企业财务绩效期望落差与风险战略行为研究

Research on the expectation gap of enterprise financial performance and risk strategic behavior

本课题从合法性和组织结构惰性视角探讨了企业的实际绩效低于期望绩效的水平对企业实施风险战略行为的影响机制;还探讨了企业性质和成立年限对上述两者关系的调节作用。基于2008～2013年中国沪深两市A股市场上市公司的样本实证分析:与非国有企业相比,当企业实际绩效低于期望绩效时,两者之间的差距越大,国有企业会承担更多的风险行为。而与成立年限较长的企业相比,当企业实际绩效低于期望绩效时,两者之间的差距越大,成立年限较短的企业会承担更多的风险行为。该研究结论不仅在一定程度上整合了现有关于实际绩效低于期望绩效的水平与企业风险战略行为不一致的研究结果,在实践层面上也为利益相关者预测企业的行为提供了重要的指导意义。

From the perspective of legitimacy and organizational structure inertia,this paper discusses the influence mechanism of the actual performance of an enterprise lower than the expected performance on the implementation of risk strategic behavior.At the same time,this paper also discusses the nature of the enterprise and the establishment of the years of adjustment of the relationship between the two.The empirical analysis results based on the samples of a-share listed companies in Shanghai and shenzhen stock markets of China from 2008 to 2013 show that,compared with nonstate-owned enterprises,when the actual performance of enterprises is lower than the expected performance,the gap between the two will be larger and state-owned enterprises will take more risk behaviors.When the actual performance of an enterprise is lower than the expected performance than that of an enterprise with a long establishment year,the gap between the two will be larger,and the enterprise with a short establishment year will take more risk behaviors.The research conclusion not only integrates the existing research results on the inconsistency between the actual performance lower than the expected performance and the enterprise risk strategic behavior to some extent,but also provides important guidance for stakeholders to predict the enterprise behavior on the practical level.