竞争环境下企业财务风险波动与扩散效应的研究  

Financial Risk Fluctuation and Diffusion Effect of Enterprises in Competitive Environment

作　　者：陈海明[1] CHEN Hai-ming(Chizhou Vocational And Technical College,Chizhou 247000,China)

机构地区：[1]池州职业技术学院,安徽池州247000

出　　处：《红河学院学报》2020年第5期145-148,152,共5页Journal of Honghe University

基　　金：高校优秀青年人才支持计划项目:“互联网+”背景下安徽战略性新兴产业协同创新能力提升研究(gxyq2019223)。

摘　　要：随着市场化进程的不断深入,中国企业规模与利润均实现了高速增长,但在竞争不断加剧的发展范式下,企业风险波动及扩散衍化规律却没有得到应有的重视。文章以中国企业竞争环境为场域,结合企业财务风险波动率与扩散率理论,分别采用改进勒纳指数与支持向量机分析测定100家于沪深A股上市制造业企业2012—2018年的竞争水平、财务风险波动率与扩散率,并采用分层回归分析对三类指标进行实证研究。结果表明,中国制造业企业2012—2018年竞争水平不断上升,对应的财务风险波动率与扩散率同步提升;企业竞争环境会显著引起企业财务波动率和扩散率上升。文章认为政府应通过规制市场竞争方式避免财务风险在产业中的传导,防止竞争扩大引致的规模“马太效应”。Based on the competitive environment of Chinese enterprises,combined with the theory of financial risk volatility and diffusion rate,this paper uses the improved Lerner Index and support vector machine to analyze and measure the competition level,financial risk volatility and diffusion rate of 100 manufacturing enterprises listed in Shanghai and Shenzhen A-shares from 2012 to 2018,and uses hierarchical regression analysis to conduct empirical research on three kinds of indicators.The results show that the competition level of Chinese manufacturing enterprises is rising from 2012 to 2018,and the corresponding financial risk volatility and diffusion rate increase simultaneously;the enterprise competition environment will increase the enterprise financial volatility and diffusion rate.This paper argues that the government should avoid the transmission of financial risks in the industry by regulating market competition,and prevent the scale"Matthew effect"caused by the expansion of competition.

关 键 词：竞争环境 财务风险 波动率 扩散率 

分 类 号：F224[经济管理—国民经济]