期望差距与企业家的风险决策偏好——基于中国家族上市公司的数据分析

Aspiration gap,entrepreneur's risk-based decision making and risk preference: Evidence from Chinese listed family firms

探讨了期望差距与企业家创新性活动和破坏性活动之间的关系,以及政治关联在其间的调节作用.基于中国家族上市公司的数据分析得到以下结论:第1,在期望落差及历史期望顺差的状态下,企业家都将随着差距的增加而冒险地从事创新性活动、破坏性活动,但随着行业期望顺差的增加,冒险性行为则降低了;第2,企业家在落差状态下的破坏性活动的边际效应高于顺境状态;行业期望落差状态下创新性活动的边际效应小于行业期望顺差状态,但这种创新活动的边际效应在历史期望状态下则更大;第3,政治关联在期望差距与企业家风险决策偏好之间起到显著的调节作用,尤其在期望落差状态下它更加遏制了企业家冒险从事创新性活动的动力,而诱使他们将资源配置到破坏性活动之中.

This paper discusses the effects of gap between aspiration and performance on entrepreneur＇ s creative and destructive activities and explores the moderate effect of political ties. Using the data of Chinese listed family firms, several main conclusions are drawn as follows. First, entrepreneurs increase their creative and destructive activities with firms＇ past performance above firm based aspiration （historical comparison） and firm＇ s performance below aspiration （ both historical and social comparison）, but they reduce those risk-taking behaviors when performance is above social-based aspiration （social comparison）. Second, marginal effect of conducting destructive activities with performance below aspiration is much higher than taking such activities with performance above aspiration. Marginal effect of taking creative activities with performance below social- based aspiration is lower than conducting creative actions with performance above aspiration, and which is e- ven stronger in the model of historical comparison. Third, moderate effect of political ties on the relationship between aspiration gap and entrepreneur＇ s risk decision making is significant especially in the condition of negative gap between performance and aspiration. When performance is below aspiration, political ties decrease entrepreneur＇ s motivations of conducting creative activities and induce them to allocate more resources into destructive activities.