管理防御视角下经理人长短期投资项目选择的博弈分析

›› 2019, Vol. 31 ›› Issue (1): 197-205.

管理防御视角下经理人长短期投资项目选择的博弈分析

李秉祥, 乔建民, 牛晓琴, 陶瑞

西安理工大学经济与管理学院, 西安 710054

收稿日期:2016-06-17 出版日期:2019-01-28 发布日期:2019-01-22
作者简介:李秉祥,西安理工大学经济与管理学院教授,博士生导师;乔建民,西安理工大学经济与管理学院硕士研究生;牛晓琴,西安理工大学经济与管理学院博士研究生;陶瑞,西安理工大学经济与管理学院博士研究生。
基金资助:
国家自然科学基金面上项目（71772151）；陕西省高校重点学科专项资金建设项目（107-00X902）；陕西省软科学研究计划项目（2018KRM036）；陕西省教育厅智库项目（18JT009）。

Game Analysis of Managers' Selection of Long or Short-term Investment Project from the Perspective of Managerial Entrenchment

Li Bingxiang, Qiao Jianmin, Niu Xiaoqin, Tao Rui

School of Economics and Management, Xi'an University of Technology, Xi'an 710054

Received:2016-06-17 Online:2019-01-28 Published:2019-01-22

摘要/Abstract

摘要：

经理管理防御假说是对委托代理理论的深化，两者对于经理人代理问题的分析角度有所不同。本文从经理管理防御视角来研究经理人动机对企业长短期投资项目选择的影响作用，通过构建不完全信息下经理人与董事会在长短期项目选择上的博弈模型，对潜在的贝叶斯均衡进行分析，揭示不同管理防御动机的经理人对长短期投资项目选择的行为。结果发现：高能力经理人与低能力经理人在防御动机下均倾向于选择短期投资项目来争取其自身利益最大化，这为解释经理人在企业投资过程中倾向选择短期投资项目行为的动因提供了新的分析视角。

关键词: 管理防御, 博弈模型, 短视投资, 贝叶斯均衡

Abstract:

Managerialentrenchment hypothesis is a further deepening of the principal-agent theory, and both of them have different perspectives on the analysis of manager agency problem. This paper reveals the different types of managers' choice of long and short-term investment project behavior under the defensive motivation from the perspective of managerial entrenchment by building the incomplete information game model of managers and board of directors and analyzing the potential Bayesian equilibrium. The study finds that the highly capable managers and the lowly capable in defensive motivation tend to choose the short-term investment projects to maintain their own interests and this conclusion provides a new perspective in explaining the motivation of the inclination in enterprise managers' short-term investments.

Key words: managerial entrenchment, game model, investment myopia, Bayesian equilibrium

李秉祥, 乔建民, 牛晓琴, 陶瑞. 管理防御视角下经理人长短期投资项目选择的博弈分析[J]. , 2019, 31(1): 197-205.

Li Bingxiang, Qiao Jianmin, Niu Xiaoqin, Tao Rui. Game Analysis of Managers' Selection of Long or Short-term Investment Project from the Perspective of Managerial Entrenchment[J]. , 2019, 31(1): 197-205.

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