企业道德风险及基于中国企业的实证研究

【作者】 高小玲；

【导师】 苏勇；

【作者基本信息】 复旦大学 ， 企业管理， 2006， 博士

【摘要】 近年来，美国和西欧一些大公司相继爆出了丑闻，日本企业的腐败问题也日益深化，中国上市公司的丑闻和违规行为更是屡见不鲜。这些不成熟与成熟市场频频出现的企业败德行为导致了极大的社会后果，使公众对于企业社会责任的呼声日益高涨。同时新的企业竞争本质上是争夺企业利益相关者“注意力”的竞争，企业竞争重点的根本变化要求企业更加注重自身行为的伦理取向。因此目前关于企业伦理的讨论成为全球学术界和企业界的热点。尤其是从成熟的西方市场总结出的伦理理念是否也适合于处于制度转型期的中国企业，伦理对于像中国这样的发展中国家来说是否是一种奢侈品，更是值得深入探讨的问题。综观现有的企业伦理道德、社会责任研究，理论上关于企业能否成为道德主体还存在长期的分歧，研究者要么陷入用企业成员个人美德代替企业道德的危险，要么陷入企业泛道德化、对企业承担社会责任存有不现实预期的困境。而对这一问题的回答构成企业伦理研究的基本假设，本文从风险管理的角度，对企业能不能作为道德分析单位、中国企业道德风险行为在何种程度上可以得到限制一一即中国企业的伦理道德风险如何进行治理进行了探讨。具体而言本研究依据富兰克.H.奈特(2005)关于风险研究的思路，设定中国企业道德风险的有效防范和治理需要论证和研究的相关主题是：1、澄清“企业是道德主体”，论证企业与伦理道德能在企业实践层面进行结合，以明确企业道德风险研究的分析单位是企业。2、融合理论规范和实证经验的方法，采用系统的研究方法论证企业道德风险是社会建构和企业自主共同作用的结果。3、基于中国企业的实证结果，寻找影响企业道德风险的企业内外部因素，并相应提出中国企业道德风险的预警指标与治理机制。本文根据文献检索、理论推导和专家访谈，构建了企业道德风险影响模型，并发展了测量工具，在获取2004年A股市场中国上市公司相关数据的基础上，运用SPSS11.5统计软件对企业道德风险的假设及有关中国企业的细分假设进行了验证。研究发现或得出：1、企业是道德主体、可以作为企业道德风险行为的分析单位企业伦理事实的实质是企业与利益相关者之间的伦理关系，在理解这种关系的探索中可以形成企业伦理、企业是能成为道德主体的概念。以往四重视角下的企业与社会各个利益相关者关系理论研究能够作为支撑企业是道德主体命题的最初理论基础。道德与理性的元关系分析显示，理性和道德的关键特性类似。而且多元理性与企业战略通过同构法能建立对应关系，企业道德能够与企业整合，企业是道德主体，能够成为企业道德风险行为的研究对象。2、企业伦理道德的规范与经验研究方法可以在实用层面共生从企业伦理道德研究对象的双重特性——既要研究企业伦理行为之事实和道德起源与目的之事实；又要研究企业道德价值——中本研究总结出，企业伦理道德研究本质上是整合性的，需要规范研究和经验主义两种方法论的融合。这两种方法论也能够融合，不过其融合的层次是经验和规范主义两者处于“共生关系”。体现这种共生关系的最一般主题是人性，最直接的主题是特殊的承诺、协议和契约。综合社会契约理论就是运用契约的“宏观”和“微观”两种形式来达到“规范”与“经验”之间的共生共演。同时社会学的“关系主义方法论”也能引用到企业伦理研究中，来化解伦理道德研究中规范和经验方法的尖锐对立。3、中国企业道德风险实证的结论(1)企业内部要素中的企业性质，大股东持股比例、前十大股东持股比例、第一与第二大股东持股比例差、董事会规模、监事会规模、高级经理人员激励契约、企业社会责任指数对企业道德风险行为的产生存在影响，与企业道德风险行为之间具有显著的负相关性。(2)企业外部变量中的政府干预程度、法治水平、地区信用、企业声誉变量(公司资产的自然对数、流动比率、速动比率、每股净利润)对企业道德风险行为的产生存在显著的负相关关系。(3)企业内部因素中的企业性质、高级管理人员激励契约，与外部因素中的政府干预程度、法治水平、企业声誉变量、企业盈利能力同步进入企业道德风险最终计量模型。更为重要的是，影响在复杂多变环境下运作的上市公司企业道德风险的最重要因素是高级经理人员激励契约，接着依次是企业性质、企业声誉变量(公司资产自然对数，企业盈利)、政府干预与法治水平。(4)综合(1)、(2)、(3)可以得出结论：一定程度上现阶段中国企业道德风险行为是企业“自主意志”(反映在内部要素上)和“社会建构”(反映在外部变量上)的结果。(5)不同性质的企业，影响其道德风险行为的因素存在差异。与民营企业道德风险行为的发生存在显著相关的变量有大股东持股比例、前十大股东持股比例、高级管理人员激励契约、企业社会责任指数、政府干预指数、企业偿债和盈利能力；与国有企业道德风险行为的发生存在显著相关性的变量有前十大股东持股比例、董事会人数、政府干预指数、法治水平、地区信用、企业声誉、企业偿债能力。民营企业道德风险行为的产生主要与企业内部因素有关，而后者主要与企业外部因素显著相关。(6)股东所有权集中度是约束上市公司企业道德行为的企业内部权力安排。这从大股东持股比例、前十大股东持股比例与企业道德风险在1％的显著水平上负相关；以及对大股东持股比例平方、前十大股东持股比例平方与企业道德风险的显著负相关关系得到支撑。第一大股东持股比例和第二大股东持股比例差与企业道德风险在5％的显著水平上负相关，也说明了中国的股东制衡效果不佳。(7)企业内部激励机制与企业道德风险存在显著的负相关关系，社会信用、声誉机制在转型期约束中国企业行为中已经发挥出作用，企业声誉机制效果较为明显，但是其作用发挥还很有限。法治水平、政府干预等外部治理环境对于企业道德风险的产生作用显著，同时更为重要的是上市公司的经济盈利与公司道德风险的发生具有密切的负相关关系。本文在这些结论和发现的基础上继而提出了中国企业道德风险治理机制，并总结了本文的研究局限和可能的发展。本研究的可能创新之处主要有以下四点：1、突破了前人研究在未解决企业和伦理何以结合的前提下，就直接探讨两者如何结合的问题，在事先论证企业是道德主体、企业伦理何以与企业实践整合的基础上才提出如何结合的方案，这可能是企业伦理理论研究中的一个创新。2、另外一个有意义的创新可能是方法论的创新。本文在系统考察企业伦理研究的两种主流方法论——规范和经验方法论的基础上，论证了两者之间是“共生关系”，即规范或者经验企业伦理在应用各自概念和方法论上的独特研究结果时互相依赖，并就此阐释了“关系主义方法论”体现了这种融合。3、本研究提出企业道德风险是社会建构和企业自主能动的共同产物。从道德风险的外生源和内生源两个视角探讨影响企业道德风险的因素并加以实证分析，这里体现出本文对企业道德风险的全面系统考察。而且笔者依据中国企业的实证结论，针对不同的类型的企业提出相应的治理方案，这又体现了在系统考察下对特殊性的考虑。4、在具体方法上的突破。本文采用了解构还原方法、比较分析法，内容分析法，尤其是本文利用中国上市公司最新数据，采用Logit模型，进行了企业道德风险实证研究，这突破了传统企业伦理研究仅采用单一的理论逻辑推演的局限。更多还原

【Abstract】 In recent years, many big companies in America and Europe are exposed to scandals one after another. Japanese Enterprise’ s corruption problem is also worsened day by day. Scandals and discipline violation events also happened frequently in Chinese listed companies.These immoral behaviors, which appeared in both immature and mature market, caused serious social consequence. The public voice on corporation social responsibility becomes greater. Simultaneously the nature of new corporation competition is to capture stakeholders’ attention. The radical change of the focus of competition requests enterprise to pay great attention to ethical orientation of their behavior.Therefore, discussions on business ethics become the focus of global academia and enterprises. In particular, the following questions worth discussing deeply: Are ethic ideas, which are summarized from the mature western market, suitable for Chinese Enterprise in the process of institutional transition? Is ethics a kind of luxury goods for developing countries such as China? Whether the enterprise should gain profit first, and then care about ethics?After making a comprehensive view of the existing research on business ethics and corporation social responsibility, we can find that there is great difference on whether enterprises can be a moral entity? Researchers fall into the danger of either replacing business ethics with individual moral quality or making unpractical expectation for social responsibility.Of course, the answer to this question forms the basic assumption of research on business ethics. This paper discusses how to govern ethical risk of Chinese enterprise from a risk management perspective. That is, whether enterprises can be regarded as a moral analysis unit? To what extent can be avoided or restricted the Chinese enterprises moral hazard behavior? Specifically, based on Frank-Hertz. H. Knight’ s ideas of risk analysis, this paper argues that the relative research topics on effectively preventing and controlling Chinese enterprises ethical riskare as follows:First, to clarify the contention on "the enterprise is the moral entity" , then prove that enterprise and ethics can be combined at the level of business practice in order to specify that the analysis unit of business moral risk is an enterprise.Second, to combine normative theory and positive empirical method, adopt systematic research method to prove that enterprise moral risk is the co-working result of social construction and own business operation.Third, based on the empirical result of Chinese Enterprise, this paper seeks internal and external influence factors, then proposes the warning index and offers the system of governing moral risk encountered by Chinese enterprises.Based on the literature review, theory reasoning and expert interview, this research constructs a business moral risk influence model and develops measurement instruments. Based on the data of 2004 Chinese listed companies, this research uses SPSS11. 5 statistics software to test the relative hypothesis on Chinese enterprises. Research indicates that:Firstly, Enterprise is the moral entity and can be regarded as the analysis unit of enterprise moral risk behavior.The nature of business ethics fact is the ethical relationship between stakeholders and enterprise. During the exploration of this relationship we can form the conception of business ethics and enterprise can be the moral entity. The academic research of relationship among enterprises and stakeholders can be the initial theory supporting the conception that enterprise is the moral entity. Meta-analysis of morality and rationality also indicate that the key characteristics between morality and rationality are similar. Moreover the multi-dimension rationality and the enterprise strategy is isomorphic。 The business moral and enterprise can be conformed. Enterprise is the moral entity and can be regarded as research object of enterprise moral risk behavior.Secondly, normative and empirical research methodology of business moral can be accreted at the practical level.For the duel- characteristic of the business ethics research object, namely for one hand, we should seek both the fact of business ethicalbehavior and the fact about the origin and purpose of moral. For other hand, we should research the value of business ethics. This research summarizes that the research on business ethics is conformability and need merge normative and empirical research methodology. These two methodologies also can be accreted, but its accretion means the empirical and normative methodology coexist. The general manifestation of this relation is humanity and the most direct express is the special commitment, agreement and contract. The comprehensive social contract theory using two forms named "macro" and "micro" contract, realizes the coexistence and co-evolvement of normative and positive method. Simultaneously the relationism methodology can also be introduced to the research on business ethics. It can relax the opposition of two methodology used by business ethics research.Thirdly, empirical conclusion of Chinese enterprise moral risk is as follows:(1) The interior factors of enterprise, such as the nature of enterprise, the proportion of major stockholder, the proportion of top ten stockholders, the proportion difference between the biggest and second stockholder, board size, the size of supervisor board, the motive contract of senior manager, corporation social responsibility, influence enterprise moral risk behavior and there is remarkably negative correlation between them.(2) The exterior variables such as the degree of government intervene, the degree of law and regulations, local credit, the enterprise prestige variables (natural logarithm of company asset, current ratio, speed ratio, net profit per share) are remarkably negative related to social moral risk behavior.(3) The interior factors of enterprise, such as the nature of enterprise, the motive contract of senior manager and exterior variables such as, the degree of government intervene, the enterprise prestige variables and profit gaining ability synchronously enter the final business moral risk model. Moreover, the most important factor affecting business moral risk of listed company is the motive contract of senior manager, then following factor is the nature of enterprise, theenterprise prestige variables (natural logarithm of company asset, enterprise profits), the degree of government intervene and the degree of law and regulations.(4) Synthesizing (1), (2), (3), we draw the conclusion that the moral risk behavior of Chinese enterprise is the combined result of independent will reflected by interior factors and social constructs reflected by exterior variables.(5) There are different influence factors of moral risk behavior between different kinds of enterprises. In private Chinese enterprise, following variables are remarkable correlated to business moral risk behavior: the proportion of major stockholder, the proportion of top ten stockholders, the motive contract of senior manager, the index of corporation social responsibility, the degree of government intervene, the ability of paying and profit gaining. In state-owned enterprise, such variables as the proportion of top ten stockholders, members of board, the degree of government intervene, the degree of law and regulations, local credit, the enterprise prestige variables, financial solvency are remarkable correlated to business moral risk behavior. The business moral risk behavior mainly correlates to interior factors in private enterprise and business moral risk behavior remarkably correlate to external factors in state-owned enterprise.(6) The concentration degree of shareholder ownership is the internal authority arrangement, which restricts the moral behavior of listed company.This can be supported by the following results: the proportion of major stockholder and the proportion of top ten stockholders are negative correlated to enterprise moral risk in remarkable at the degree of 1%; the square of proportion of major stockholder and the square of proportion of top ten stockholders are remarkably negative correlated to enterprise moral risk. The proportion difference between the biggest and second stockholder is negative correlated to enterprise moral risk in remarkable at the degree of 5%. This result indicates that the balance among Chinese shareholders is not very good.(7) The interior motive system negatively correlates to enterprisemoral risk. Social credit and prestige mechanism works in Chinese enterprise during the transaction periods. The effect of business prestige mechanism is obvious but the effect is limited. External environments factors such as the degree of law and regulations and government interval have remarkable effect on business moral risk. Simultaneously, the more important is the list company’ s profit closely correlated to business moral risk.Based on these conclusions and findings, this research offers the moral risk governance system of Chinese enterprise and points out the research limitations and possible developments.The innovations of this research mainly are four following points:1.The author proves that whether enterprise is a moral entity and why business ethics and enterprise practice can be combined beforehand and then explores how to combine. This operation broke through the predecessor’ s limitation that explores combining business ethics and enterprise practice before having settled the premise that why two objects can be combined. This maybe an innovation of business ethic theoretical research.2. Another meaningful innovation is possibly the methodology innovation. Based on systemic inspection on two mainstream methodologies of enterprise ethics research, namely normative and positive, we prove that methodologies can be combined. That is, normative and positive method is interdependent when applies in respective concepts. Social relationship methodology manifests this kind of amalgamation.3.This research proposed that the enterprise moral risk is the co-result of social construct and enterprises’ own works. Exploring factors which affecting business moral risk from two perspectives, namely external source and interior source, then make a positive proofing. It manifests the systematic inspection of this research. Moreover, according to the positive results, the author proposed corresponding governance solutions in view of different kinds of enterprises. This also manifests particular consideration under system inspection.4. The breakthrough of concrete research method. This research adopts deconstruct and relapse method, comparative analysis method, contentanalysis method. In particular, this thesis made an empirical research adopting logit regression model through utilizing the newest data of Chinese listed companies. It breaks through the limitation that the traditional business ethic research only uses theoretical logic reasoning.更多还原