高层管理团队成员的不同风险偏好对企业战略投资决策过程和结果等影响的黑箱问题,是急需探明的实际管理课题.本文在总结已有高层管理团队特征研究的基础上,针对战略投资决策不确定性和高风险的特点,引入TMT风险偏好异质性作为自变量,利用MBA学员就具体投资方案选择问题开展了管理实验研究.结果发现,TMT的风险偏好异质性与成员的过程和结果满意度有负向的相关关系,与决策时间有正向的相关关系,与决策一致性具有正“U”型的相关关系等,为改善TMT投资决策提供了有益的参考依据.
The effects of top management team's risk preference di- versity on strategic investment decision-making process and outcome have become a practical managerial problem that needs to be further researched. Based on the discussion of TMT demographic researches, the authors of this article use the diversity of risk preference as independent variable due to the uncertainty and high risk of strategic investment decision, and select MBA students to simulate TMT in the experiment research to discuss an investment problem. The results suggest that risk preference diversity is negatively related with TMT's satisfaction with process and satisfaction with outcome, positively related with decision time, and has "U" curve relationship with decision consensus. The results are useful to improve TMT's strategic decision making.