国家腐败治理与企业风险承担——兼论政商关系的改善作用  

Anti-corruption and Corporate Risk-taking—On the Improvement of Business-politics Relationship

作　　者：刘志远[1] 张瀛之 张利 LIU Zhiyuan;ZHANG Yingzhi;ZHANG Li(Nankai University,Tianjin 300071;Jinan Commissioner Office of CNAO,Jinan 250001)

机构地区：[1]南开大学商学院,天津300071 [2]审计署驻济南特派员办事处,济南250001

出　　处：《经济与管理研究》2020年第5期107-124,共18页Research on Economics and Management

基　　金：国家自然科学基金面上项目“终极控制人、资本市场环境与企业风险承担”(71472096);国家社会科学基金一般项目“企业知识资本投资行为异化及其治理研究”(13BGL028);财政部会计名家培养工程项目“企业风险承担影响因素研究”(财会(2016)15号)。

摘　　要：本文着重考察在国家加强腐败治理的背景下,企业风险承担行为的变化及异质政企纽带的作用差异。研究结果表明,国家腐败治理负向影响企业的风险承担,国有产权性质弱化腐败治理对企业风险承担行为的负向影响;相对于非政治关联民营企业,政治关联民营企业在腐败治理影响下风险承担显著下降更多,说明在建立新型政商关系的要求下,民营企业的政治关联不再是“护身符”而可能成为“紧箍咒”。进一步将风险承担行为细分后发现,企业风险承担的下降很大程度上是源于更加谨慎的总体投资,但有利于企业价值增加的风险承担行为在国家腐败治理影响下有所提高。此外,处于政府管制行业的企业风险承担显著下降更多,同时过度投资程度降低,说明腐败治理制约了高腐败领域的盲目冒险倾向,企业风险承担的下降其实是良性谨慎的结果。This paper examines the change of the corporate risk-taking behavior and its function differences of the heterogeneous business-politics relationship under the background of the continuous high pressure on anti-corruption.The results showed that the risk-taking level of enterprise declines during the anti-corruption,and their nature of state-owned property rights can weaken the negative influence of the anti-corruption on their risk-taking behavior.At the request of the new business-politics relationship,political affiliation of those private enterprises is no longer an amulet but a hoop.It is also found that the risk-taking level of those who are relative to the government declines more significantly in comparison with those non-political corporation.Further,the decline of the corporate risk-taking level largely stems from a kind of more cautious overall investment,and the increase of the R&D spending as well as merger and acquisition activities,namely the risk-taking behavior which is beneficial to the rise of enterprise value increases.At the same time,over-investment problems reduce significantly along with the dramatic decline of the risk-taking level in the field of high corruption,which shows corruption governance restricts the tendency to blindly adventure in those field,indicating that the decline in risk-taking is actually benign caution.

关 键 词：国家腐败治理 风险承担 制度环境 新型政商关系 公司决策 

分 类 号：F275[经济管理—企业管理]