财富预期与企业家冒险行为:进取还是越轨?

Entrepreneur’s Wealth Prospect and Risk-taking Behaviors:Aspirational or Deviant?

本文将企业家自身的财富预期纳入冒险性决策的理论模型,并对比分析了在财富预期看糟与财富预期看好两种状态下企业家选择进取式冒险还是越轨式冒险的偏好。基于中国民营上市公司的数据,本文得到以下研究结论:(1)在财富预期看糟状态下,企业家增加研发投入的动力随看糟程度的恶化而逐渐减弱,而其租金占用动机则随看糟程度的恶化逐渐增强。(2)在财富预期看好状态下,企业家呈现出“富则思安”的倾向,研发投入动力逐渐下降;同时又呈现出“好了还要更好”的倾向,租金占用动机显著增强。(3)产权环境的完善有助于遏制企业家在财富预期看好及看糟状态下的占用租金动机,且显著提高其在财富预期看糟状态下的研发投入动力。本文立足于行为理论,为深入理解转型经济背景下企业家如何在进取与越轨间进行权衡并作出选择提供了新的研究视角。

This paper introduces entrepreneur’s wealth expectation to the theoretical model of risk-taking decision making,and compares and analyzes the distinct preference of entrepreneurs’aspirational risk-taking behavior or deviant risk-taking behavior under different frames.Drawing on the data of Chinese private listed companies,we find:(1) under the loss frame,the entrepreneur reduces the R&D investment but increases the rent appropriation with the wealth prospect declining;(2) under the gain frame,on the one hand,the entrepreneur reduces the R&D investment with the wealth prospect increasing,on the other hand,the entrepreneur increases the rent appropriation with the wealth prospect increasing;(3) under the gain frame,relatively developed property protection restrains the entrepreneur’s motivation of appropriating rents;under the loss frame,institutional environment improves the motivation of entrepreneurs to invest in innovation and reduces their motivation to seek rent.Based on behavioral theory,this paper provides new insights into the trade-off between entrepreneur’s aspirational risk-taking behaviors and deviant risk-taking behaviors in transition economies.