摘要
企业专注于核心业务是全球趋势和时代要求。本文以2007-2017年沪深两市发生资产剥离的国有上市公司为样本,研究国有企业归核化对其风险承担的影响,并考察内部治理水平及外部治理环境对这两者关系的调节作用。研究结果表明,国有企业归核化有助于风险承担水平的提升,且该正向提升效应在所处地区金融发展水平较低的企业中更加显著,但在不同混合所有制改革程度的企业中差异不明显。进一步研究发现,归核化对风险承担的影响在不同行政层级国有企业中存在差异,归核化战略显著促进了地方国有企业风险承担水平的提升,且国有企业归核化有效改善了企业投资效率。本文研究结果丰富了归核化战略与企业风险承担的相关研究,研究结论可为政府和国有企业坚定聚焦主业的战略选择提供理论支持和决策参考。
It is the global trend and the requirements of the times for companies to focus on their core business.This paper takes the state-owned listed companies with divestitures in Shanghai and Shenzhen stock markets from 2007 to 2017 as a sample,studies the impact of the refocusing strategy of state-owned enterprises(SOEs)on risk-taking,and examines the moderating effect of internal governance level and external governance environment on their relationship.It is found that the refocusing of state-owned enterprises is helpful to improve their risk-taking level.Moreover,the positive effect of refocusing on the level of risk-taking is more significant among companies with lower financial development levels in their region,but the positive impact is not significantly different among companies with different levels of mixed ownership reform.The further research shows that the impact of refocusing on risk-taking is different among different administrative levels of SOEs,and refocusing strategy significantly promotes the level of risk-taking of local SOEs.In addition,the refocusing of state-owned enterprises can effectively improve their investment efficiency.The results of this paper enrich the research on refocusing strategy and enterprise risk-taking.The research conclusions can provide theoretical support and decision-making reference for the government and state-owned enterprises to firmly focus on the main business.
出处
《会计研究》
CSSCI
北大核心
2020年第7期104-118,共15页
Accounting Research
基金
国家社会科学基金重点项目(18AJL007)资助
关键词
归核化
风险承担
国有企业
公司治理环境
Refocusing Strategy
Risk-taking
State-owned Enterprise
Corporate Governance Environment
作者简介
通讯作者:亚琨,yakun1224@126.com。
