股权结构与企业风险行为——基于“量”与“质”的交互影响研究  

Ownership Structure and Corporate Risk Taking——A Perspective of Reciprocal Effect between “Property” and “Probability” of Corporate Ownership Structure

作　　者：杨婧[1] 

机构地区：[1]南京审计学院国际审计学院,江苏南京211815

出　　处：《西南交通大学学报（社会科学版）》2013年第5期108-113,共6页Journal of Southwest Jiaotong University(Social Sciences)

基　　金：南京审计学院人才引进项目(NSRC11002);江苏省科技厅江苏省基础研究计划(自然科学基金)资助项目(BK2012473);江苏高校优势学科建设工程一期资助项目(审计科学与技术学科预研究课题(YSXKKT27))

摘　　要：以我国上市公司股权结构所具有的制度背景为基础,从"质"和"量"两个维度交互影响的视角对股权性质、股权集中度、股权制衡与企业风险行为之间的关系进行理论分析与实证检验,结果表明:(1)国有股权性质和非国有股权性质都与企业风险行为正相关,但两种股权性质对企业风险行为的作用机制不同。股权性质不同,企业风险行为的增加与激励约束有相容/不相容之分。(2)股权性质对股权制衡和股权集中度与企业风险行为的关系具有交互作用。This study is based on the special institutions for the A-share listed companies in China and provides evidence regarding the ownership structure and risk taking hypotheses by investigating the relation between ownership property, ownership concentration, check-and-balance and corporate risk taking from the standpoint of ＂property＂ and ＂probability＂ of corporate ownership structure . We find that both state ownership and non-state ownership have a positive relationship with corporate risk taking, but they have different mechanism of action. Ownership property has reciprocal effects on the relationship between ownership concentration and corporate risk taking. There is a negative relationship between ownership concentration and corporate risk taking in firms under the control of the first majority shareholder who has the state-owned properties, and a positive relationship exists in firms under the control of the first majority shareholder who has not the state-owned properties. Ownership property has reciprocal effects on the relationship between check-and-balance and corporate risk taking too. There is a positive relationship between check-and-balance and corporate risk taking in firms under the control of the first majority shareholder who has the state-owned properties, and a negative relationship exists in firms under the control of the first majority shareholder who has not the state-owned properties.

关 键 词：股权结构 企业风险行为 委托代理关系 企业价值 剩余索取权 产权改革 风险管理 

分 类 号：F224[经济管理—国民经济] F276.6