冲动是魔鬼?高管情绪化与企业过度投资

Is Impulse the Devil?The Influence of the Executive Emotionalization on the Over-investment of Enterprises

经济学中有“理性人”这一重要假定,然而在现实层面,人的行为往往背离理性,呈现明显的情绪化、非理性特征,并引发不利的经济后果。作为企业内部的核心管理成员,高管的理性决策能力对企业的经营发展同样至关重要,而高管情绪化带来的非理性决策则会危害企业的发展。那么,如何客观地度量高管情绪化?如何看待高管情绪化给企业带来的影响?这些是当前研究亟待解决的问题。作为企业内部治理体系中的清流,大量的研究证实女性高管拥有较男性高管更理性的思维方式与更妥当的情绪管理,正常情况下能很好地遏制企业的过度投资行为,因而女性高管的情绪化问题对企业理性决策的影响更为凸显。本文基于心理学和生理医学理论,以女性高管是否处于“更年期”作为衡量情绪化问题的客观指标,从投资层面实证检验高管情绪化对企业理性决策的影响。研究结果表明,高管情绪化会显著提高企业的过度投资水平。进一步的研究表明,公司治理机制越完善,越有助于抑制高管情绪化对企业过度投资的消极影响;投资者保护机制越健全,越有利于抑制高管情绪化对企业过度投资的消极影响;而企业的融资环境越宽松,越会助长高管情绪化对企业过度投资的消极影响。本文的研究发现启发实务界应重视员工的精神关怀与心理健康,提升高管的情绪管理能力和科学决策水平,从人的精神层面关注企业决策中潜在的非理性风险因素。

There is an important assumption of“rational man”in economics.However,human behavior often deviates from rationality,showing obvious emotional and irrational characteristics,and triggering unfavorable economic consequences.As the core management members of the enterprise,the rational decision-making ability of the executives is also cru-cial to the operation and development of the enterprise,while the irrational decision-making caused by emotional issues will endanger the development of the enterprise.However,previous studies are subject to the measurement of senior executives'emotional issues,and there is still a lack of systematic research on the potential economic consequences of this phenomenon.In view of this,based on the perspectives of psychology and physiological medicine and taking whether female executives are in menopause as the entry point,this paper empirically tests the influence of emotional management of executives on rational decision of enterprise from the perspective of investment.The results show that emotional management of executives will cause to a significant deterioration in over investment of the enterprise.Furthermore,the more perfect the governance mechanism of the enterprise is,the sounder the investor protection mechanism will be,which will be more conducive to restrain the deteriorating influence of the emotional management on the over-investment of enterprise.And the looser the financing environment of an enterprise,the more it will trigger the deteriorating influence of the emotional management on over investment of enterprise.The research in this article not only provides a new quantitative method of emotional management of executives and a new research perspective on executive characteristics,but also inspires the practical community to attach importance to the spiritual care and mental health of employees,and improves the emotional management ability of executives and the level of scientific decision-making,and pays attention to the potential irrational risk factors in decision-making of enterprise from the perspective of human spirit.