连锁股东对企业风险承担的影响研究

以中国A股上市公司为样本,实证检验连锁股东对企业风险承担的影响。研究发现:连锁股东能够发挥监督效应、信息效应和资源效应,从而提升企业风险承担;在行业竞争程度较高和经济政策不确定性较低的情境下,连锁股东对企业风险承担的积极效应更显著;相较于国有连锁股东,机构和外资连锁股东更有助于提升企业风险承担;虽然连锁股东持股有助于提升企业风险承担,但连锁股东委派董事的过度监督效应降低了企业风险承担;经济后果检验发现,连锁股东通过提升企业风险承担进而提升了企业价值。

Research on the Impact of Cross-Ownership on Corporate Risk-Taking

Taking Chinese A-share listed companies as samples,we empirically test the impact of chain shareholders on corporate risk-taking.It is found that cross-ownership can increase corporate risk-taking by supervision effect,information effect and resource effect.The positive effects are more significant in the situation of high industry competition and low economic policy uncertainty.Compared with state-owned,institutional and foreign cross-ownership are more helpful to improve corporate risk-taking.Although the shareholding of cross-ownership is positively correlated with corporate risk-taking,the appointment of directors by cross-ownership leads to over supervision effect,which reduces corporate risk-taking.Economic consequence shows that cross-ownership can enhance corporate value by enhancing corporate risk-taking.