摘要
以2007-2017年间沪深两市A股上市公司数据为初始研究样本,分析企业风险承担对债务融资的影响,研究结果显示:企业风险承担水平与债务融资呈正相关,是企业资本逐利的结果;高管风险厌恶度负向调节企业风险承担与债务融资之间的关系;产权性质不影响企业风险承担与债务融资之间关系;企业风险承担在提高债务融资水平时,会导致更短的债务期限结构。研究结论有助于从融资决策视角理解企业风险承担的经济后果。
This paper selects the data of a-share listed companies in Shanghai and Shenzhen from 2007 to 2017 as the initial research samples to analyze the impact of corporate risk taking on debt financing.The results show that:The level of corporate risk taking is positively correlated with debt financing,which is the result of corporate capital seeking profit;The risk aversion of senior executives negatively regulates the relationship between corporate risk taking and debt financing;The property right nature does not affect the relationship between corporate risk taking and debt financing;When corporate risk taking increases the level of debt financing,it will lead to shorter debt maturity structure.This paper is helpful to understand the economic consequences of enterprise risk taking from the perspective of financi ng decision.
作者
黄平
马文莉
HUANG Ping;MA Wen-li(School of Business,Anhui University,Hefei Anhui 230039)
出处
《湖南财政经济学院学报》
2019年第6期13-25,共13页
Journal of Hunan University of Finance and Economics
基金
国家社会科学基金项目“利率市场化背景下商业银行系统性风险诱发及传染机制研究”(项目编号:16BGL051)
关键词
企业风险承担
债务融资
高管风险厌恶度
corporate risk-tak ing
debt financing
executive risk aversion
