CAJ | 학술논문

本文检验所有权性质如何影响企业的风险承担行为，以及这种影响在不同的市场化进程环境中是否存在差异。我们以沪深A股非金融类上市公司1998--2011年的数据作为研究样本．检验结果发现，国有企业具有显著更低的风险承担水平，而且，国家所有权的这种风险承担抑制效应主要存在于中小规模企业。进一步的检验发现，在市场化进程相对较快的地区．中小规模的国有企业与非国有企业之间的风险承担差异显著更大。同时．我们还发现风险承担能显著提高企业的市场价值，而所有权性质对风险承担的这种价值促进效应不存在显著影响。本文的结论对企业应重视风险性项目的投资，以及进一步推进我国中小规模国有企业的产权改革具有重要的启示意义。
본문검험소유권성질여하영향기업적풍험승담행위，이급저충영향재불동적시장화진정배경중시부존재차이。아문이호심A고비금융류상시공사1998--2011년적수거작위연구양본．검험결과발현，국유기업구유현저경저적풍험승담수평，이차，국가소유권적저충풍험승담억제효응주요존재우중소규모기업。진일보적검험발현，재시장화진정상대교쾌적지구．중소규모적국유기업여비국유기업지간적풍험승담차이현저경대。동시．아문환발현풍험승담능현저제고기업적시장개치，이소유권성질대풍험승담적저충개치촉진효응불존재현저영향。본문적결론대기업응중시풍험성항목적투자，이급진일보추진아국중소규모국유기업적산권개혁구유중요적계시의의。
This paper examines whether the nature of ownership affects corporate risk-taking, and how market liberalization affect the influence of ownership nature on risk-taking. Using data of listed companies in China from 1998--2011 as sample, we take the ultimate controller to judge the ownership nature. We find that, there is a significantly negative association between nature of ownership and corporate risk-taking, and this effect mainly exists in the medium and small-sized firms. Further results find that, a more liberalized market leads bigger gap of risk-taking between the SOEs and the non-SOEs. Meanwhile, we present evidence for that risk-taking has a significantly positive impact on firm＇s market value, and there is no significant difference between the SOEs and the non-SOEs. Our research not only enriches and develops the research on corporate risk-taking and the efficiency of the state-owned enterprises, and it also has an important enlightenment to corporate invest decision-making and reform of the property rights.