行為理論及AMC模型對管理人風險承擔的影響－以台灣電子資訊製造業赴大陸投資為例

Abstract

本研究結合企業行為理論與AMC模型，透過察覺、動機及能力發掘影響管理人風險態度改變的權變因子。實證時，以2010-2016年為研究期間，赴大陸投資的上市（櫃）之電子資訊製造業作為樣本，共取得2190個有效樣本點進行實證。分析結果顯示當過去大陸投資績效不佳時，大陸投資經驗、研發密度及潛在剩餘資源愈多的公司愈會增加大陸投資，顯示在績效不佳時，確實存在改變決策者風險態度的權變因子；但大陸投資績效本來就好的公司，調節效果不顯著，表示風險態度未被改變。

This study aims to examine the impact of awareness, motivation and capability on managerial risk taking based on the behavioral theory of the firm and AMC Model. Using 2190 public offering firms as data set from Taiwanese electronics manufacturing firm during the period between 2009 and 2016, we test the impact of performances feedback on risk taking measured by the firm FDI in China. Empirical analysis results show that managerial experience, recoverable slack and potential slack will change of risk attitudes when prior FDI performance was negative in China.