制度环境、股权结构与财务风险——来自我国民营上市公司的实证  

Institution Environment,Ownership Structures,and Financial Risks ——Evidence from Private Listed Companies

作　　者：黄曼行[1,2] 任家华[2] 

机构地区：[1]南京大学商学院,南京210093 [2]浙江工商大学财务与会计学院,杭州310018

出　　处：《云南财经大学学报》2014年第1期131-137,共7页Journal of Yunnan University of Finance and Economics

基　　金：浙江省自然科学基金项目"我国中小企业财务风险预警系统管理研究"(Y6110674);教育部研究生教育创新项目"南京大学国际化会计学博士生项目"(IAPHD);浙江省软科学重点课题"浙江海洋战略性新兴产业与传统产业的耦合机制及对策研究"(2012C25101)

摘　　要：提出一个制度环境、股权结构与财务风险的理论模型，采用Altman（2002）的z指数来衡量企业财务风险度量指标，以2007—2012年民营上市公司为研究对象，研究中国民营上市公司股权集中程度与财务风险之间的关系，以及制度因素对其关系的影响。研究发现，民营上市公司股权集中程度与财务风险负相关，民营上市公司所处地区的投资者保护程度越高，其财务风险越小，民营上市公司所处地区的投资者保护程度越高，股权集中程度对公司财务风险的负向影响越小。The paper proposes a theoretical model which describes institutional environment, ownership structure and financial risks, and uses the Z index of Altman （2002） to measure corpo- rate financial risks. By taking China＇s private listed companies from 2007 to 2012 as samples, the authors investigate the relationship between ownership concentration and financial risks in China＇s private listed companies, and the influence of institutional factors on the relationship. Research finds out that ownership concentration of private listed companies has negative correlation with fi- nancial risks. In regions with higher degree of investor protection, private listed companies have lower financial risk. Therefore, in the regions with higher degree of investor protection, ownership concentration has smaller negative impact on the financial risk of the private listed companies.

关 键 词：制度环境 股权结构 财务风险 民营上市公司 

分 类 号：F275[经济管理—企业管理]