【作者】 金晶；

【导师】 陈传明；

【作者基本信息】 南京大学 ， 企业管理， 2021， 硕士

【摘要】 战略变革作为企业适应外部环境变化的一种重要手段,对企业发展起到了关键性的作用,受到学术界的广泛关注。已有研究更多关注管理者的人口背景特征、人格特质等因素对企业发起战略变革的影响,很少关注管理者的心理特征对企业战略变革的影响。以往研究大多以“理性经济人”假设为前提,将管理者视为追求企业价值最大化的完全理性决策者。但管理者在实际经营决策时受多种因素的影响,总是表现出有限理性特征。心理学研究发现,过度自信的心理偏差在个体中普遍存在。企业管理者因其社会地位更容易产生过度自信的心理特征,表现为在战略决策时高估未来收益和成功的可能性,低估潜在的风险以及付出的成本,造成企业盲目进行战略变革,导致企业面临高风险的经营状况。高层梯队理论认为管理者特征会影响企业的决策和战略选择,随着其内容的不断丰富与发展,研究管理者的心理特征对企业行为和结果影响作用的边界条件,对企业提升战略决策质量、获取竞争优势、增加企业价值有着重要意义。基于委托代理理论、资源基础理论和资源依赖理论,本研究将组织、环境和制度三个层次的管理自由裁量权纳入到研究框架中,以探究不同的情境条件对管理者过度自信与企业战略变革之间关系的影响作用。因此,本文选取2005-2019年沪深A股上市公司作为基础研究样本,从CSMAR数据库、Wind数据库、迪博内部控制数据库等获取企业财务、治理相关的基础数据,以高层梯队理论、委托代理理论等作为理论基础,研究管理者过度自信对企业战略变革的影响,以及不同层次管理自由裁量权的影响因素对二者关系的调节作用,探究管理者过度自信影响企业战略变革的作用机制和影响机制。本研究发现,管理者过度自信对企业战略变革有显著的正向影响作用;组织管理自由裁量权中的内部控制和组织惯性会削弱管理者过度自信对企业战略变革的正向影响作用,组织冗余会促进管理者过度自信对企业战略变革的正向影响作用;环境管理自由裁量权中的环境不确定性、环境复杂性和环境丰富性会均会促进管理者过度自信对企业战略变革的正向影响作用;在制度自由裁量权方面,与非国有企业相比,国有企业的经营活动会受到政府的干预和控制,管理者过度自信的心理对企业战略变革的影响更弱。在管理实践方面,本文的研究结论为企业建立科学规范的决策程序、提高战略决策质量提供了经验证据。更多还原

【Abstract】 Strategic change,as an important means for enterprises to adapt to changes in the external environment,plays a critical role in enterprises’ development and has received extensive academic attention.Previous studies have focused more on the influence of managers’ demographic background characteristics and personality traits on the initiation of strategic change,but little attention has been paid to the influence of managers’ psychological characteristics on strategic change.Most of the previous studies are based on the assumption of "Rational-economic man",which regards managers as fully rational decision makers who pursue enterprise value maximization.However,managers are influenced by many factors in actual business decisions and always show limited rationality.Psychological studies have found that the psychological bias of overconfidence is common among individuals.Due to their social status,enterprises’ managers are more likely to develop the psychological characteristic of overconfidence,which manifests itself in overestimating the future benefits and the possibility of success in strategic decisions and underestimating the potential risks and the costs to be paid,resulting in blind strategic changes and leading to a high-risk business situation for the company.The upper echelons theory believes that managerial characteristics affect enterprise decision-making and strategic choices,and with its continuous enrichment and development,it is important to study the boundary conditions of the role of managers’ psychological characteristics in influencing enterprise behavior and outcomes to improve the quality of strategic decisions,gain competitive advantage,and increase corporate value.Based on principal-agent theory,resource-based theory and resource dependence theory,this study incorporates organizational,environmental,and institutional three levels of managerial discretion into the research framework to explore the role of different situational conditions in influencing the relationship between managerial overconfidence and corporate strategic change.Therefore,this paper selects Shanghai and Shenzhen A-share listed companies from 2005 to 2019 as the basic research sample,and obtains basic data related to corporate finance and governance from CSMAR database,Wind database,and DIB Internal Control database,and uses upper echelons theory,principal-agent theory,etc.as the theoretical basis to investigate the effect of managerial overconfidence on strategic change and the moderating effect of different levels of managerial discretion on the relationship between managerial overconfidence and enterprise strategic change,and aims to explore the mechanism of action and influence of the effect of managerial overconfidence on strategic change.This study finds that managerial overconfidence has a significant positive effect on strategic change;internal control and organizational inertia in organizational managerial discretion will weaken the positive effect of managerial overconfidence on strategic change,and organizational slack can promote the positive effect of managerial overconfidence on strategic change;environmental uncertainty,environmental complexity,and environmental munificence in environmental managerial discretion all promote the positive effect of managerial overconfidence on strategic change.In terms of institutional managerial discretion,compared with non-SOEs,SOEs’ business activities are subject to government intervention and control,and the impact of managerial overconfidence on strategic change is weaker.In terms of management practice,the conclusion of this paper provides empirical evidence for enterprises to establish scientific and standardized decision-making procedures and improve the quality of strategic decisions.更多还原