本文關(guān)鍵詞：基于投資者情緒調(diào)節(jié)效應(yīng)的企業(yè)生命周期與風(fēng)險承擔(dān)關(guān)系研究　出處：《管理評論》2016年12期 　論文類型：期刊論文

  更多相關(guān)文章： 風(fēng)險承擔(dān) 生命周期 投資者情緒

【摘要】：本文首先研究企業(yè)生命周期與風(fēng)險承擔(dān)的關(guān)系,然后在構(gòu)建投資者情緒指數(shù)的基礎(chǔ)上,研究投資者情緒對二者關(guān)系的調(diào)節(jié)效應(yīng)。研究發(fā)現(xiàn):企業(yè)處于初創(chuàng)期、衰退期時,其風(fēng)險承擔(dān)較大;處于成長期、成熟期時,其風(fēng)險承擔(dān)較小。高漲的投資者情緒會增加處于不同生命周期企業(yè)的風(fēng)險承擔(dān)。本文進一步從產(chǎn)業(yè)層面對上述關(guān)系檢驗,研究發(fā)現(xiàn)對于不同產(chǎn)業(yè)的企業(yè),其生命周期對企業(yè)風(fēng)險承擔(dān)的影響呈現(xiàn)差異,投資者情緒對二者關(guān)系的調(diào)節(jié)效應(yīng)也呈現(xiàn)較為顯著的非對稱性。具體來說,第二產(chǎn)業(yè)成長期和成熟期企業(yè)的風(fēng)險承擔(dān)顯著減少,衰退期企業(yè)的風(fēng)險承擔(dān)顯著增加。第三產(chǎn)業(yè)成熟期的企業(yè)風(fēng)險承擔(dān)較小,衰退期的企業(yè)風(fēng)險承擔(dān)較大。高漲的投資者情緒能夠顯著增加第二產(chǎn)業(yè)成長期企業(yè)和第三產(chǎn)業(yè)成長期、成熟期以及衰退期企業(yè)的風(fēng)險承擔(dān)。
[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.
【作者單位】： 河南大學(xué)管理科學(xué)與工程研究所;中國科學(xué)院大學(xué)經(jīng)濟與管理學(xué)院;
【基金】：國家自然科學(xué)基金項目(71373068) 教育部人文社會科學(xué)研究規(guī)劃項目(12YJA790139);教育部人文社會科學(xué)研究項目(12YJC790177)
【分類號】：F272
【正文快照】： 引言風(fēng)險承擔(dān)是企業(yè)投資決策過程中的重要影響因素。風(fēng)險承擔(dān)反映了企業(yè)在投資決策過程中對投資項目的選擇,高的風(fēng)險承擔(dān)水平預(yù)示著企業(yè)更少放棄高風(fēng)險但預(yù)期凈現(xiàn)值大于0的風(fēng)險性投資項目[1]。企業(yè)所能承擔(dān)的風(fēng)險大小影響投資決策過程中的風(fēng)險選擇,Acemoglu和Zilibotti[2]研究

【相似文獻】

相關(guān)期刊論文 前10條

1 解維敏;唐清泉;;公司治理與風(fēng)險承擔(dān)——來自中國上市公司的經(jīng)驗證據(jù)[J];財經(jīng)問題研究;2013年01期

2 陳t，

本文編號：1413719