摘要
本文以2003-2014年沪深A股非金融类上市公司的数据作为研究样本,分析了资本结构对企业风险承担行为的影响,以及这种影响在不同地区金融发展水平下是否存在差异。研究发现,资本结构对企业风险承担具有正向推动作用,资产负债率较高的企业具有较高的风险承担水平。进一步研究发现,这种影响会由于省际间金融发展水平的不同而产生差异,随着地区金融发展水平的提高,资本结构对企业风险承担的影响程度会减弱。与处于金融发展水平较低地区的企业相比,处于高金融发展水平地区的企业,其资本结构对企业风险承担的影响程度相对较小。
Using data of A—share listed companies from 2003-2014 as sample,this paper analyzes how the capital structure influence corporate risk-taking,and how the level of financial development of different regions affect the influence of capital structure on risk-taking.The results show that the capital structure has a positive role in promoting corporate risk-taking;higher asset—liability ratio of corporate has a higher level of risk-taking.Further results find that,this impact will be different due to the difference of the level of regional financial development,as the level of regional financial development to improve,the influence of capital structure on risk-taking will be weakened.Compared with the corporate that located in regions that have a lower level of financial development,the corporate located in regions that have a higher level of financial development,their capital structure have a smaller influence on risk—taking.
出处
《财会通讯（下）》
北大核心
2016年第6期70-74,129,共5页
Communication of Finance and Accounting
基金
国家自然科学基金项目(项目编号:71071048)的阶段性研究成果
关键词
企业风险承担
资本结构
地区金融发展水平
Corporate risk-taking
Capital structure
The level of financial development
