市场化进程、大股东持股与企业风险承担–基于沪深A股上市公司的实证研究

AbstractRisk-taking is the investment decision of management.It refers to the investment riskpreference of a company and takes a really important role in both corporate long-termdevelopment and sustainable economic development.Equity structure is the core mechanism incorporate governance,and one of the indexes of it is ownership concentration,which usuallyshows up as large shareholder ownership.After reform and opening up,the marketizationprocess in China keeps deepening,market mechanism has turned to a leading role from asupporting role,the developmental level of product marketing and factor market is increasing,government has transformed its direct interference into indirect regulation.The change ofexternal environment and internal governance mechanism are definitely important to corporaterisk-taking.Recently,thousands of research results focusing on corporate risk-taking are writtenat home and abroad.But scholars have different ideas of the relationship of large shareholder andcorporate risk-taking,and that researches about external environment are almost single.Therefore,combining marketization process and large shareholder ownership has practicalsignificance to this topic.This paper uses empirical research methods to study.This paper uses Shanghai and ShenzhenA-share listed companies in 2009-2015 as sample.The results show that large shareholderownership has a significant inhibiting effect on corporate risk-taking,which mainly exists insmall-scale and state-owned companies.After adding the marketization process as a new variable,results find it significantly increases risk-taking and even effectively relieve the inhibiting effectof large shareholder ownership.In packet inspection,regression result is more significant in thelower marketization process group.The innovation points:Combining external environment and internal governance mechanismprovides new thoughts and evidence for the existing researches.Dividing groups according tocorporate size and property right in first regression makes the research more systematic andcomprehensive.Combining cross multiply and packet inspection in the second regression makesthe result more reliable.The research result not only teaches corporate to value risky investmentsand improve equity structure,but governments to speed up marketization process and deepen thereform of state-owned enterprises.Keyword:Corporate risk-taking,Large shareholder ownership,Marketization process目录