發(fā)布時間：2018-02-10 23:12

  本文關(guān)鍵詞： 股權(quán)集中度 企業(yè)風(fēng)險承擔(dān) 板塊異質(zhì)性 所有權(quán)異質(zhì)性 門限效應(yīng)　出處：《西北大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著中國經(jīng)濟進入新常態(tài)和“一帶一路”戰(zhàn)略建設(shè)的逐步深入,中國企業(yè)需要提高風(fēng)險承擔(dān)能力以應(yīng)對充滿風(fēng)險和不確定性的國際國內(nèi)市場競爭。企業(yè)風(fēng)險承擔(dān)直接決定企業(yè)的轉(zhuǎn)型發(fā)展和長期價值的實現(xiàn),有利于加快社會的資本積累和技術(shù)進步,對我國實現(xiàn)經(jīng)濟轉(zhuǎn)型有重要意義。但是,相比發(fā)達國家,中國企業(yè)的風(fēng)險承擔(dān)能力普遍較低,在對項目的選擇和判斷上趨向保守的風(fēng)險決策。因此,隨著對外開放新格局的構(gòu)筑,如何才能有效地改善中國企業(yè)風(fēng)險承擔(dān)水平的難題呢?本文以中國經(jīng)濟轉(zhuǎn)型期為背景,基于不完備契約理論,試圖從股權(quán)集中度的視角,通過研究股權(quán)集中度引致的第二類代理問題對企業(yè)風(fēng)險承擔(dān)水平的影響,搞清楚這一股權(quán)形式所引發(fā)的股東之間利益沖突對風(fēng)險性投資項目選擇的內(nèi)在影響作用,對我國企業(yè)的風(fēng)險承擔(dān)提高,提出一種可行的解決思路。本文研究的數(shù)據(jù)樣本為2005-2015年期間在滬深交易所上市且發(fā)行A股的非金融類企業(yè)。在測算衡量企業(yè)風(fēng)險承擔(dān)的盈利波動性后,建立計量模型初步研究股權(quán)集中度與企業(yè)風(fēng)險承擔(dān)的關(guān)系。進一步地,通過分組回歸,研究權(quán)股集中度對企業(yè)風(fēng)險承擔(dān)的所有權(quán)異質(zhì)性和板塊異質(zhì)性。最后,考察持股股東不同對企業(yè)風(fēng)險承擔(dān)影響的差異性,并利用門限回歸探究股權(quán)集中度對企業(yè)風(fēng)險承擔(dān)影響的非線性關(guān)系。主要結(jié)論有:擁有較高股權(quán)集中度的企業(yè)有著較低的企業(yè)風(fēng)險承擔(dān)能力;股權(quán)集中度對國有企業(yè)和中小板企業(yè)風(fēng)險承擔(dān)有更大的影響;隨著股權(quán)集中度的提高,對企業(yè)風(fēng)險承擔(dān)的影響,有著先上升再下降再進一步下降再上升的類似U形的非線性影響效應(yīng);雖然非常高的股權(quán)集中度可以促進國有企業(yè)的風(fēng)險承擔(dān)水平,但是其促進作用遠遠小于股權(quán)分散的促進作用;中小板企業(yè)比起主板企業(yè)更需要適當(dāng)分散股權(quán)來獲取企業(yè)風(fēng)險承擔(dān)能力的提升。為此,在公司治理結(jié)構(gòu)層面上,國有企業(yè)和民營企業(yè)均需進一步降低股權(quán)集中度,提高股權(quán)制衡度,優(yōu)化企業(yè)股權(quán)結(jié)構(gòu);在宏觀政策角度上,中國資本市場相關(guān)管理部門應(yīng)進一步完善上市公司信息披露制度,加強監(jiān)管,通過建立企業(yè)風(fēng)險容忍度指標體系,為企業(yè)風(fēng)險承擔(dān)提供一個公平開放的市場環(huán)境和支持體系。
[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.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51
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本文編號：1501668