CAJ | 학술논문

针对制度驱动企业家活动配置的外因理论，本文提出了一个企业家活动配置内源驱动模型，探讨了企业的经营业绩与民营企业家的破坏性生产活动之间的关系以及市场化进程中的制度环境与行业竞争环境的修正效应。基于中国民营上市公司的数据，本文主要得到以下几个方面的研究结论：第一，企业的经营业绩与破坏性生产活动选择之间存在U型关系，即随着企业经营业绩恶化民营企业家从事破坏性生产活动的可能性上升，随着业绩的不断提高民营企业家从事破坏性生产活动的动机也逐渐增强。第二，区域制度环境在企业经营业绩与破坏性生产活动之间起到显著的调节作用，相对不完善的区域制度进一步恶化了民营企业家无论在何种经营业绩状态下采取破坏性生产的可能性。第三，行业竞争环境在企业经营业绩与破坏性生产活动之间起到显著的调节作用，激烈的竞争进一步恶化了民营企业家无论在何种经营业绩状态下从事破坏性生产的可能性。
침대제도구동기업가활동배치적외인이론，본문제출료일개기업가활동배치내원구동모형，탐토료기업적경영업적여민영기업가적파배성생산활동지간적관계이급시장화진정중적제도배경여행업경쟁배경적수정효응。기우중국민영상시공사적수거，본문주요득도이하궤개방면적연구결론：제일，기업적경영업적여파배성생산활동선택지간존재U형관계，즉수착기업경영업적악화민영기업가종사파배성생산활동적가능성상승，수착업적적불단제고민영기업가종사파배성생산활동적동궤야축점증강。제이，구역제도배경재기업경영업적여파배성생산활동지간기도현저적조절작용，상대불완선적구역제도진일보악화료민영기업가무론재하충경영업적상태하채취파배성생산적가능성。제삼，행업경쟁배경재기업경영업적여파배성생산활동지간기도현저적조절작용，격렬적경쟁진일보악화료민영기업가무론재하충경영업적상태하종사파배성생산적가능성。
Since the mid-1990s,state-owned enterprises and town-owned enterprises have adopted joint stock partnership, management buy-out, leases and other several ways and turned to be profit maximization oriented enter- prises. Empirical evidence has shown that private enterprises which with decision-making autonomy are enable to make strategies based on their own resources and environmental opportunities. Assuming that private enterprises in Chinese transition have a certain autonomy of decision making, this paper suggests that enterprise＇ s business per- formanee is an important factor which driven for entrepreneurs＇ action allocation. Besides, institution environment and competition environment have strong moderating effect on the relationship between business performance and entrepreneurs＇ action allocation. The main conclusions are as follows. First, an intrinsic driven model of entrepreneur＇ s action allocation provided in this paper differs from institu- tional theory which highlights that entrepreneurs＇ decision making activities are hindered by business performance and institutional environment and competitive environment are considered as the moderate factors in such mod- el. Because profit is always viewed as one of the most important goals for private enterprises, business performance has direct effect on entrepreneurs＇ decision-making. Poor business performance may create pressure of survival and losses of both family＇ s material wealth and social-emotional wealth, penalty cost of destructive activities is relatively low under this scenario which leads to the phenomenon of that entrepreneurs＇ choice of destructive action rises in pace with the decline of operating performance. However, the phenomena of which ＂good firms do wrong things＂ al- so exist owing to the pressure of higher social expectations caused by good business performance. In other words, en- trepreneurs＇ motivations of destructive action increase along with the raise of business performance. This paper has demonstrated that the relationship between companies＇ performance and the selection of destructive action is U shaped. Second, competitive environment has significant moderate effect on the relationship between company＇ s per- formance and destructive activities. Because of the intense competition within the industry, private enterprises may face the difficulty of survival in the short term especially for those companies with the relatively scarce resources or weak performance. The characteristics of uncertainty and long cycle of return on investment of creative activities may discourage entrepreneurs to some extent. This empirical study shows that entrepreneurs from less competitive indus- try seem less possibility of engaging in destructive activities with the increase of business performance and they only accept destructive activities when performance below a certain critical point. Under the fierce competition within in- dustry, private entrepreneurs more likely to conduct destructive activities no matter with good or bad performance which means that possibility of entrepreneurs＇ destructive activities rises with the increase and decrease of business performance. Therefore, introducing competition mechanism during the market transition may bring about high pres- sure to private entrepreneurs so that they adopt destructive activities which require attention from the Chinese ad- ministrative authority. Third, moderate effect of institutional environment on relationship between company＇ s performance and de- structive activities is significant. The result of this paper reflects that private entrepreneurs from the area with imper- fect institution tend to go for more destructive motivation regardless of the business performance. On the contrary, en- trepreneurs from the area with relative perfect institution will reduce their motivations of conducting destructive ac- tivities regarding to the increase of business performance.