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公司高管具有向上比较的动力,这促使一些公司在使命陈述中将追求“第一”作为其未来的经营目标。这种追赶导向的目标定位给公司带来制度化的赶超压力,将对公司的违规经营、寻租活动等败德行为产生显著的影响作用。本文将制度化的赶超压力纳入公司败德行为的决策模型,并基于2007~2012年中国上市公司的数据进行了实证研究。本文的研究结果表明,公司面临的制度化赶超压力越大则其违规经营、寻租投入等败德行为的动机就越强烈。另外,本文的研究还发现,公司所处的外部竞争性环境将在制度化赶超压力与公司败德行为之间起到显著的调节作用。比如行业竞争度越高则越促使那些面临赶超压力的公司从事败德性活动,资本市场上的证券分析师公布利差信息也更加提高了那些赶超导向的公司采取败德行为。本文将公司追求最优业绩或地位的赶超战略引入决策模型,这为更好地理解公司的冒险决策行为分析提供了新的视角,也进一步丰富了公司败德行为的研究成果。
Top executives are motivated to move upwards, prompting some companies to pursue “firsts” in their mission statements as their future business objectives. This pursuit-oriented target positioning to bring the company institutionalized catch-up pressure, the company’s illegal operations, rent-seeking activities and other unruly behaviors have a significant impact. In this paper, institutionalized catch-up and surrender pressures are incorporated into the decision-making model of the company’s moral hazard. Empirical research is conducted based on the data of Chinese listed companies from 2007 to 2012. The research results of this paper show that the more pressure the institutionalization of a company to catch up with and surpass it, the more motivated it is for its moral hazard behaviors such as illegal operation and rent-seeking investment. In addition, the research in this paper also finds that the external competitive environment in which the company is located will play a significant regulatory role in institutionalizing the catastrophic catastrophe and the corporate moral hazard. For example, the higher the industry competition, the more those who face the catastrophic pressure of the company to engage in moral activities, securities market analysts released interest spread information also increased those who catch-up-oriented companies to take bad behavior. This paper introduces the company’s strategy of pursuing the best performance or position into the decision-making model, which provides a new perspective for better understanding of the company’s risk-taking decision-making and further enriches the research results of the company’s bad behavior.