政府支持对企业管理者风险感知的影响:基于动态能力视角的技术创新型企业分析

The Impact of Government Support on Managers’Risk Perception——An Empirical Study of High-tech Corporates from the Perspective of Dynamic Capability

企业管理者风险感知是管理团队基于资源和能力对外部环境中的不确定性因素做出判断和预测的过程,是管理者进行战略决策的基础。本文以268家已上市的国家级技术创新型企业为研究样本,探索了两种政府支持(政府补贴和社会关联)和管理者特质对企业管理者风险感知复杂性和动态性的影响。研究发现,政府补贴和社会关联分别提高和降低了风险感知的复杂性;两种政府支持均有利于提高风险感知的动态性。此外,高管团队多样化的职能背景能够增强政府补贴对管理者风险感知的正向影响,并能够在减弱社会关联对管理者风险感知复杂性的负向影响的同时,充分发挥多样化的经验背景优势,利用社会关联带来的资源优势和政治远见寻找多样化的经营路径,缓解由社会关联引致的对环境风险变化的过度敏感。本文对管理者风险感知进行了指标提取和度量方法方面的创新,可为未来的研究提供参考和借鉴。

Research background and theory:Managers’risk perception is the process by which top management teams make judgments and predictions about uncertain factors in the external environment based on resources and capabilities.It is the foundation for managers to make strategic decisions.Drawing upon the resource-based theory,dynamic capabilities theory and environmental uncertainty literature,this article used 268 listed high-tech corporates as research samples to explore the impact of two types of government support and TMT functional background heterogeneity on the complexity and dynamics of Managers’risk perception.It hypothesized that government subsidy can increase the complexity of risk perception,while social ties will dismiss it.And both types of government support are beneficial for improving the dynamism of risk perception.Research design:The sample for this study consisted of publicly listed firms in the list of National Technological Innovation Demonstration Enterprises(NTIDE)disclosed by the Ministry of Industry and Information Technology of the People’s Republic of China from 2011 to 2019.Every year,only about 70 corporates have obtained the NTIDE qualification,which represents their leading positions with outstanding technological innovation capability in China.We extracted the data on risk perception from the corporates’annual report using text analysis methods.While the data on corporates performance,corporate leverage,government subsidy and other financial indicators were collected from the China Stock Market Accounting Research Database.Based on the data type and test results,this article uses a fixed effects model for empirical study.Research report:This article find that TMT functional background heterogeneity can enhance the positive impact of government subsidy on risk perception,those with diverse professional experience often paying more attention to the potential social and market signals brought by government subsidy which can help enhance managers’comprehensive understanding of external environment risks.What’s more,high TMT functional background heterogeneity can reduce the negative impact of social ties on the complexity of managers’risk perception,while fully leveraging the advantages of diverse experience backgrounds,utilizing the resource advantages and governmental foresight brought by social connections to find diversified development paths,and alleviating the excessive sensitivity to environmental risk changes caused by social connections.Research contribution:This article uses the method of text analysis to measure Managers’risk perception from the overall level of the top management team.It not only innovates the measurement method of Managers’risk perception,but also enriches empirical study on environmental uncertainty.What’s more,this article explores the internal mechanisms of government support affects Managers’risk perception,which provides new ideas for risk management research.The findings have important practical significance for government support behavior,internal governance and external investment of high-tech corporates,providing reference for future research.