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论文编号：	13203
作者编号：	1120180958
上传时间：	2022/6/7 14:05:10
中文题目：	期望落差对企业资产剥离决策的影响——来自中国上市公司的证据
英文题目：	The Effect of Aspiration Loss on Corporate Divestiture——Evidence from Chinese Listed Companies
指导老师：	薛有志
中文关键字：	期望落差；资产剥离；问题搜索；注意力配置；企业行为理论；情境因素
英文关键字：	Aspiration Loss；Divestiture；Problemistic Search；Attention Allocation；Behavioral Theory of the Firm；Situational Factor
中文摘要：	资产剥离是一种能够有效提高企业资源配置效率、改善企业绩效、保持企业竞争优势的资产重组方式，对企业的可持续发展有重要意义。但是，由于资产剥离是一个多过程的复杂活动，其实施过程往往伴随着诸多风险。因此，若非企业接收到必须剥离资产的准确信号，企业通常难以轻易做出剥离资产的决定。而期望落差为企业剥离资产提供了一个“契机”。根据企业行为理论，当企业处于期望落差状态时，企业会积极进行问题搜索，寻找令人满意的解决方案，以弥补绩效不足。并且，这一过程中，这类企业在评估解决方案时，往往会将更多的注意力配置在解决方案对改善企业绩效产生的积极影响上，较少地关注相应的风险，这就导致这类企业更愿意接受资产剥离这一解决方案，进而推动了企业的资产剥离决策。基于此，本研究以2004-2019年中国A股上市公司为研究样本，考察了期望落差对企业资产剥离决策的影响。考虑到历史期望落差与社会期望落差的来源差异，本研究分别考察了历史期望落差与社会期望落差对企业资产剥离选择的影响。研究结果表明，不论是处于历史期望落差状态的企业还是处于社会期望落差状态的企业都实施了显著更多的资产剥离交易。这主要是因为：处于期望落差状态的企业会积极进行问题搜索，并在决定是否剥离资产的过程中，将注意力更多地配置在资产剥离对改善企业绩效产生的积极影响上，从而增大了其剥离资产的概率和强度。同时，对比两种期望落差对企业资产剥离选择的影响可以发现，社会期望落差对企业资产剥离选择的正向影响较历史期望落差对企业资产剥离选择的正向影响更大。这可以解释为：管理者能够将历史期望落差的出现归咎于外部环境的不利变化，进而导致处于历史期望落差状态的企业进行问题搜索和重新配置注意力的动机相对更小。而社会期望落差出现表明相似的经营环境下企业绩效表现不如同行业其他企业，进而导致了更积极的问题搜索，对其注意力配置的影响也更大。此外，考虑到期望落差特征可能会影响期望落差状态包含的信息并作用于企业的问题搜索动机和注意力配置情况，从而对期望落差与企业资产剥离决策之间的关系产生影响，因此，本研究进一步检验了期望落差一致性、期望落差不一致与期望落差持续性对期望落差与企业资产剥离决策之间关系的影响。研究结论表明，企业同时处于历史期望落差与社会期望落差状态，即面对期望落差一致时，企业实施的资产剥离交易会显著减少。当企业处于历史期望落差状态同时处于社会期望顺差状态时，企业的资产剥离选择不发生显著变化。当企业处于历史期望顺差状态同时处于社会期望落差状态时，企业实施的资产剥离交易显著更少。对期望落差持续性的检验结果表明，期望落差持续性也会弱化期望落差与企业资产剥离决策之间的关系。最后，考虑到边界条件在绩效反馈与组织响应过程中发挥了重要影响并且“情境注意”也是企业注意力基础观的重要观点，本研究进一步考察了组织资源、组织经验、公司治理特征以及破产风险等内部情境因素与企业经营环境、区域风险文化、中介市场发展以及政策不确定性等外部情境因素对期望落差与企业资产剥离决策之间关系的调节作用。研究结果表明，不同的内外部情境因素通过改变企业的问题搜索动机以及企业的注意力配置情况，对这一过程产生了重要影响。具体地，组织资源方面，冗余资源对期望落差与企业资产剥离决策之间的关系并未产生显著影响。但是处于期望落差状态的成熟期企业会实施更多的资产剥离交易。组织经验方面，先前的资产剥离经验对历史期望落差与企业资产剥离决策之间的关系并未产生显著影响。但是先前的资产剥离经验显著负向调节了社会期望落差与企业资产剥离决策之间的关系。公司治理特征方面，尽管CEO过度自信对历史期望落差与之后的资产剥离决策之间的关系并未起显著的调节作用。但是，CEO过度自信强化了社会期望落差与企业资产剥离决策之间的关系。破产风险方面，破产风险并未显著影响历史期望落差与企业资产剥离决策之间的关系。但是，破产风险对社会期望落差与企业资产剥离决策之间的关系发挥了负向调节作用。企业经营环境方面，行业竞争程度强化了历史期望落差和社会期望落差与企业资产剥离决策之间的正相关关系。环境丰腴度对历史期望落差和社会期望落差与企业资产剥离决策之间的关系产生负向调节作用。但是本研究并未发现环境动荡性对这一过程具有显著调节效应的证据。区域风险文化方面，尽管博彩文化对历史期望落差与企业资产剥离决策之间的关系未发挥显著的调节作用。但是，博彩文化强化了社会期望落差与企业资产剥离决策之间的正相关关系。中介市场发展方面，与博彩文化的检验结果一致，中介市场发展仅对社会期望落差与企业资产剥离决策之间的关系起正向调节作用。政策不确定性方面，政策不确定性会强化历史期望落差与企业资产剥离决策之间的正相关关系。但是对社会期望落差与企业资产剥离决策之间的关系不产生显著影响。总的来说，根据企业行为理论和企业注意力基础观，本研究探究了期望落差对中国上市公司资产剥离选择的影响，有助于我们更全面地认识期望落差与企业资产剥离决策之间的关系，在一定程度上拓展了企业行为理论与企业注意力基础观的研究内容，也为理解企业的资产剥离行为提供了新的视角。此外，对期望落差特征和边界条件的考察对我们理解同样处于期望落差状态的企业的差异化资产剥离选择有重要意义，也为指导企业实践提供了理论支撑。
英文摘要：	Divestiture is a kind of method of asset reorganization that can improve the efficiency of resource allocation, improve enterprise performance and maintain competitive advantage, which plays an important roles in the sustainable development of enterprises.However, divestiture is also a kind of multi-process complex activity, which accompanies many risks.As a result, the decision whether to divest is often difficult to make without receiving an accurate signal that it must be done. But the aspiration loss provides “opportunities” for enterprises to divest. According to the behavioral theory of the firm, when enterprises are in the state of aspiration loss, the enterprises will conduct problemistic search actively and seek satisficing solutions to make up for the insufficient performance. In the process, when this kind of enterprises evaluate solutions, they tend to pay more attention to the positive impact of these solutions on improving the enterprises performance, rather than focusing on the risk of these solutions. As a result, this kind of enterprises are more willing to accept divestiture decisions. Based on this, using the data from 2004 to 2019 of Chinese listed companies as samples, this paper investigates the impact of aspiration loss on enterprises' divestment decisions. Considering the different sources of historical aspiration loss and social aspiration loss, this paper examines the influence of historical aspiration loss and social aspiration loss on the divestment choice of enterprises.?The results reveal that the probability of divestiture increases significantly when enterprises are in the state of historical aspiration loss and the social aspiration loss. This can be interpreted as: enterprises which in the state of aspiration loss will conduct problemistic search actively, and in the process of deciding whether to divest, this kind of enterprises pay more attention to the positive impact of divestiture on improving enterprises performance, thus increasing the probability and intensity of divestiture. At the same time, comparing the influence of the two kinds of aspiration loss on the divestment decision, the results reveal that the social aspiration loss has a greater positive impact on the divestment decision than the historical aspiration loss.This is mainly because: when historical aspiration loss occurs, to some extent, the historical aspiration loss is attributed to the adverse changes of external environment, which causes the enterprises with historical aspiration loss have less incentive to engage in problem searching. As a results, historical aspiration loss has less positive influence on enterprises’ divestment decision. On the contrary, the emergence of social aspiration loss indicates that the performance of enterprises is not as good as that of other enterprises in the same industry under similar operating environment, which leads to more active problemistic search. Therefore, social aspiration loss has a stronger promotion effect on enterprises’ divestment decision. Furthermore, considering that the characteristics of aspiration loss may affect the information contained in the aspiration loss, which will further affect the motivation of problemistic search and allocation of enterprises’ attention, and influence the relationship between aspiration loss and enterprises’ divestment decision. Therefore, this paper further examines the impact of aspiration loss consistency, aspiration loss inconsistency and aspiration loss persistence on the relationship between aspiration loss and enterprises divestiture.?The results show that when the enterprises are in the state of historical aspiration loss and social aspiration loss at the same time, that is, when the enterprises are in the state of aspiration loss consistent, the enterprises will implement less divestiture. When the enterprises are in the state of historical aspiration loss and social aspiration surplus, there are no significant influences on the enterprises’ divestment decision.?When the enterprises are in the state of historical aspiration surplus and the social aspiration loss, the enterprises implement less divestiture.?Furthermore, aspiration loss persistence negatively moderates the relationship between the aspiration loss and enterprises divestiture. Finally, considering that boundary conditions play an important role in the process of performance feedback and organizational response, and “situated attention” is also an important view of the attention-based view of the firm,?this paper investigates the moderating effects of internal situational factors including organizational resources, organizational experience, corporate governance characteristics, and bankruptcy risk, on the relationship between aspiration loss and enterprises divestiture, as well as external situational factors including operating environment, regional culture, the development of intermediary market , and policy uncertainty, on the relationship between aspiration loss and enterprises divestiture. The results reveal that different internal situational factors and external situational factors have important influence on this process by changing the motivation of problemistic search and allocation of enterprises’ attention. Specifically, in terms of organizational resources, slack resources has no significant impact on the relationship between historical aspiration loss and social aspiration loss and enterprise divestment decision.?However, enterprises which in the stage of mature, will strengthen the positive correlation between historical aspiration loss and social aspiration loss and enterprise divestment decision. In terms of organizational experience, divestiture experience has no significant effect on the relationship between historical aspiration loss and enterprise divestment decision.?However, divestiture experience significantly negatively moderates the relationship between social aspiration loss and enterprise divestment decision. In terms of corporate governance characteristics, although CEO overconfidence has no significant moderating effect on the relationship between historical aspiration loss and subsequent divestiture decision.?But CEO overconfidence reinforces the relationship between social aspiration loss and enterprise divestment decision. In terms of bankruptcy risk, bankruptcy risk does not significantly affect the relationship between historical aspiration loss and enterprise divestment decision.?However, bankruptcy risk has a negative moderating effect on the relationship between social aspiration loss and enterprise divestment decision. In terms of operating environment, industry competition strengthens the positive correlation between historical aspiration loss and social aspiration loss and enterprise divestment decision.?Environmental munificence has a negative moderating effect on the relationship between historical aspiration loss and social aspiration loss and enterprise divestment decision. However, there are no evidences that environmental volatility has a significant moderating effect on this process. In terms of regional culture, although gambling culture does not play a significant role in adjusting the relationship between historical aspiration loss and enterprise divestment decision.?However, gambling culture strengthens the positive correlation between social aspiration loss and enterprise divestment decision. In terms of the development of intermediary market, consistent with the test results of gambling culture, the development degree of intermediary market only has a positive moderating effect on the relationship between the social aspiration loss and enterprise divestment decision. In terms of policy uncertainty, policy uncertainty will strengthen the positive correlation between the historical aspiration loss and enterprise divestment decision.?However, it has no significant influence on the relationship between social aspiration loss and enterprise divestment decision. In general, according to the behavioral theory of the firm and attention-based view of the firm, this paper investigates the influence of aspiration loss on enterprise divestment decision, which is helpful for us to understanding the relationship between aspiration loss and enterprise divestment decision more comprehensively. Furthermore, to some extent, this paper expands the research of behavioral theory of the firm and attention-based view of the firm.?This paper also provides a new perspective for understanding the enterprise divestiture. In addition, the investigation of the characteristics of aspiration loss and the boundary conditions are important and meaningful for us to understand the differentiated divestment choice of enterprises in the same state of aspiration loss, and also provide theoretical support for guiding the practice of enterprises divestiture.
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