基于投资者情绪调节效应的企业生命周期与风险承担关系研究

发布时间：2018-01-12 09:40

本文关键词：基于投资者情绪调节效应的企业生命周期与风险承担关系研究　出处：《管理评论》2016年12期 　论文类型：期刊论文

【摘要】：本文首先研究企业生命周期与风险承担的关系,然后在构建投资者情绪指数的基础上,研究投资者情绪对二者关系的调节效应。研究发现:企业处于初创期、衰退期时,其风险承担较大;处于成长期、成熟期时,其风险承担较小。高涨的投资者情绪会增加处于不同生命周期企业的风险承担。本文进一步从产业层面对上述关系检验,研究发现对于不同产业的企业,其生命周期对企业风险承担的影响呈现差异,投资者情绪对二者关系的调节效应也呈现较为显著的非对称性。具体来说,第二产业成长期和成熟期企业的风险承担显著减少,衰退期企业的风险承担显著增加。第三产业成熟期的企业风险承担较小,衰退期的企业风险承担较大。高涨的投资者情绪能够显著增加第二产业成长期企业和第三产业成长期、成熟期以及衰退期企业的风险承担。
[Abstract]:This paper first studies the relationship between enterprise life cycle and risk taking, and then studies the regulatory effect of investor sentiment on the relationship between them on the basis of constructing investor sentiment index. In the period of recession, the risk is larger; In the growth period, mature period, its risk assumption is small. The rising investor sentiment will increase the risk of enterprises in different life cycle. This paper further from the industrial level to test the above relationship. The study found that for enterprises in different industries, the impact of their life cycle on corporate risk-taking is different, and the regulatory effect of investor sentiment on the relationship between them is also more significant asymmetry. During the growth and maturity of the secondary industry, the risks of the enterprises decreased significantly, the risks of the enterprises in the recession period increased significantly, and the risks of the enterprises in the mature period of the tertiary industry were relatively small. The high investor sentiment can significantly increase the risk bearing of the second industry and the third industry growth period, the mature period and the decline period.
【作者单位】：河南大学管理科学与工程研究所;中国科学院大学经济与管理学院;
【基金】：国家自然科学基金项目(71373068) 教育部人文社会科学研究规划项目(12YJA790139);教育部人文社会科学研究项目(12YJC790177)
【分类号】：F272
【正文快照】： 引言风险承担是企业投资决策过程中的重要影响因素。风险承担反映了企业在投资决策过程中对投资项目的选择,高的风险承担水平预示着企业更少放弃高风险但预期净现值大于0的风险性投资项目[1]。企业所能承担的风险大小影响投资决策过程中的风险选择,Acemoglu和Zilibotti[2]研究

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