公司战略、产权性质与风险承担

Business Strategy,Ownership and Corporate Risk-taking

本文基于沪深A股上市公司2007~2014年的样本,考察公司战略对风险承担的影响,研究发现:公司战略对风险承担具有显著的影响,相对于实施防御型战略的公司,实施进攻型战略的公司的风险承担水平显著较高;国有产权性质在此影响中存在负向调节效应;中央国有企业战略对风险承担的影响并不显著。进一步研究发现:金字塔结构层级的延长可有效抑制国有产权性质的负向调节效应,但该效果对中央国有企业并不显著;且当层级过度冗长时,国有企业金字塔结构的上述效果亦不显著。

Based on the data of A-shares of state-owned listed companies in Shenzhen and Shanghai from 2007 to 2014,this paper examines the impact of the business strategy on the corporate risktaking.The study finds that business strategy has a significant impact on the risk level.Relating to the companies with the defense strategy,the companies with offensive strategy bear a significantly higher risk level and state-owned ownership imposes a negative regulation effect,but the above effect in the central state-owned enterprises is not obvious.Further research finds that the pyramid structure can effectively inhibit the negative regulation effect of state-owned ownership,but the effect of the central state-owned enterprises is not significant;and when the layers are tedious,the above effect in the pyramid structure of state-owned enterprises is not significant.