董事来源异质性对风险承担的影响研究

The Influence of Directors’ Sources Diversity on Risk-taking

本文考察了董事来源异质性对风险承担的影响,并进一步对产生的经济后果进行讨论。研究发现,上市公司董事来源异质性程度与风险承担水平呈显著的负相关关系,且国有所有权性质以及高市场竞争程度均在一定程度上减弱这种相关关系。进一步的研究发现,风险承担水平与公司价值呈显著的正相关关系,且这种关系在董事来源异质性较低的上市公司更为突出。本文研究表明,董事来源结构会显著彩响公司的风险承担水平,且董事来源集中对风险承担水平乃至公司价值存在积极的影响。

This paper investigates the influence of directors' sources diversity on risk-taking, and further discusses the economic consequences. Our results show that there is a significant negative correlation between the diversity of directors5 sources and the level of risk-taking in listed companies. The negative relationship will be suppressed by the state-owned nature and the high competitive level to a certain extent. Further results find that, the level of risk-taking is positively correlated with corporate value, and this relationship will be more prominent in the companies with lower diversity of directors, sources. These findings indicate that, the source structure of directors will significantly influence the level of corporate risk-taking. And the concentration of directors' sources has a positive impact on the level of risk-taking and the value of corporates.