资产专用性提升了企业风险承担水平吗?——基于边界调节和中介传导的双重检验  

Does Asset Specificity Increase the Level of Corporate Risk-taking?

作　　者：池国华[1] 徐晨阳 CHI Guo-hua;XU Chen-yang(School of Internal Audit,Nanjing Audit University Nanjing 211815,China)

机构地区：[1]南京审计大学内部审计学院

出　　处：《中国软科学》2019年第11期109-118,175,共11页China Soft Science

基　　金：国家自然科学基金面上项目(71772089);国家自然科学基金面上项目(71372069);江苏省青蓝工程中青年学术带头人培养计划(2018);南京审计大学2018年度南京审计大学预研基金课题(18ZDYY002)

摘　　要：由于我国经济发展方式的转变,经济结构和增长动力都处于转变的攻坚期,防范和化解重大风险已成为当前经济发展过程中的重中之重。宏观上的防范和化解重大风险从微观角度看其实质就是提高企业的风险承担水平。因此,本文从资产专用性视角对企业风险承担水平的影响因素进行了探究。利用2009-2016年我国上市企业数据研究发现,资产专用性能够提升企业风险承担水平,进一步研究发现,现金持有在资产专用性提升风险承担的作用中发挥了负向调节效应;盈余管理在资产专用性提升风险承担的作用中发挥了正向调节效应。此外,还探究了代理成本和研发投入在资产专用性提升风险承担作用中发挥的中介效应。本研究有助于厘清资产专用性对企业风险承担产生影响的特定环境以及中介传导路径。Using the data of China’s listed companies in 2009-2016, it is found that asset specificity can enhance the risk-taking level of corporate. In addition, cash holdings was found to be negatively correlated with the effect of asset specificity on corporate risk-taking;earnings management was positively correlated with asset specificity’s role in corporate risk-taking. In addition, the mediating effect of agency costs and R&D investment were also explored. This study helps to clarify the specific circumstances in which asset specificity affects the level of corporate risk-taking and the intermediate conduction path. It hopes to improve the risk-taking level of the corporate based on the asset specificity at the corporate level, improve the risk response and commitment of the corporate, and ensure the better survival and development of the corporate.

关 键 词：资产专用性 风险承担 现金持有 盈余管理 代理成本 研发投入 

分 类 号：F276[经济管理—企业管理]