公司内部治理水平与公司风险承担间的动态关系——基于动态内生性的经验研究

The Dynamics Relationship between Corporate Governance Level and Corporate Risk-Taking ——Based on the Empirical Studies of Dynamics Endogenous Dongbei University of Finance and Economics

本文以2002—2011年716家上市公司为样本,在动态内生性的框架下,运用动态面板的System GMM估计方法,同时考虑了三种内生性,以动态性视角研究了公司治理水平与公司风险承担间的关系。研究发现:(1)公司治理水平与公司风险承担正相关;(2)公司治理水平不仅对公司风险承担有短期影响,而且还有长期影响,提高公司治理水平对公司风险承担影响的持续时间大约为4—5年;(3)前期公司风险承担对当期公司治理水平有反馈效应;(4)公司治理水平与公司风险承担间存在动态内生性。

In this paper,716 listed companies range from 2002 to 2011 are used as our sample. In the framework of dynamic endogeneity,we use the dynamic System GMM model,taking into account the three kinds of endogeneity at the same time,based on a dynamic perspective to study the relationship between corporate governance level and corporate risk-taking. And we reach the following conclusion：（a） Corporate governance level has a significant positive relationship with corporate risk-taking;（b） Corporate governance level not only has a short-term effects on corporate risk-taking,but also has a long-term effects on corporate risk-taking,which lasts about 4—5 years;（c） Prior corporate risk-taking has a significant effect on current corporate governance level;（d） There is dynamics endogeneity problem between corporate governance level and corporate risktaking.