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本文以2006-2014年中国制造业上市公司为研究样本,从前景理论视角对企业经营期望绩效和企业负面行为之间的关系进行了理论探讨和实证检验,并进一步考察了产品市场竞争程度和经理自由裁量权的调节作用。研究结果表明:第一,当企业实际绩效高于期望绩效目标程度越大,企业发生负面行为的可能性越大;第二,激烈的市场竞争条件下,企业为了生存或保持原先的竞争优势将会增加负面行为的发生概率,即与所在行业产品市场竞争程度较小的企业相比,所在行业产品市场竞争程度较高企业的绩效差距对企业负面行为的正向影响作用增强;第三,自由裁量权高的经理人按自身意愿制定和实施决策的能力和权利增强,与经理自由裁量权较小的企业相比,经理自由裁量权较大企业的绩效差距对企业负面行为的正向影响作用加强。
Based on the sample of China’s manufacturing listed companies from 2006 to 2014, this paper conducts a theoretical study and empirical test on the relationship between the expected performance of business operations and the negative behavior of enterprises from the perspective of the prospect theory, and further examines the degree of competition in the product market and the manager The regulatory role of discretion. The results show that: first, when the actual performance of the enterprise is higher than the expected performance target, the more likely the enterprise is to act negatively; secondly, under the condition of fierce market competition, in order to survive or maintain the original competitive advantage, Will increase the probability of occurrence of negative behaviors, that is, the product market competition in the industry where the industry is less competitive than the products in the industry, the higher the performance gap between enterprises, the positive impact on the negative behavior of enterprises will be enhanced; Third, the freedom Managers with the highest discretion have stronger ability and authority to make and implement decisions according to their own wishes than managers with less discretionary managers Managers ’discretion The positive effect of the performance gap between larger firms on the firms’ negative behaviors strengthen.