摘要
关于不同所有制企业的风险承担差异,现有研究将非国有企业与国有企业的差异归结于所有制特性,忽视了企业的禀赋特征。本文运用Blinder-Oaxaca和Cotton法对A股不同所有制企业的风险承担差异进行回归,并将其分解为两类:一是由外部市场环境变化和企业禀赋差异共同组成的特征差异,称为可解释部分;二是由所有制企业的不同产权特性组成的系数差异,称为不可解释部分。结果显示,我国不同所有制企业的风险承担差异主要源自禀赋差异。此外,研究还表明,一方面国有企业风险承担水平与其风险承受能力不匹配,另一方面部分禀赋价值尚在非国有企业中被低估。该结果不仅为我国企业价值增长提供了新思路,且对发挥非国有企业潜力和深化国有企业改革具有重要政策意义。
Previous researches on the differences of corporate risk-taking have viewed the differences between non-state-owned enterprises and state-owned enterprises as ownership attributes but neglected the reasonable differences caused by endowments.Therefore,this paper uses the data of A shares listed companies to study the differences in corporate risk-taking with Blinder-Oaxaca and Cotton decomposition method.The differences are decomposed into two parts.One is the character difference which is consisted of external market environments and corporate endowments,which is explained part.The other is coefficient difference caused by different enterprises＇properties,which is unexplained part.The result shows that the main differences between different ownership enterprises are coming from their endowments.In addition,the research also shows other two further results.On the one hand,the state-owned enterprises do not really take their corporate risk-taking as they can do.On the other hand,the value of some endowments have been underestimated in non-state-owned enterprises.Therefore,not only do the above results provide some new ideas for the value growth of enterprises,but they verify some significant policy implications for the potential of non-state-owned enterprises and the reform of state-owned enterprises in China as well.
作者
刘锡良
周彬蕊
许坤
Liu Xiliang;Zhou Binrui;Xu Kun(Institute of Chinese Financial Studies,Southwestern University of Finance and Economics;State-owned Assets Supervision and Administration Commision of Sichuan Province)
出处
《经济评论》
CSSCI
北大核心
2018年第5期106-119,共14页
Economic Review
基金
国家社会科学基金重大项目“防范系统性、区域性金融风险--基于金融适度分权的视角”(项目编号：13＆ZD030)
研究阐释党的十九大精神国家社科基金专项(项目编号：18VSJ073)
教育部人文社会科学重点研究基地重大项目“我国金融安全影响机制研究”(项目编号：17JJD790024)的资助
关键词
企业风险承担
所有制特性
禀赋差异
国有企业改革
Corporate Risk-Taking
Ownership Attributes
Endowment Differences
SOEs Reform
