CAJ | 학술논문

以2002—2011年410家上市公司为样本，在动态内生性的框架下，考虑了公司治理机制间的交互效应，运用动态面板的System GMM估计方法，同时控制了三种内生性，以动态视角研究公司治理机制与公司风险承担间的关系。研究发现，公司治理机制不仅对当期公司风险承担有影响，而且对下一期公司风险承担有影响，并且前期公司风险承担对当期公司治理机制有反馈效应，这表明在公司治理机制与公司风险承担间存在动态内生性。研究还发现，公司治理机制在提高公司风险承担方面存在替代效应。
이2002—2011년410가상시공사위양본，재동태내생성적광가하，고필료공사치리궤제간적교호효응，운용동태면판적System GMM고계방법，동시공제료삼충내생성，이동태시각연구공사치리궤제여공사풍험승담간적관계。연구발현，공사치리궤제불부대당기공사풍험승담유영향，이차대하일기공사풍험승담유영향，병차전기공사풍험승담대당기공사치리궤제유반궤효응，저표명재공사치리궤제여공사풍험승담간존재동태내생성。연구환발현，공사치리궤제재제고공사풍험승담방면존재체대효응。
In this paper,410 listed companies range from 2002 to 201 1 are used as our sample.In the framework of dynamic endogeneity,taking into account the interaction effect among governance mechanisms,we use the dynamic System GMM model,controlling three kinds of endogeneity at the same time,based on a dynamic perspective to study the relationship between corporate governance mechanisms and corporate risk-taking.We get the following results,corporate governance mechanisms not only have effect on current corporate risk-taking,but also have effect on the next period corporate risk-taking,and prior corporate risk -taking has a significant effect on current corporate governance mechanisms,this proves that there is dynamics endogeneity problem between corporate governance mechanisms and corporate risk-taking. Besides,in terms of corporate risk-taking,there exist substitution effect among corporate governance mechanisms.