管理者过度自信、内部控制与企业多元化经营

发布时间：2018-06-27 08:09

本文选题：管理者过度自信 + 内部控制　；参考：《安徽工业大学》2017年硕士论文

【摘要】：自Rumelt1974年首次提出“企业应当选择多元化的发展道路还是采用专业化经营策略”以来,这一观点引起了理论界和实务界的巨大争议,多元化由此成为企业在发展过程中迫切需要解决的问题之一。长期以来,西方学者一直对多元化有着浓厚的兴趣,也因此产生了大量的研究成果。多元化经营萌生于20世纪初的美国。20世纪初现代工业企业逐渐走向成熟,企业开始热衷于选择多元化的经营策略。20世纪60年代到70年代初期多元化经营风靡全球,美国发生了以跨行业并购为主要特征的并购浪潮,使得多元化成为企业普遍采用的经营战略。直到20世纪70年代中期,理论界和实务界逐渐发现过度多元化对企业业绩及企业价值产生破坏。前期多元化企业的失败教训说明,打造企业的核心业务,增强主业的核心竞争力才是王道。受此影响,越来越多的企业开始注重主业经营,通过将企业的非核心业务进行剥离并将相应资产和业务出售,打造企业核心竞争力,经营战略由多元化转向专业化。与美国相比,中国市场经济才有短短几十年的历史。由于市场经济的发展,上市公司的自主经营权逐渐扩大,企业之间的竞争也逐渐激烈,这也为中国企业的多元化经营提供了客观的发展环境。与回归主业的发展趋势不同,处在转轨经济与新兴市场的中国企业大都具有强烈的扩张冲动,而多元化成为扩张的主要方式之一。而相关研究表示人们在决策的过程中容易出现过度自信的心理,而这种过度自信的心理在高管身上表现的尤为突出。而高管作为企业企业经营战略的重要决策者,其过度自信的心理是否会影响企业经营战略的选择?内部控制作为企业决策重要的保障机制,对于企业多元化经营的战略是否会产生影响?管理者作为内部控制制度的重要决策者和执行者,其过度自信的心理是否会干预到内部控制对企业多元化经营的作用?基于以上考虑,本文以2008-2015年沪深两市A股上市公司相关财务数据为研究样本,考察管理者过度自信的心理特征、内部控制与企业多元化经营三者之间的联系。通过对上市公司相关数据进行实证分析得出结论:管理者过度自信的心理特征是企业进行多元化经营的动机之一。管理者过度自信越严重,企业越有可能去进行多元化经营和扩张。内部控制作为企业重要的决策保障机制,一定程度上抑制了企业多元化经营的行为,即:内部控制质量越好的企业其多元化经营的冲动越小。尽管内部控制在一定程度上抑制了企业多元化的冲动,但是由于过高的管理层自信凌驾于内部控制之上,因而极大削弱了内部控制对多元化的抑制作用。研究不仅验证了内部控制是“一把手”工程的实践真理,也从反面进一步强调了加强内部控制建设、真正让内部控制落地生根、发挥风险管控作用的重要和紧迫性。
[Abstract]:Since Rumelt put forward for the first time in 1974, "whether enterprises should choose the diversified development path or adopt the specialized management strategy", this viewpoint has aroused great controversy in the theoretical and practical circles. Diversification has become one of the urgent problems that enterprises need to solve in the process of development. For a long time, Western scholars have been interested in diversification, which has resulted in a large number of research results. Diversification originated in the early 20th century in the United States. The beginning of the 20th century modern industrial enterprises gradually matured, enterprises began to be keen to choose diversified management strategy .from 1960s to early 1970s, diversification became popular all over the world. A wave of M & A, characterized by cross-industry M & A, has taken place in the United States, which makes diversification a common business strategy adopted by enterprises. Until the mid-1970s, the theorists and practitioners gradually found that excessive diversification of corporate performance and corporate value damage. The failure lesson of diversified enterprises shows that it is the king's way to build the core business and enhance the core competitiveness of the main business. Affected by this, more and more enterprises begin to pay attention to the main business management, by stripping off the non-core business of the enterprise and selling the corresponding assets and business to create the core competitiveness of the enterprise, the management strategy changes from diversification to specialization. Compared with the United States, China's market economy has a short history of several decades. Due to the development of market economy, the independent management right of listed companies is gradually expanded, and the competition among enterprises is gradually fierce, which also provides an objective development environment for the diversified management of Chinese enterprises. Different from the trend of returning to the main industry, the Chinese enterprises in the transition economy and the emerging market have strong impulse to expand, and diversification is one of the main ways of expansion. Studies have shown that people are prone to overconfidence in their decision-making process, which is especially evident in executives. As an important decision maker of business strategy, whether the overconfident psychology of executives will affect the choice of business strategy? As an important safeguard mechanism for enterprise decision-making, will internal control have an impact on the strategy of enterprise diversification? As an important decision-maker and executor of internal control system, will the overconfidence of managers interfere with the role of internal control in the diversification of enterprises? Based on the above considerations, this paper takes the financial data of A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2015 as a sample to investigate the psychological characteristics of managers' overconfidence, the relationship between internal control and diversification of enterprises. Through the empirical analysis of the relevant data of listed companies, it is concluded that the psychological characteristics of managers' overconfidence is one of the motivations for enterprises to carry out diversified management. The more overconfident managers are, the more likely they are to diversify and expand. As an important decision-making guarantee mechanism, internal control restrains the behavior of diversification to some extent, that is, the better the quality of internal control, the smaller the impulse of diversification. Although internal control suppresses the impulse of enterprise diversification to some extent, it greatly weakens the inhibition effect of internal control on diversification because of too high management confidence over internal control. The study not only verifies that the internal control is the practical truth of the "top management" project, but also further emphasizes the importance and urgency of strengthening the internal control construction, really letting the internal control take root and giving play to the role of risk control.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F272.91

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