不同类型企业的负债率与收益风险的关系——日本90年代541家上市企业的实证研究

The Relationship of Debt Rate and Profit Risk about Different Firm Types-an Empirical Analysis of Japanese Firms

给出管理者控制型、公司控制型和所有者控制型企业的分类标准 ,并从日本钢铁、化学、食品、机械和电器机械等 5个产业上市企业中入选了三类企业共计 54 1家企业 ;然后探讨了这三类企业的负债率与收益风险之间的关系 ,发现 :1)三类企业合计时 ,管理者的风险回避度随负债率的增加而减小 ,企业的收益风险随负债率的增加而增加 .2 )企业为股东所控制时 ,不论股东为个人还是公司 ,管理者的风险回避度随负债率的增加而减小 ,企业的收益风险随负债率的增加而增加 . 3 )企业为银行(第一债权人 ,也是大股东的双重身份 )或管理者所控制时 ,管理者的风险回避度和企业的收益风险与负债率的相关关系不显著 .

We select 541 Japanese firms from food, chemistry, steel\|iron, machinery, and electric\|machine industry, and classify them three control\|types: manager\|control, owner\|control and corporation\|control. We analyze the relationship of debt rate and profit risk about the three firm\|types, and give the results as follows. 1) Profit risk is positive correlative with debt rate when we do not classify these firms. 2) Profit risk is positive correlative with debt rate when a firm is controlled under stockholders. 3) Profit risk is not correlative with debt rate when a firm is controlled under a manager or the bank which is both a debtor and a stockholder.