财务柔性、高管团队背景特征对企业风险承担水平影响研究

A Study on the Impact of Financial Flexibility and Background Characteristics of Top Management Team on the Corporate Risk-Taking Level

风险承担水平是企业未来获得盈利持续性的重要因素.该文从企业内部财务资源和人力资源视角,选取2014-2020年中国沪深A股上市公司数据为研究样本,分析财务柔性、高管团队背景特征对企业风险承担水平影响关系.研究得出:财务柔性、高管团队海外背景与金融背景对企业风险承担水平具有正向激励作用;进一步分析高管团队背景特征的调节效应发现,高管团队海外背景、金融背景在财务柔性与风险承担水平关系间具有正向调节作用,能够显著增强财务柔性对企业风险承担水平的促进效果,可以更好地发挥财务柔性储备对风险承担水平的治理效应.

The corporate risk-taking level is an important factor for enterprises to achieve profitability sustainability in the future.This paper analyzes the relationship between financial flexibility and background characteristics of top management team on the risk-taking level from the perspective of internal financial resources and human resources.Based on the samples of A-shares listed firms in Shanghai and Shenzhen stock markets from 2014 to 2020,the study found that:financial flexibility,overseas background and financial background of top management team had positive incentive effect on corporate risk-taking level.Further analyzing the moderating effect of background characteristics of top management team,the result found that overseas background and financial background of top management team had positive moderating effect on the relationship between financial flexibility and risk-taking level,which can significantly enhance the promotion effect of financial flexibility on corporate risk-taking level and can better exploit the governance effect of financial flexibility reserves on risk-taking level.