绩效期望落差对企业资产剥离的影响研究

Enterprises’ Divestment Decision Under Aspiration Loss

基于企业行为理论,以2004~2019年中国A股上市公司为研究样本,探讨A股上市公司的资产剥离选择如何受到历史期望落差与社会期望落差的影响,并进一步检验企业经营环境对这二者之间关系的调节作用。研究表明:历史期望落差与社会期望落差,二者均显著正向影响了企业的资产剥离选择,且后者的影响程度更大。补充检验结果表明:风险承担和媒体关注分别在历史期望落差与企业资产剥离选择,以及社会期望落差与企业资产剥离选择之间发挥了部分中介作用。此外,区域风险文化和中介市场发展,均正向调节社会期望落差与企业资产剥离选择之间的关系;而经济政策不确定性,则强化了历史期望落差与企业资产剥离选择之间的正相关关系。

Based on the Behavioral Theory of the Firm,using the data from 2004 to 2019 of Chinese listed companies,this study investigates the impact of aspiration loss on enterprises’divestment decisions and the role of operating environment in these processes.The results indicate that historical aspiration loss and social aspiration loss both have significant positive impacts on enterprises’divestment decisions,and the latter exhibits a stronger impact.In addition,the supplementary test results further confirm that risk-taking plays a partial mediating role between historical aspiration loss and enterprises’divestment decisions,while media attention plays a partial mediating role between social aspiration loss and enterprise’divestment decisions.Also,regional risk culture and the development of intermediary market both have positive moderating effects on the positive relationship between social aspiration loss and enterprises’divestment decisions.Economic policy uncertainty only strengthens the positive correlation between historical aspiration loss and enterprises’divestment decisions.