文章旨在洞悉制度因素对企业风险行为影响的内在机理。通过我国国有和民营上市企业风险倾向实证对比, 结果发现:(1)金融危机爆发前, 在整体层面和行业层面上, 国有企业较民营企业都更倾向于冒险, 且二者间的差距不断缩减;(2)危机爆发后, 不同目标水平情况下, 国有和民营企业风险倾向间的对比较此前出现了一定变化;(3)在高于目标水平情况下, 国有和民营企业的风险倾向均与前景理论的预期相悖。这表明制度因素在很大程度上决定了我国企业风险行为, 同时, 企业自身改革、发展水平, 以及所处的经济大环境也会对其风险倾向产生一定的影响。因此, 我国企业风险管理机制构建应立足改革与发展, 努力实现政府、企业和市场多方联动, 内外兼修。
This paper aimed to insight into the internal mechanism of institutional factor's effect on enterprise risk behavior. Following Bowman's paradox, a comprehensive research and comparison on the risk propensity between state-own enterprises and private enterprises in China are developed in this article. By empirical comparison on the sample derived from listed companies during three different periods, the following results are indicated:(1) Whether at the overall level or at the industry level, the state-owned enterprises are more inclined to take risks than private enterprises before the outbreak of financial crisis in 2008, and the gap of risk propensity between the two has been reducing constantly; (2) In the wake of financial crisis, it is found that the contrast results of risk propensity between state-owned and private enterprises are different from the previous results at different target level cases; (3) In the cases above the target level, the risk behaviors of both state-owned enterprises and private enterprises are not consistent with the expectation of prospect theory. These indicate that institutional factor largely determines the enterprise risk behavior in China. In addition, the risk propensity of enterprises is partly affected by their own development level and economic environment. Therefore, it is necessary to establish a mechanism of enterprise risk behavior management in China, which can effectively advance multi-lateral cooperation among government, enterprise and market, and achieve optimization of organizing function, based on the reform and development.
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