绩效期望落差对企业资产剥离的影响研究
Enterprises'Divestment Decision Under Aspiration Loss
吴倩 1薛有志2
作者信息
- 1. 安徽财经大学金融学院
- 2. 南开大学商学院
- 折叠
摘要
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.
Abstract
Based on the Behavioral Theory of the Firm,using the data from 2004 to 2019 of Chi-nese 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'divest-ment 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 en-terprises'divestment decisions,while media attention plays a partial mediating role between social as-piration 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.
关键词
期望落差/资产剥离/区域风险文化/中介市场发展/经济政策不确定性Key words
aspiration loss/enterprises divestiture/regional risk culture/the development of in-termediary market/economic policy uncertainty引用本文复制引用
基金项目
国家自然科学基金资助项目(71372092)
安徽省高校人文社会科学研究资助重点项目(2023AH050199)
出版年
2024
NETL
NSTL
万方数据