区域制度差异,CEO管理自主权与企业风险承担——中国30省高技术产业的证据

Regional Institutions Disparity,CEO Managerial Discretion and Firm Risk Taking:Evidence from China High-tech Firms across 30 Provinces

管理自主权的概念连接宏观制度环境与微观企业实践,为研究转型经济下"制度企业家"的形成机制提供了全新视角。通过问卷调查,我们获取了61位学界专家和84位公司高管对中国30个省份企业CEO管理自主权大小的评价。考察基于已有经济和社会数据所形成的制度变量与管理自主权的关系,我们获得如下发现:(1)区域正式与非正式制度,如信任、政府干预、所有权分离、金融发展、地方保护、外商投资、司法公正及劳动力灵活性等,均与省份层次的CEO管理自主权相关;(2)CEO管理自主权与企业风险承担及绩效显著正相关;(3)CEO管理自主权对区域制度环境与企业风险承担及绩效的关系具有中介效应。上述结论大多通过了稳健性检验。最后,我们讨论了文章的基本结论、理论贡献与实践启示,指出了研究局限与未来的研究方向。

By bridging macro and micro domain,the concept of managerial discretion provides a new perspective to understand the formation mechanism of 'institutional entrepreneurship' in the context of transitional economy.Using questionnaire survey,we collect ratings of 30-provincial CEO managerial discretion from 61 scholars and 84 top managers.We find that all regional institutions,including informal and formal,such as trust,government intervention,ownership disparity,financial development,local protectionism,foreign investment,legal justice,and labor flexibility,are associated with managerial discretion available to CEO in that region,as hypothesized.Additionally,CEO managerial discretion is proved to be positively associated with firm internationalization,innovation and labor productivity.Moreover,it mediates the relationships between regional institutions and firm strategic choices as well as performance.Most of above associations are verified by robust test.We then discuss how institutions shape managerial discretion and its implications for practice.Limitations and future research directions are also stated in the last part of this paper.