企業創業投資中的承諾續擴：認知偏誤觀點

本研究旨在探討廠商在對於新創事業的持續投資決策中，經理人的認知對其承諾續擴行為的影響。根據沈沒成本、控制錯覺及自我申辯等三個角度，本研究提出造成承諾續擴行為的前置因素，並以台灣上市資訊電子廠商對新創事業投資的跨期資料，進行實證分析。實證研究結果顯示，沈沒成本、廠商前年度申請上市、上櫃個案數、投資損益揭露與否及參與新創事業創立與否等因素會提高廠商承諾續擴的程度，然而當投資案呈現嚴重損失時，前三者之影響力將會減弱甚至消失。據此，本研究提出企業對新創事業續投資決策的建議。

關鍵字

承諾續擴；認知偏誤；企業創業投資

並列摘要

This study investigates the impact of managers' cognitive bias on corporate venturing investment decisions with a particular focus on a firm's escalation of commitment to a losing course of action. Specifically, based upon three sources of cognitive bias, namely, sunk costs, illusion of control and self-justification, this study identifies antecedents of the escalation behavior. Our longitudinal empirical analyses, based on corporate venturing investments made by listed Taiwanese IT companies, shows that sunk costs, the number of initial public offerings by the firm in previous years, disclosure of investment performance and whether the firm joined the initial funding of the new venture are positively correlated to a firm's escalating commitment to an investment with a mild negative feedback. When severe negative feedback is encountered, however, the impact of these antecedents is alleviated or even disappears. Implications to managers and suggestions for future research are also discussed.

並列關鍵字

escalating commitment ； cognitive bias ； corporate venturing investment

參考文獻

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