董事会规模与企业风险承担:产权性质与市场化进程的调节作用

发布时间：2018-03-02 09:23

本文关键词： 风险承担董事会规模产权性质市场化进程　出处：《云南财经大学学报》2016年02期 　论文类型：期刊论文

【摘要】：以中国沪、深两市1999~2012年上市公司为研究对象,研究了董事会规模如何影响企业风险承担以及产权性质和市场化进程对上述关系的调节作用。研究表明:规模较大的董事会对极端决策更难达成一致,倾向于选择风险相对较小的项目,董事会规模与企业风险承担显著负相关。与非国有控股公司相比,国有控股公司董事会的决策权力有限,其董事会规模对企业风险承担的负向影响也相对较小。市场化进程的改善能够增强董事会成员对企业风险承担价值的认识,降低群体决策的沟通与协调成本,便于董事会成员对企业风险承担决策达成一致,进而减弱董事会规模对企业风险承担的负向影响。
[Abstract]:Taking the listed companies of Shanghai and Shenzhen stock markets in China from 1999 to 2012 as the research objects, This paper studies how the size of the board of directors affects the risk-taking of enterprises and the moderating effect of the nature of property rights and the process of marketization on the above relations. The research shows that it is more difficult for the larger board of directors to reach agreement on extreme decisions. The size of the board of directors is negatively correlated with the risk bearing of the enterprise. Compared with the non-state-owned holding company, the decision-making power of the board of directors of the state-owned holding company is limited. The improvement of the marketization process can enhance the members of the board of directors to understand the value of corporate risk-taking, and reduce the communication and coordination costs of group decision-making. It is convenient for the board members to reach an agreement on the enterprise risk bearing decision, and then to reduce the negative influence of the board size on the enterprise risk undertaking.
【作者单位】：西北工业大学管理学院;
【基金】：国家自然科学基金项目“股权激励、管理层权利与公司风险担当”(71402141) 教育部人文社会科学研究青年基金项目“管理层股权激励、风险承担与资本配置效率”(14YJC790103) 中国博士后科学基金“我国公司风险承担动因与影响效应研究”(2015M582705) 陕西省社会科学基金“促进陕西省企业风险承担的治理机制研究”(13D211)
【分类号】：F271;F275

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