基于行为金融视角的我国企业内部资本市场中部门经理寻租的研究

A Study on Rent-seeking of Division Managers in Internal Capital Market of China's Enterprises Based on Behavior Finance Perspective

越来越多的研究表明,内部资本市场存在功能异化现象,部门经理寻租就是其中表现之一。以往对企业内部资本市场中部门经理寻租的研究几乎全是基于传统金融理论视角,而传统金融理论中完全理性人的假设具有一定的局限性。尝试从行为金融视角对影响内部资本市场部门经理寻租的原因进行分析,并与基于传统金融视角的影响因素进行比较,进一步用问卷调查的方式进行实证。实证结果表明,在我国行为因素是影响内部资本市场部门经理寻租的重要因素,主要表现在管理者认知偏差、管理者偏好差异和管理者个人控制方面,其中管理者认知偏差又是最重要的原因。从而扩展了有关内部资本市场研究的视角,研究结论对我国企业内部资本市场的实践具有行为方面的指导意义。

More and more studies show that, there exists dissimilation function in internal capital market, one of which is the rent-seeking of division managers. Previous research of the division managers＇ rent-seeking in the internal capital market of enterprise is almost based on traditional finance theory, which has inherent limitations because of its fully rational assumption. This article attempts to analyze the impact factors of division managers＇ rent-seeking in internal capital market from behavior fi- nance perspective, compare the above factors with traditional influencing factors, and further make empirical proof with the meth- od of questionnaire survey. The empirical result shows that in China the behavior factors are the main influencing factors for divi- sion managers＇ rent-seeking behaviors, including the managers＇ cognitive bias, preference differences and their personal con- trol, the most important of which is managers＇ cognitive bias. This paper extends the perspective of research on internal capital market and the research conclusions have the behavioral guiding significance to the practice of internal capital market in China.