全面风险管理与企业融资约束

Enterprise Risk Management and Financingg Constraints

全面风险管理是从需求端防范金融系统性风险的重要举措。本文基于2007—2021年中国A股上市的非金融类企业数据,运用文本分析法构建全面风险管理指标,在此基础上,使用处理效应模型对全面风险管理能否有效缓解企业的融资约束进行了实证检验。研究发现,全面风险管理可以从总体上显著降低企业的融资约束。细分来看,全面风险管理可以降低企业的外源融资约束,但可能会增加企业的内源融资约束。异质性研究表明,无论是高营商环境还是低营商环境,国有企业还是非国有企业,全面风险管理都会显著地降低企业的融资约束。机制检验结果表明,全面风险管理并没有降低企业的双重代理成本,但会通过信号传递机制和风险共保机制缓解企业的融资约束。本文的研究为全面风险管理相关理论提供了来自转型经济背景下的经验证据,也为企业缓解融资约束提供了一套新的解决方案。

Enterprise risk management is an important measure to prevent financial systemic risk from the demand side.Based on the data of China's A-share listed non-financial enterprises from 2007 to 2021,this paper utilizes textual analysis to construct enterprise risk management(ERM)indicators,based on which it empirically tests whether comprehensive risk management can effectively alleviate the financing constraints of enterprises by using a treatment effect model.It is found that implementing ERM can significantly reduce a firm's financing constraints in general.In breakdown,the implementation of ERM can reduce the exogenous financing constraint of enterprises,butmay increase the endogenous financing constraint of enterprises.The heterogeneity study shows that the implementation of ERM significantly reduces firms'financing constraints in both high and low business environments,state-owned and non-state-owned firms.The results of the mechanism test indicate that the implementation of ERM does not reduce the dual agency costs of firms,but alleviates the financing constraints of firms through signaling mechanisms and risk co-insurance mechanisms.The research in this paper provides empirical evidence for ERM-related theories from the context of transition economies and a new set of solutions for firms to alleviate financing constraints.