风险偏好与企业价值——基于杠杆率的中介效应检验

Risk Preference and Enterprise Value——Intermediary Effect Test Based on Leverage Ratio

从代理成本和预防性动机的角度出发,本文研究了风险偏好与企业价值之间的关系,并且基于产权性质与股权集中度做进一步研究。采用2009—2020年A股上市企业为样本,结果表明:首先,风险偏好与企业价值显著正相关,当风险偏好提高时,企业价值也会增加;其次,杠杆率对风险偏好和企业价值之间的正相关关系具有中介作用,即随着风险偏好的提高,杠杆率会增加,进而对企业价值产生促进作用。进一步地,与非国有企业和股权集中度低的企业相比,风险偏好对企业价值的激励作用在国有企业及股权集中度高的企业中更加明显。本文较为完整地探讨了风险偏好影响企业价值的逻辑,从杠杆率的角度出发,探讨了风险偏好对企业价值的作用渠道,细化了两者之间关系的研究,对企业投资与财务决策具有重要启示。

Risk preference stems from the investment of enterprises in projects with higher risks but positive expected net present value,which reflects the full utilization of investment opportunities by enterprises and has a great significance for both micro-enterprises and macro-economy.From a micro perspective,a higher risk preference reflects the risk-taking and innovative spirit of managers,which is specifically manifested in higher R&D expenditures and capital expenditures,which is conducive to enterprises gaining competitive advantages.Moreover,the essence of profit is the return on risk.In order to obtain high returns,corresponding risks must be taken.For the macro-economy,the higher risk preference of enterprises can accelerate the accumulation of social capital,improve production efficiency,and benefit the long-term growth of the economy.In a perfect market,enterprises should choose all projects with positive expected net present value to maximize the value of enterprises.However,the existence of risk aversion will cause some enterprises to give up some projects with higher risks but positive expected net present value,which is not conducive to maximizing the value of enterprises.For Chinese enterprises in the period of structural transformation,how to make executives have a moderate risk-taking spirit while avoiding excessive risk-taking behavior is worthy of research by the theoretical and practical circles.From the perspective of agency cost and precautionary motivation,this paper examines the relationship between mechanism of risk preference and corporate value,and conducts further research based on the nature of property rights and equity concentration.Using China’s A-share listed companies from 2009 to 2020 as a sample,the results find that:first,risk preference is significantly positively correlated to enterprise value.When risk preference increases,enterprise value will also increase;second,leverage ratio has a positive impact on risk preference and enterprise value.The positive correlation between them has a mediating effect that is,as risk preference increases,the leverage ratio will increase,thereby promoting corporate value.Furthermore,compared with non-state-owned enterprises and companies with low ownership concentration,the incentive effect of risk preference on corporate value is obvious in state-owned enterprises and companies with high ownership concentration.This article relatively completely explores the logic of risk preference affecting corporate value.From the perspective of leverage ratio,it explores the channels through which risk preference affects corporate value,refines the research on the relationship between risk preference and corporate value,and has implications for corporate investment and financial decision-making.Different from the existing literature,which mainly studies the impact on corporate value from the perspective of asset structure,decision-making power allocation and ownership nature,this paper directly analyzes and tests whether corporate risk preference will enhance corporate value,and deepens the value-related research into corporate risk preference from the perspective of risk preference.In addition,some studies have explored the impact of corporate governance,equity incentives and other factors on corporate risk-taking.Corporate value is mentioned in the article as the economic consequence of risk preference.However,existing research is not enough on the mechanism through which risk preference affects corporate value.In depth,this article explores the channels of risk preference on corporate value from the perspective of leverage ratio,and details the research on the relationship between the two.Finally,in view of the particularity of China’s institutional background and the reality of high ownership concentration,this paper explores the moderating effects of the nature of property rights and ownership concentration,and finds that the incentive effect of risk preference on corporate value occurs mostly in state-owned enterprises,and in non-state-owned enterprises.It is not significant among enterprises,but compared with enterprises without concentrated equity,the promoting effect of risk preference is obvious in enterprises with concentrated equity,which can add new perspectives for theoretical and practical circles to improve enterprise value and manage enterprise risk preference in the Chinese context.