论文部分内容阅读
从管家理论视角出发,解释了大股东与经理人间的信任如何影响后者的决策导向,进而影响创新模式的选择。大股东与经理人之间的信任既能促使两者目标一致性的实现,又能减少公司治理中在控制监督上的投入。将信任细分为情感信任和认知信任,并考虑经理人的两种决策导向(战略导向和财务导向),以此构建对企业创新选择的不同作用路径假设。通过对174个中国企业样本的分析,发现情感信任下的经理人倾向于战略导向决策,而认知信任下的经理人倾向于选择财务导向决策;经理人的战略导向决策促进渐进创新的同时也促进突变创新选择;财务导向决策仅促进对渐进创新的选择。此外还发现经理人的财务决策导向中介了认知信任和渐进创新之间的关系。
From the perspective of stewardship theory, this paper explains how the trust between major shareholders and managers affects the decision-making direction of the latter, thus affecting the choice of innovation mode. The trust between major shareholders and managers can not only promote the realization of the consistency between the two objectives, but also reduce the investment in control and supervision in corporate governance. The trust is subdivided into emotional trust and cognitive trust, and two managers’ decision-making orientation (strategic orientation and financial orientation) are considered, so as to construct different path hypothesis about the innovation choice of the firm. Through the analysis of 174 Chinese enterprises, it is found that managers under emotional trust tend to make strategic-oriented decisions, whereas managers under cognitive trust tend to choose financial-oriented decisions. When managers’ strategic-oriented decisions promote gradual innovation, Promote innovative alternatives to mutation; financial-oriented decision-making only promotes the choice of incremental innovation. In addition, we find that managers’ financial decision-making guides the relationship between cognitive trust and incremental innovation.