外资持股与企业经营风险——基于中国上市公司的实证研究  

Foreign Shareholding and Business Risk:An Empirical Study Based on Chinese Listed Companies

作　　者：易颜新[1] 王霖 YI Yanxin;WANG Lin(School of Accounting,Hangzhou Dianzi University,Hangzhou Zhejiang 310018,China)

机构地区：[1]杭州电子科技大学会计学院,浙江杭州310018

出　　处：《杭州电子科技大学学报（社会科学版）》2023年第2期1-8,24,共9页Journal of Hangzhou Dianzi University：Social Sciences

基　　金：国家社会科学基金项目(16BGL068)。

摘　　要：文章实证研究外资持股对企业经营风险的影响,结果表明:外资持股比例与企业经营风险之间存在倒U型关系,较高持股比例是外资股东对经营风险发挥积极作用的前提;外资持股加剧企业经营风险在持股时间较短时更加显著,外资持股降低企业经营风险在持股时间较长时尤为明显。进一步研究发现,外资股东通过海外高管对企业经营风险施加影响。This paper empirically studies the impact of foreign shareholding on business risk.The results show that there is an inverted U-shaped relationship between the foreign shareholding and the business risk.A higher shareholding ratio is the premise for foreign shareholders to play a positive role in the business risk.Foreign shareholding aggravates the business risk of the enterprise,which is more significant when the foreign shareholding time is shorter,and the foreign shareholding reduces the business risk of the enterprise,especially when the foreign shareholding time is longer.Further research finds that foreign shareholders exert their influences on business decision-making through overseas executives.The findings of the study provide the governments to formulate their reasonable foreign investment policies and the theoretical foundation for encouraging foreign investors to invest more in the longer investment,at the same time,it will contribute to the listed companies to perfect their governance and effectively take advantage of the foreign investment.

关 键 词：外资持股 经营风险 海外高管 

分 类 号：F234.4[经济管理—会计学]