研究。第三部分为企业家风险偏好影响企业投资决策行为的作用机理,旨在为后面的研究奠定理论基础。第四部分为企业家风险偏好的综合评价,以企业家在日常生活和工作中的外在表现为基础,选取企业家个人层面和公司层面两个维度的指标,构建了企业家风险偏好水平的综合评价模型,采用主成分分析法对2008-2011年的企业家风险偏好水平进行了综合评价,并通过实证研究检验了企业家的背景特征对于企业家风险偏好的影响。第五部分为企业家风险偏好对企业投资决策行为影响的实证检验。构建了企业家风险偏好水平与企业投资决策行为的多元回归模型,选取了从2008年到2011年的上市公司数据作为研究样本,分别对企业家风险偏好与企业的现金资产决策、并购决策和资本性支出决策的相关性进行了实证检验。第六部分为研究结论与展望。
以上述研究为基础,文章得到如下研究结论,同时也构成了文章的创新点：
第一,企业家风险偏好对企业投资决策行为的影响机理。企业北家在企业中处于决策的地位,他们有权利选择和变更各种战略性投资方案来影响整个企业的投资决策。企业家受个人心理特征和公司治理水平的影响而表现出不同的风险偏好,企业家的风险偏好是企业投资决策的重要决定因素。风险厌恶者一般比较偏好于安全的现金资产和风险较小的固定资产,而具有冒险精神的企业家则对风险较为喜好,通常会偏好风险大但收益高的无形资产等风险资产,由此造成企业投资决策的资产形态各异。在具体的项目选择上,高风险的并购项目对于偏好风险的企业家更有吸引力,因此,会在风险较高的项目上增加投资。同时,企业家还会倾向于扩大投资规模,加快投资速度,造成过度投资和高频投资,导致企业投资效率低。因此,企业家的风险偏好会分别作用于企业的现金持有、并购以及资本性支出等投资决策过程。
第二,企业家风险偏好的综合评价。本文根据企业家在日常生活和工作中的外在表现,选取企业家个人层面和公司层面两个维度的指标,构建了企业家风险偏好水平的综合评价模型,采用主成分分析法对2008-2011年的企业家风险偏好水平进行了综合评价,并通过实证研究检验了企业家的背景特征对于企业家风险偏好的影响。研究结果表明：企业家的学历与企业家风险偏好存在显著的正相关关系,这意味着随着企业家的学历的提高,企业家对风险的容忍度相应提高,其风险偏好程度也随之提高；企业家个人财富与企业家风险偏好存在显著的正向相关关系,随着企业家的个人财富的提高,企业家个人的生活消费逐渐不再受经营活动的报酬牵制,更能够放心大胆的冒险,所以其所表现的风险偏好程度随之提高。而企业家的年龄、性别和任职期限与企业家风险偏好不存在显著的相关性,这说明企业家的年龄、性别和任职期限对企业家风险偏好没有明显的影响。
第三,企业家风险偏好对企业投资决策行为影响的实证检验。本文构建了企业家风险偏好水平与企业投资决策行为的多元回归模型,选取了从2008年到2011年的上市公司数据作为研究样本,分别对企业家风险偏好与企业现金资产持有决策、并购决策和资本性支出决策的相关性进行了实证检验。研究结论如下：企业家风险偏好与企业的现金持有水平存在显著的负相关关系,这意味着企业家风险偏好程度越高,所决策的企业的现金资产持有水平越低；企业家风险偏好与企业并购频率存在显著的正相关关系,这意味着企业家风险偏好程度越高,其主导的企业并购活动越频繁；企业家风险偏好与企业的资本性支出结构存在显著的正相关关系,这意味着企业家风险偏好程度越高,企业的资本性支出结构中风险资产所占比重越大。
As the leader and decision maker of the enterprise, entrepreneurs have the highest decision-making authority of the enterprise. Entrepreneurs play the key roles on the effectiveness of decision-making in the enterprise. The risk preference of entrepreneurs directly affects the decision-making behavior, and thus the risk preference of entrepreneurs impacts on firms' investment decision-making behavior. The sustainable and high speed development of Chinese economy in the economic reform in more than20years has caused the wide attention of scholars both at home and abroad. They have built a lot of economic models to study Chinese actual economic conditions. In these studies and models, risk preference is an extremely important influence factors. The set of the risk preference played an important influence on the analysis of the model. And in these studies, the set of the risk preference factor is imperfect as various factors' affection. The assignment is given by the theoretical parameters or directly derived from the parameters values of similar index in the other research literature, and is lack of the corresponding empirical analysis. These all made the study models of Chinese economy serious distortion. And in the field of enterprise decision-making research, the development of behavioral economy and experimental economy allows researchers to pay more and more attention to the individual differences between entrepreneurs who are decision makers of enterprises. They introduced the research achievements of psychology, especially of cognitive psychology to analysis and interpret the entrepreneur's decision-making behavior. The multitudinous factors including age, gender, knowledge level, cultural background, technology type of engaging, experience, cognitive environment and the area of familiar and concerning lead to the difference of entrepreneur's cognition. The unique information reaction according to different entrepreneurs' own preferences will have an effect on decision-making behavior. Therefore, an empirical analysis on the entrepreneurs' risk preference which has decision role on decision-making behavior has been carried in this paper. And then the empirical study on the impact of entrepreneur's risk preference on the investment decision-making behavior of enterprises has also been carried.
The paper is divided into six parts. In the first part, the paper's research contents, technical route and research methods are proposed on the basis of research background, research objective and research significance. The second part is the research review of the relevant theories. This aims to summarize and review the related research at home and abroad, specifically, to review the relationship research between entrepreneurs' risk preference and decision-making behavior from domestic and foreign scholars based on the respectively review of entrepreneurs' risk preference theory, bounded rationality theory and behavioral decision theory. The third part is the influence mechanism of entrepreneurs' risk preference on entrepreneurial decision. This aims to provide a theoretical basis for the behind research. The fourth part is the comprehensive evaluation on the entrepreneurs' risk preference. In this part, we selected indexes from two dimensions of entrepreneurs personal and company based on the entrepreneurs' external performance in the daily life and work, constructed the comprehensive evaluation model of entrepreneurs' risk preference level, used principal component analysis (PCA) to evaluate entrepreneurs' risk preference level from2008to2011comprehensively, and inspected the influence of the entrepreneurs' background characteristics on entrepreneurs' risk preference through the empirical research. The fifth part is empirical test of entrepreneurs' risk preference on the enterprise investment decision. In this part, we built multivariate regression models to summarize the relationship between the entrepreneurs' risk preference and investment decision-making behavior and carried on the empirical test of entrepreneurs' risk preference on the enterprise cash decisions, the correlation of M&A and capital expenditure decision respectively by the use of the data in listed companies from2008to2011.The sixth part the research conclusion and prospect this paper.
In this paper, we have got the following research conclusion on the basis of the above research. These conclusions also constituted the innovation of the article.
The First is the influence mechanism of entrepreneurs' risk preference on enterprise's investment decision. Entrepreneurs in the enterprise decision-making position have the right to choose and change various strategic investment plans to affect the entire enterprise investment decision. Entrepreneurs show the different risk preference at the influence of individual psychological characteristics and corporate governance level. And entrepreneur's risk preference is an important determinant factor of corporate investment decisions. Risk aversion entrepreneurs prefer the safe cash assets and fixed assets with less risk, but risk appetite entrepreneurs prefer intangible assets investment. This can lead to the difference on the assets form of enterprise investment. In the specific process of choosing projects, merger and acquisition projects with high risk for risk appetite entrepreneurs are more attractive. So they will increase investments on high-risk projects. At the same time, risk appetite entrepreneurs tend to expand the scale of investment, speed up the investment, caused the excessive and high frequency investment, lead to low efficiency of corporate investment. Therefore, entrepreneurs'risk preference will affect investment decisions process of cash holdings, M&A and capital expenditure.
The second is the comprehensive evaluation on the entrepreneurs' risk preference. In this paper, we selected indexes from two dimensions of entrepreneurs personal and company based on the entrepreneurs' external performance in the daily life and work, constructed the comprehensive evaluation model of entrepreneurs' risk preference level, used principal component analysis (PCA) to evaluate entrepreneurs' risk preference level from2008to2011comprehensively, and inspected the influence of the entrepreneurs' background characteristics on entrepreneurs' risk preference through the empirical research. The results show:there is significant positive correlation between degree and entrepreneurs risk preference which means that the degree is higher, entrepreneurs more tend to be risk averse; there is significant positive correlation between entrepreneurs' personal wealth and the entrepreneurs' risk preference which is due to with the improvement of entrepreneur's personal wealth, entrepreneurs personal consumption gradually no longer subject to the business activities of life reward, more can rest assured bold adventure, so the performance of risk appetite. There is not significant correlation between entrepreneur's age, gender and tenure and entrepreneurs' risk preference which means that entrepreneur's age, gender and tenure have no obvious effect on entrepreneurs' risk preference.
The third is empirical test of entrepreneurs' risk preference on the enterprise investment decision. In this paper, we built multivariate regression models to summarize the relationship between the entrepreneurs' risk preference and investment decision-making behavior and carried on the empirical test of entrepreneurs' risk preference on the enterprise cash decisions, the correlation of M&A and capital expenditure decision respectively by the use of the data in listed companies from2008to2011. The results show: there is significant negative correlation relationship between entrepreneurs' risk preference and the corporate cash holdings level which means that the stronger of entrepreneurs' risk preference degree, the less of corporate cash holdings; there is significant positive correlation between entrepreneurs' risk preference and the frequency of mergers and acquisitions which means that the stronger of entrepreneurs' risk preference degree, merger and acquisition activity in enterprise more frequently:there is significant positive correlation between entrepreneurs' risk preference and enterprise capital expenditure structure which means that the stronger of entrepreneurs' risk preference degree, the greater proportion of risk assets in enterprise's capital expenditure structure.
引文
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