摘要
本文应用公司财务理论,对我国上市公司风险管理费用的决定因素进行实证研究。从公司的财务困境成本、代理成本、税率等因素出发讨论了公司风险管理决策行为,并建立了单变量和多变量模型分析我国公司风险管理费用的决定因素。在风险管理方面,研究表明,对于我国公司在风险管理方面的决策行为,地方政府的保护行为有很大的影响。
Corporate finance theory indicates that risk management increases firm value by reducing expected costs of financial distress, agency costs, expected taxes, etc. The paper provides evidences on the hypothesis with the empirical research in China. By a regression model analysis, the data suggest that firms with less coverage ratio, larger leverage ratio, faster growth rate, and more management share ownership, will pay more on risk management. However, the data also show that the firms with higher distress cost do not pay attention on risk manage- ment, which is contradicting to the financial theory. The author believe that should be contribute to the protection by local government, and very few listing firm in China go bankrupt, even if they have large negative net assets. In the long run, the protection offered by the government will destroy the firm＇ s competitiveness and thus reduced the firm value.
出处
《经济管理》
CSSCI
北大核心
2008年第12期4-9,共6页
Business and Management Journal ( BMJ )
基金
国家自然科学基金重点项目"投资者利益保护的评价理论与方法"(70632002)。
关键词
风险管理
财备困境成本
代理成本
税率
risk management
cost of financial distress
agency cost
tax rate
