股权集中度对企业风险承担影响的异质性与非线性

发布时间：2018-02-10 23:12

  本文关键词： 股权集中度 企业风险承担 板块异质性 所有权异质性 门限效应　出处：《西北大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着中国经济进入新常态和“一带一路”战略建设的逐步深入,中国企业需要提高风险承担能力以应对充满风险和不确定性的国际国内市场竞争。企业风险承担直接决定企业的转型发展和长期价值的实现,有利于加快社会的资本积累和技术进步,对我国实现经济转型有重要意义。但是,相比发达国家,中国企业的风险承担能力普遍较低,在对项目的选择和判断上趋向保守的风险决策。因此,随着对外开放新格局的构筑,如何才能有效地改善中国企业风险承担水平的难题呢?本文以中国经济转型期为背景,基于不完备契约理论,试图从股权集中度的视角,通过研究股权集中度引致的第二类代理问题对企业风险承担水平的影响,搞清楚这一股权形式所引发的股东之间利益冲突对风险性投资项目选择的内在影响作用,对我国企业的风险承担提高,提出一种可行的解决思路。本文研究的数据样本为2005-2015年期间在沪深交易所上市且发行A股的非金融类企业。在测算衡量企业风险承担的盈利波动性后,建立计量模型初步研究股权集中度与企业风险承担的关系。进一步地,通过分组回归,研究权股集中度对企业风险承担的所有权异质性和板块异质性。最后,考察持股股东不同对企业风险承担影响的差异性,并利用门限回归探究股权集中度对企业风险承担影响的非线性关系。主要结论有:拥有较高股权集中度的企业有着较低的企业风险承担能力;股权集中度对国有企业和中小板企业风险承担有更大的影响;随着股权集中度的提高,对企业风险承担的影响,有着先上升再下降再进一步下降再上升的类似U形的非线性影响效应;虽然非常高的股权集中度可以促进国有企业的风险承担水平,但是其促进作用远远小于股权分散的促进作用;中小板企业比起主板企业更需要适当分散股权来获取企业风险承担能力的提升。为此,在公司治理结构层面上,国有企业和民营企业均需进一步降低股权集中度,提高股权制衡度,优化企业股权结构;在宏观政策角度上,中国资本市场相关管理部门应进一步完善上市公司信息披露制度,加强监管,通过建立企业风险容忍度指标体系,为企业风险承担提供一个公平开放的市场环境和支持体系。
[Abstract]:As China's economy enters the new normal and the strategic construction of "Belt and Road" gradually deepens, Chinese enterprises need to improve their risk-taking ability to cope with the international and domestic market competition which is full of risks and uncertainties. The risk-taking of enterprises directly determines the transformation and development of enterprises and the realization of long-term value. It is of great significance for our country to realize the economic transformation. However, compared with the developed countries, the risk bearing capacity of Chinese enterprises is generally lower. Therefore, with the construction of a new pattern of opening to the outside world, how can we effectively improve the risk bearing level of Chinese enterprises? Based on the incomplete contract theory and the background of China's economic transition period, this paper attempts to study the influence of the second kind of agency problem caused by the ownership concentration on the enterprise's risk-bearing level from the perspective of equity concentration. To find out the inherent effect of the conflict of interest between shareholders caused by this form of ownership on the choice of risky investment projects, and to increase the risk bearing of Chinese enterprises. A feasible solution is put forward. The data sample in this paper is non-financial enterprises listed on Shanghai and Shenzhen Stock Exchange and issued A shares from 2005 to 2015. Establish the econometric model to study the relationship between ownership concentration and enterprise risk taking. Further, through grouping regression, we study ownership heterogeneity and plate heterogeneity between right share concentration and enterprise risk assumption. To investigate the difference of the influence of shareholding shareholders on the risk bearing of enterprises, And use threshold regression to explore the nonlinear relationship between ownership concentration and enterprise risk bearing. The main conclusions are as follows: enterprises with higher equity concentration have lower risk bearing capacity; The degree of ownership concentration has a greater impact on the risk assumption of state-owned enterprises and small and medium-sized board enterprises, and with the increase of ownership concentration, it has an impact on the risk assumption of enterprises. There is a similar U-shaped nonlinear effect of rising and descending and then descending and then rising; although a very high degree of equity concentration can promote the risk-bearing level of state-owned enterprises, But its promoting effect is far less than that of equity decentralization. Compared with the main board enterprises, the small and medium-sized board enterprises need appropriate decentralized equity to obtain the enhancement of the risk-bearing ability of the enterprises. Therefore, at the level of corporate governance structure, small and medium-sized enterprises need to improve their risk-bearing ability. Both state-owned enterprises and private enterprises need to further reduce the degree of ownership concentration, improve the degree of equity checks and balances, optimize the ownership structure of enterprises; from the perspective of macro policy, the relevant management departments of China's capital market should further improve the information disclosure system of listed companies. Strengthen supervision and establish the index system of enterprise risk tolerance to provide a fair and open market environment and support system for enterprise risk bearing.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51
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本文编号：1501668