软科学
軟科學
연과학
Soft Science
2015年
9期
68-71,80
,共5页
媒体监督%企业社会责任%流动性风险%非线性
媒體鑑督%企業社會責任%流動性風險%非線性
매체감독%기업사회책임%류동성풍험%비선성
media monitoring%corporate social responsibility%liquidity risk%nonlinear
根据失责行为曝光后的企业风险偏好特征，理论构建并实证检验了媒体监督、流动性风险对产品质量问题企业经营成本的经济效应。结果显示：媒体监督效力显著，且非线性影响企业经营成本；高风险偏好机制下，流动性不足的成本效应凸显，媒体监督效力约为低风险偏好机制的2倍；不同风险偏好机制间的阈值所有者权益占比为40．69%；曝光前、后，流动性风险都会增加企业经营成本，高风险偏好企业具有风险溢价效应。失责企业股权结构改革和重配应注重防范流动性风险。
根據失責行為曝光後的企業風險偏好特徵，理論構建併實證檢驗瞭媒體鑑督、流動性風險對產品質量問題企業經營成本的經濟效應。結果顯示：媒體鑑督效力顯著，且非線性影響企業經營成本；高風險偏好機製下，流動性不足的成本效應凸顯，媒體鑑督效力約為低風險偏好機製的2倍；不同風險偏好機製間的閾值所有者權益佔比為40．69%；曝光前、後，流動性風險都會增加企業經營成本，高風險偏好企業具有風險溢價效應。失責企業股權結構改革和重配應註重防範流動性風險。
근거실책행위폭광후적기업풍험편호특정，이론구건병실증검험료매체감독、류동성풍험대산품질량문제기업경영성본적경제효응。결과현시：매체감독효력현저，차비선성영향기업경영성본；고풍험편호궤제하，류동성불족적성본효응철현，매체감독효력약위저풍험편호궤제적2배；불동풍험편호궤제간적역치소유자권익점비위40．69%；폭광전、후，류동성풍험도회증가기업경영성본，고풍험편호기업구유풍험일개효응。실책기업고권결구개혁화중배응주중방범류동성풍험。
According to firms’ risk preference characteristics of the exposed corporate social irresponsibility, this paper theo-retically constructs and empirically tests the products quality problem’s economic effects result from media monitoring and liquidity risk. Results show that, media owns significant monitoring effect, and nonlinear affects firms’ operating costs. Un-der high-risk preference mechanism, Media monitoring exacerbates firms’ operating cost and its efficiency is about twice of the other mechanism. Different risk preference mechanisms’ threshold value is about 40. 69%. Before or after exposed, liq-uidity risk increases firms’ operating cost, but exists risk premium effect under high-risk preference mechanism. Irresponsi-ble firms’ ownership structural reform and allocation should pay attention to liquidity risk.
