金融危机、风险承受与公司价值  

Financial Crisis,Risk Taking and Corporate Value

作　　者：刘慧玲[1] 刘波罗[1] 

机构地区：[1]中国地质大学(武汉)经济管理学院

出　　处：《财会通讯（下）》2015年第8期62-66,80,共6页Communication of Finance and Accounting

基　　金：中央高校基本科研业务费专项资金项目"金融危机;债务融资与公司绩效"(项目编号:2014089002);"会计准则改革;公允价值与会计目标"(项目编号:2012089301)的阶段性研究成果

摘　　要：本文以2008年全球金融危机为背景,研究了公司风险承受对公司价值增长的影响,研究发现,金融危机爆发前风险承受越高的公司,在金融危机期间的价值损失更大。进一步研究发现,对国有企业而言,金融危机爆发前收益波动越大的公司在金融危机期间的价值损失更大;对非国有企业而言,金融危机爆发前专用性资产投资越大的公司在金融危机期间的价值损失更大。这一结果表明不同性质的企业在风险识别上存在明显的差异,国有企业更关注收益的波动性,能更有效的识别收益波动性风险,而非国有企业更关注专用性资产的投资,能更有效的识别资产的风险。Based on the background of financial crisis in 2008.this paper studies the effects of corporate risk taking on corporate value growth.We find that,higher risk the company taking before the financial crisis,worse the performance it has dining the financial crisis.Through further research we find that,it is more obvious in state-owned enterprises from the perspective of earnings volatility,and it is more obvious in non-state-owned enterprises from the perspective of assets specificity.These results indicate that there are significant differences in risk identification between state-owned enterprises and non-state-owned enterprises.State-owned enterprises will be more effective to identify risk on earnings volatility,and non-state-owned enterprises will be more effective to identify risk on assets specificity.

关 键 词：金融危机 风险承受 公司价值 

分 类 号：F275[经济管理—企业管理]