陈帅1,陈燊2.外资进入对本土企业风险承担的影响:资本逐利还是风险规避[J].南京审计学院学报,2021,(5):
外资进入对本土企业风险承担的影响:资本逐利还是风险规避
  
DOI:
中文关键词:  外资进入  企业风险承担  资本逐利  风险规避  微观企业行为  融资约束  股权集中度  市场化进程
英文关键词:foreign capital entry  corporate risk taking  profit-seeking capital  risk aversion  micro enterprise behavior  financing constraints  ownership concentration  process of marketization
基金项目:对外经济贸易大学研究生科研创新基金资助项目(202126);福建省中国特色社会主义理论体系研究中心项目(FJ2019ZTB044)
作者单位
陈帅1,陈燊2 1.对外经济贸易大学 国际商学院北京 1000292.福建江夏学院 会计学院福建 福州 350158 
摘要点击次数: 60
全文下载次数: 91
中文摘要:
      外资自由化作为我国资本市场开放的重要内容,在促进境内外资本要素互联互通的同时,也深刻影响着微观企业行为。以我国2007—2017年A股上市公司作为研究样本,实证检验外资进入对我国本土企业风险承担的影响。研究发现:外资进入能够显著提升企业的风险承担水平。进一步地,外资进入对企业风险承担的促进效应在融资约束严重、股权集中度更高和市场化进程缓慢地区的企业中更加显著。此外,在不同资本市场开放水平,外资进入对企业风险承担的作用存在明显差异。
英文摘要:
      As an important part of China’s capital market opening, the liberalization of foreign capital not only promotes the interconnection of capital elements at home and abroad, but also has a profound impact on micro enterprise behavior. Taking China’s A-share listed companies from 2007 to 2017 as the research sample, this paper empirically tests the impact of foreign capital entry on the risk-taking of domestic enterprises. The results show that foreign capital entry can significantly improve the risk-taking level of enterprises. Further research shows that the promotion effect of foreign capital entry on enterprise risk-taking is more significant in enterprises in areas with severe financing constraints, higher equity concentration and slow marketization process. In addition, in different levels of capital market opening, the effect of foreign capital entry on enterprise risk-taking is significantly different.
查看全文  下载PDF阅读器
关闭