中小企业的风险承担会保证投资收益吗?——基于融资约束的干扰性交互作用研究

Does Risk-taking guarantee investment profit among small and medium-sized enterprises?——Based on the study of financing constraints' interfering interaction

中小企业在进行风险承担的过程中往往会受到融资约束的干扰,导致投资很难获益。实证研究发现:较高的风险承担会在一定程度上带来较高的投资收益;当中小企业选择承担较低风险,却又面临较高融资约束时,企业投资获益的可能性偏低。进一步按融资约束程度分组进行比较后发现,风险承担虽能正向促使投资获益,但较高的融资约束会阻碍这种促进作用,融资约束在中小企业风险承担的过程中起着干扰性交互作用。

Small and medium-sized enterprises are often disturbed by financial constraints in the process of taking risks,which makes investment hard to benefit.The empirical study shows that higher risk-taking level will bring higher investment return to a certain extent.When small and medium-sized enterprises have low risks and high financial constraints,the possibility of benefitting from investment is low.After the further comparison of the financial constraints,it is found that risk-taking can expand investment return,but high financial constraints will impede this promotion,and the financial constraints play an interference interaction in the process of taking risks among small and medium enterprises.