转型升级背景下的风险承担、制度环境与企业市场绩效
发布时间：2018-11-10 23:12
【摘要】：文章使用中国A股上市公司企业数据,研究了制度环境作为企业转型升级的基础性决定因素,在企业风险水平与企业绩效关系间所起的调节机制。结果显示:在其他条件不变情况下,转型升级企业风险承担水平与企业市场绩效呈倒U型曲线关系;转型升级中企业的制度环境对企业风险承担与市场绩效的关系有调节作用;其中政府管理水平维度对风险承担与市场绩效关系有显著正向影响;金融服务环境维度对风险承担与市场绩效也有正向促进作用;要协调好企业风险承担水平与绩效的关系,市场主体充分发挥好不同制度环境要素的功效。
[Abstract]:Based on the corporate data of Chinese A-share listed companies, this paper studies the regulatory mechanism of institutional environment as the basic determinant of enterprise transformation and upgrading, and the relationship between enterprise risk level and enterprise performance. The results show that, under the same conditions, the risk-bearing level of the transforming and upgrading enterprises is inversely U-shaped curve with the market performance, the institutional environment of the enterprises in the transition and upgrading has a moderating effect on the relationship between the risk-bearing and the market performance of the enterprises. The dimension of government management level has significant positive influence on the relationship between risk bearing and market performance, and the dimension of financial service environment has a positive effect on risk bearing and market performance. It is necessary to coordinate the relationship between the risk bearing level and the performance of the enterprise, and give full play to the effectiveness of different institutional environmental factors.
【作者单位】： 河海大学商学院;泰州学院;
【分类号】：F272.3;F272.5
[Abstract]:Based on the corporate data of Chinese A-share listed companies, this paper studies the regulatory mechanism of institutional environment as the basic determinant of enterprise transformation and upgrading, and the relationship between enterprise risk level and enterprise performance. The results show that, under the same conditions, the risk-bearing level of the transforming and upgrading enterprises is inversely U-shaped curve with the market performance, the institutional environment of the enterprises in the transition and upgrading has a moderating effect on the relationship between the risk-bearing and the market performance of the enterprises. The dimension of government management level has significant positive influence on the relationship between risk bearing and market performance, and the dimension of financial service environment has a positive effect on risk bearing and market performance. It is necessary to coordinate the relationship between the risk bearing level and the performance of the enterprise, and give full play to the effectiveness of different institutional environmental factors.
【作者单位】： 河海大学商学院;泰州学院;
【分类号】：F272.3;F272.5
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