Macroeconomic crisis, top manager's psychology and the upgrading of enterprises: Based on the theory of TMT

摘要

Under the influence of the global financial crisis, Enterprise upgrading and downgrading coexist, how can crisis trigger enterprise''s upgrading is very important. Under the pressure of macro crisis, there is rare research weather the psychological activity of executives would have an impact on the decision-making of enterprise upgrading. Paper emphasizes the executives of the "natural person" property, using the TMT to establish analysis framework, which means crisis-driven executives anxiety, anxiety lead to three kinds of psychological defenses, and then there are two decision-making behaviors, ultimately affect the upgrading of enterprise. By the data of listed companies, tested the theoretical assumption. Found that in crisis, different executives in different ways to reduce anxiety. In the high value-added industry, business executives prefer to take a crisis for development, and promote upgrades. In the traditional industries, executives prefer to avoid the crisis for survival. Finally puts forward suggestions to improve the latter.