摘要
从市场竞争发挥外部治理效应的视角,考察产品市场竞争及政府作用对企业财务风险的影响。基于2011-2015年沪深两市A股公司的检验发现,产品市场竞争具有外部治理机制,传递到企业财务层面,则会显著降低企业财务风险。加入对政府作用的考虑后,无论是作为企业外部管理者还是作为企业资本所有者,政府的介入作用都会影响竞争治理效应的发挥,使产品市场竞争降低企业财务风险的作用不明显。进一步加大政府作用力度,发现较大的政府作用力度会削弱产品市场竞争通过治理路径抑制企业财务风险的效应;特别是在政府实际控制和参股的企业中,政府作用力度对企业财务风险的影响远大于产品市场竞争的作用。
This paper attempts to analyze the influence of product market competition and government function on corporate financial risk.The examination of a sample of Chinese A-share listed companies during 2011-2015 finds that the product market competition holds an external governance mechanism,reflected by financial risk,which shows an significant effect of relieving corporate financial risk.While considering the government function,this paper finds that,either being an external manager or being a shareholder,the role of government could be an factor to hinder the competitive governance effect,which cause the insignificant relation between higher competitive degree and lower financial risk.The further test about the intensity of government action reveals that,in total,agreater intensity of government action could result in a weaken repression effect from product market competition on corporate financial risk.Especially in the enterprises whose equity are controlled or invested by government,the influence of government action intensity is much more heavier than it of product market competition.The financial risk of these enterprises reduces as the decreasing of the intensity of government action.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2017年第3期78-92,共15页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
江苏省软科学重点项目(BR2016039)
江苏省普通高校学术学位研究生科研创新计划项目(KYLX16_0305)
