交叉持股网络对上市公司风险承担的影响研究

The Impact of Cross-Holding Networks on the Risk-Taking of Listed Companies

企业风险承担水平是构成企业核心竞争力的重要因素,在现代企业管理中扮演着重要角色。本文以2007—2021年沪深A股中交叉持股的上市公司数据为样本,构建加权的交叉持股网络,考察其对上市公司风险承担水平的影响。研究结果表明,企业越处于网络的中心位置,结构洞丰富度越高,其风险承担水平越高。机制检验发现,交叉持股网络主要通过缓解融资约束和提升信息披露质量来提高企业风险承担水平。调节效应发现,非国有企业、市场化水平较低地区的上市公司的交叉持股网络对其风险承担水平的提高作用更显著。异质性分析表明,度数中心性与中介中心性对上市公司风险承担水平的影响更为明显;对于处于成长期的上市公司,交叉持股网络更能提高风险承担水平。本文深入探讨了交叉持股网络对企业风险承担水平的影响机制及作用路径,为企业从交叉持股网络视角寻求发展动力、增强核心竞争力提供实践指引。

The level of corporate risk-taking is a crucial element in the formation of a company's core competitiveness and plays a significant role in contemporary corporate management.This study uses data from listed companies with cross-holdings in the Shanghai and Shenzhen A-share markets from 2007 to 2021 as a sample to construct a weighted cross-holding network and examine its influence on the risk-taking levels of listed companies.The research results indicate that the more central a company is within the network and the greater its structural hole richness,the higher its level of risk-taking.Mechanism tests reveal that cross-holding networks primarily enhance corporate risk-taking by alleviating financing constraints and improving the quality of information disclosure.The moderating effects show that the cross-holding networks of non-state-owned enterprises and those in regions with lower levels of marketization have a more pronounced effect on increasing their risk-taking levels.Heterogeneity analysis suggests that listed companies with higher degree centrality and betweenness centrality,especially those in the growth phase,are more likely to have their risk-taking levels enhanced by cross-holding networks.This paper delves into the mechanisms and pathways through which cross-holding networks affect corporate risk-taking levels,offering practical guidance for enterprises to seek development momentum and strengthen core competitiveness from the perspective of cross-holding networks.