基于投资者情绪调节效应的企业生命周期与风险承担关系研究  

Relationship between Enterprise Life Cycle Stages and the Risk-taking Based on the Moderate Effect of Investor Sentiment

作　　者：王性玉[1] 姚海霞[1] 王开阳[2] Wang Xingyu Yao Haixia Wang Kaiyang(Institute of Management Science and Engineering, Henan University, Kaifeng 475004 School of Economics ＆ Business, University of Chinese Academy of Sciences, Beijing 100190)

机构地区：[1]河南大学管理科学与工程研究所,开封475004 [2]中国科学院大学经济与管理学院,北京100190

出　　处：《管理评论》2016年第12期166-175,共10页Management Review

基　　金：国家自然科学基金项目(71373068);教育部人文社会科学研究规划项目(12YJA790139);教育部人文社会科学研究项目(12YJC790177)

摘　　要：本文首先研究企业生命周期与风险承担的关系,然后在构建投资者情绪指数的基础上,研究投资者情绪对二者关系的调节效应。研究发现:企业处于初创期、衰退期时,其风险承担较大;处于成长期、成熟期时,其风险承担较小。高涨的投资者情绪会增加处于不同生命周期企业的风险承担。本文进一步从产业层面对上述关系检验,研究发现对于不同产业的企业,其生命周期对企业风险承担的影响呈现差异,投资者情绪对二者关系的调节效应也呈现较为显著的非对称性。具体来说,第二产业成长期和成熟期企业的风险承担显著减少,衰退期企业的风险承担显著增加。第三产业成熟期的企业风险承担较小,衰退期的企业风险承担较大。高涨的投资者情绪能够显著增加第二产业成长期企业和第三产业成长期、成熟期以及衰退期企业的风险承担。This paper studies the relation between enterprise life cycle stages（LCS） and the risk-taking as well as the effect of investor sentiment on this relationship. On the basis of the construction of investor sentiment index, we find that enterprises take higher risks in their initial and recession LCS than in their growth and mature LCS. Rising investor sentiment will increase the risk-taking ability of the enterprises in different LCS. Further study finds that to the enterprises in different industries, LCS has different influence on their risk- taking. Investor sentiment asymmetrically impacts the relationship between LCS and the risk-taking. Specifically, enterprises in the first industry take high risks in their initial life cycle; enterprises in the second industry take much lower risks in their growth and mature LCS, but higher risks in their recession LCS. Enterprises in the third industry take lower risks in their mature LCS and higher risks in their decline LCS. Rising investor sentiment can significantly increase the risk-taking ability of the second industry enterprises in their growth LCS and the third industry enterprises in their growth, mature and decline LCS.

关 键 词：风险承担 生命周期 投资者情绪 

分 类 号：F272[经济管理—企业管理]