决策者心理因素对企业知识资本投资行为异化影响的实证研究

发布时间：2018-05-26 05:21

本文选题：知识资本投资 + 行为异化　；参考：《管理评论》2017年09期

【摘要】：企业知识资本投资与企业机器设备等固定资产投资相比,具有投入产出关系不明显、投资回收期长、投资风险大等特点,更容易产生投资不足或过度投资等投资行为异化现象。本文以行为经济学理论和心理学理论为基础,分析了决策者心理因素对企业知识资本投资行为异化的影响,并以高管团队特征为替代变量,建立了企业知识资本投资行为异化的影响关系模型,采用我国计算机、通讯和其他电子设备制造业上市公司数据,进行了实证分析。实证结果发现:团队薪酬差距越大、高管兼职比例越大、团队规模越大,企业知识资本投资就越趋向于投资不足;高管团队持股异质性越大,企业知识资本投资就越趋向于过度投资。实证结果表明:高管团队成员的社会认同感、分配公平感和社会背景效应等决策者心理因素对企业知识资本投资行为异化有显著的影响作用。
[Abstract]:Compared with fixed assets investment, such as enterprise machinery and equipment, the investment of knowledge capital is characterized by input-output relationship, long payback period and large investment risk. It is more likely to produce the phenomenon of dissimilation of investment behavior, such as insufficient investment or excessive investment. Based on the theory of behavioral economics and psychology, this paper analyzes the influence of decision makers' psychological factors on the behavior alienation of enterprises' intellectual capital investment, and takes the characteristics of executive team as the substitute variables. The influence relationship model of investment behavior alienation of enterprise knowledge capital is established, and the data of listed companies in computer, communication and other electronic equipment manufacturing industries are used to carry out empirical analysis. The empirical results show that: the larger the pay gap, the larger the proportion of part-time executives, the larger the team size, the more the corporate intellectual capital investment tends to be underinvested, and the greater the heterogeneity of the executive team's shareholding. Enterprise knowledge capital investment tends to overinvest. The empirical results show that the psychological factors of decision makers, such as social identity, distributive fairness and social background effect, have a significant effect on the alienation of corporate intellectual capital investment behavior.
【作者单位】：南开大学商学院;济南大学商学院;
【基金】：国家自然科学基金面上项目(71472096) 国家社科基金一般项目(13BGL028)
【分类号】：F272

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