电子商务发展对企业风险承担的影响——兼论差异化管理层激励方式的调节效应  

Influence of E-commerce Development on Enterprise Risk-taking:On the Regulating Effect of Differentiated Management Incentive Mode

作　　者：祁怀锦[1] 于瑶 QI Huai-jin;YU Yao

机构地区：[1]中央财经大学会计学院

出　　处：《改革》2021年第10期114-130,共17页Reform

基　　金：财政部会计名家培养工程项目(财政部文件财会〔2017〕26号);教育部人文社会科学研究规划基金项目“大股东股权质押的行为、动机与风险研究”(19YJA790068);中央财经大学研究生科研创新基金项目“控股股东治理结构改进与企业投资行为研究”(20192Y008)。

摘　　要：为明确电子商务发展对企业风险承担的影响,以及管理层激励在其中发挥的作用,运用2014—2019年A股上市公司数据进行实证分析,发现省域内电子商务发展显著促进了企业风险承担水平的提高,作用机制包括提升企业经营效率与缓解融资约束。管理层激励影响了电子商务发展与企业风险承担之间的关系,其中股权激励弱化了电子商务对企业风险承担的促进作用,而货币薪酬激励则强化了上述关系。以上结果表明,作为企业数字化转型的重要实现途径,电子商务可以通过改善经营运作效率与融资环境进而影响企业风险决策,表现出对企业层面经济高质量发展的正向作用,为构建“双循环”新发展格局提供了决策参考。In order to clarify the impact of e-commerce development on enterprise risk-taking and the role of management incentives in it,this paper uses the data of A-share listed companies from 2014 to 2019 to conduct empirical analysis.We find that the development of provincial e-commerce significantly promotes the improvement of the level of enterprise risk-taking,and the mechanism includes improving the operating efficiency of enterprises and alleviating the financing constraints of enterprises.Management incentive affects the relationship between the development of e-commerce and enterprise risk-taking,in which equity incentive weakens the promoting effect of e-commerce on enterprise risk taking,while monetary compensation incentive strengthens the above relationship.The above results indicate that,as an important way to realize the digital transformation of enterprises,e-commerce has influenced their risk decision-making by improving the operating efficiency and financing environment,which has shown a positive effect on the high-quality economic development at the enterprise level,and provides a decision-making reference for the construction of a"double cycle"new development pattern.

关 键 词：电子商务 企业风险承担 管理层激励 经营效率 融资约束 

分 类 号：F272.3[经济管理—企业管理]