本文選題：管理者過度自信 + 內(nèi)部控制�。� 參考：《安徽工業(yè)大學(xué)》2017年碩士論文

【摘要】：自Rumelt1974年首次提出“企業(yè)應(yīng)當(dāng)選擇多元化的發(fā)展道路還是采用專業(yè)化經(jīng)營(yíng)策略”以來,這一觀點(diǎn)引起了理論界和實(shí)務(wù)界的巨大爭(zhēng)議,多元化由此成為企業(yè)在發(fā)展過程中迫切需要解決的問題之一。長(zhǎng)期以來,西方學(xué)者一直對(duì)多元化有著濃厚的興趣,也因此產(chǎn)生了大量的研究成果。多元化經(jīng)營(yíng)萌生于20世紀(jì)初的美國(guó)。20世紀(jì)初現(xiàn)代工業(yè)企業(yè)逐漸走向成熟,企業(yè)開始熱衷于選擇多元化的經(jīng)營(yíng)策略。20世紀(jì)60年代到70年代初期多元化經(jīng)營(yíng)風(fēng)靡全球,美國(guó)發(fā)生了以跨行業(yè)并購(gòu)為主要特征的并購(gòu)浪潮,使得多元化成為企業(yè)普遍采用的經(jīng)營(yíng)戰(zhàn)略。直到20世紀(jì)70年代中期,理論界和實(shí)務(wù)界逐漸發(fā)現(xiàn)過度多元化對(duì)企業(yè)業(yè)績(jī)及企業(yè)價(jià)值產(chǎn)生破壞。前期多元化企業(yè)的失敗教訓(xùn)說明,打造企業(yè)的核心業(yè)務(wù),增強(qiáng)主業(yè)的核心競(jìng)爭(zhēng)力才是王道。受此影響,越來越多的企業(yè)開始注重主業(yè)經(jīng)營(yíng),通過將企業(yè)的非核心業(yè)務(wù)進(jìn)行剝離并將相應(yīng)資產(chǎn)和業(yè)務(wù)出售,打造企業(yè)核心競(jìng)爭(zhēng)力,經(jīng)營(yíng)戰(zhàn)略由多元化轉(zhuǎn)向?qū)I(yè)化。與美國(guó)相比,中國(guó)市場(chǎng)經(jīng)濟(jì)才有短短幾十年的歷史。由于市場(chǎng)經(jīng)濟(jì)的發(fā)展,上市公司的自主經(jīng)營(yíng)權(quán)逐漸擴(kuò)大,企業(yè)之間的競(jìng)爭(zhēng)也逐漸激烈,這也為中國(guó)企業(yè)的多元化經(jīng)營(yíng)提供了客觀的發(fā)展環(huán)境。與回歸主業(yè)的發(fā)展趨勢(shì)不同,處在轉(zhuǎn)軌經(jīng)濟(jì)與新興市場(chǎng)的中國(guó)企業(yè)大都具有強(qiáng)烈的擴(kuò)張沖動(dòng),而多元化成為擴(kuò)張的主要方式之一。而相關(guān)研究表示人們?cè)跊Q策的過程中容易出現(xiàn)過度自信的心理,而這種過度自信的心理在高管身上表現(xiàn)的尤為突出。而高管作為企業(yè)企業(yè)經(jīng)營(yíng)戰(zhàn)略的重要決策者,其過度自信的心理是否會(huì)影響企業(yè)經(jīng)營(yíng)戰(zhàn)略的選擇?內(nèi)部控制作為企業(yè)決策重要的保障機(jī)制,對(duì)于企業(yè)多元化經(jīng)營(yíng)的戰(zhàn)略是否會(huì)產(chǎn)生影響?管理者作為內(nèi)部控制制度的重要決策者和執(zhí)行者,其過度自信的心理是否會(huì)干預(yù)到內(nèi)部控制對(duì)企業(yè)多元化經(jīng)營(yíng)的作用?基于以上考慮,本文以2008-2015年滬深兩市A股上市公司相關(guān)財(cái)務(wù)數(shù)據(jù)為研究樣本,考察管理者過度自信的心理特征、內(nèi)部控制與企業(yè)多元化經(jīng)營(yíng)三者之間的聯(lián)系。通過對(duì)上市公司相關(guān)數(shù)據(jù)進(jìn)行實(shí)證分析得出結(jié)論:管理者過度自信的心理特征是企業(yè)進(jìn)行多元化經(jīng)營(yíng)的動(dòng)機(jī)之一。管理者過度自信越嚴(yán)重,企業(yè)越有可能去進(jìn)行多元化經(jīng)營(yíng)和擴(kuò)張。內(nèi)部控制作為企業(yè)重要的決策保障機(jī)制,一定程度上抑制了企業(yè)多元化經(jīng)營(yíng)的行為,即:內(nèi)部控制質(zhì)量越好的企業(yè)其多元化經(jīng)營(yíng)的沖動(dòng)越小。盡管內(nèi)部控制在一定程度上抑制了企業(yè)多元化的沖動(dòng),但是由于過高的管理層自信凌駕于內(nèi)部控制之上,因而極大削弱了內(nèi)部控制對(duì)多元化的抑制作用。研究不僅驗(yàn)證了內(nèi)部控制是“一把手”工程的實(shí)踐真理,也從反面進(jìn)一步強(qiáng)調(diào)了加強(qiáng)內(nèi)部控制建設(shè)、真正讓內(nèi)部控制落地生根、發(fā)揮風(fēng)險(xiǎn)管控作用的重要和緊迫性。
[Abstract]:Since Rumelt put forward for the first time in 1974, "whether enterprises should choose the diversified development path or adopt the specialized management strategy", this viewpoint has aroused great controversy in the theoretical and practical circles. Diversification has become one of the urgent problems that enterprises need to solve in the process of development. For a long time, Western scholars have been interested in diversification, which has resulted in a large number of research results. Diversification originated in the early 20th century in the United States. The beginning of the 20th century modern industrial enterprises gradually matured, enterprises began to be keen to choose diversified management strategy .from 1960s to early 1970s, diversification became popular all over the world. A wave of M & A, characterized by cross-industry M & A, has taken place in the United States, which makes diversification a common business strategy adopted by enterprises. Until the mid-1970s, the theorists and practitioners gradually found that excessive diversification of corporate performance and corporate value damage. The failure lesson of diversified enterprises shows that it is the king's way to build the core business and enhance the core competitiveness of the main business. Affected by this, more and more enterprises begin to pay attention to the main business management, by stripping off the non-core business of the enterprise and selling the corresponding assets and business to create the core competitiveness of the enterprise, the management strategy changes from diversification to specialization. Compared with the United States, China's market economy has a short history of several decades. Due to the development of market economy, the independent management right of listed companies is gradually expanded, and the competition among enterprises is gradually fierce, which also provides an objective development environment for the diversified management of Chinese enterprises. Different from the trend of returning to the main industry, the Chinese enterprises in the transition economy and the emerging market have strong impulse to expand, and diversification is one of the main ways of expansion. Studies have shown that people are prone to overconfidence in their decision-making process, which is especially evident in executives. As an important decision maker of business strategy, whether the overconfident psychology of executives will affect the choice of business strategy? As an important safeguard mechanism for enterprise decision-making, will internal control have an impact on the strategy of enterprise diversification? As an important decision-maker and executor of internal control system, will the overconfidence of managers interfere with the role of internal control in the diversification of enterprises? Based on the above considerations, this paper takes the financial data of A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2015 as a sample to investigate the psychological characteristics of managers' overconfidence, the relationship between internal control and diversification of enterprises. Through the empirical analysis of the relevant data of listed companies, it is concluded that the psychological characteristics of managers' overconfidence is one of the motivations for enterprises to carry out diversified management. The more overconfident managers are, the more likely they are to diversify and expand. As an important decision-making guarantee mechanism, internal control restrains the behavior of diversification to some extent, that is, the better the quality of internal control, the smaller the impulse of diversification. Although internal control suppresses the impulse of enterprise diversification to some extent, it greatly weakens the inhibition effect of internal control on diversification because of too high management confidence over internal control. The study not only verifies that the internal control is the practical truth of the "top management" project, but also further emphasizes the importance and urgency of strengthening the internal control construction, really letting the internal control take root and giving play to the role of risk control.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F272.91

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