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论文编号：	11885
作者编号：	2120182990
上传时间：	2020/6/23 14:20:03
中文题目：	企业风险承担对债务融资及公司价值的影响研究
英文题目：	Research of the Impact of Corporate Risk Taking on Debt Financing and Corporate Value
指导老师：	黄福广
中文关键字：	风险承担；债务融资；公司价值
英文关键字：	risk-taking; debt financing; company value
中文摘要：	企业风险承担是企业面对未来收益流不确定性的一种选择。大多数学者从投资决策角度定义风险承担，高风险承担意味着企业选择更多投资于高风险高收益的项目。投资决策和融资决策是资金活动中不可分割的两部分，本文通过实证研究方法检验企业风险承担会如何影响融资决策进而影响资本结构。其次，风险承担具有重要的经济意义，本文进一步研究风险承担会如何影响企业价值。 本文采用实证检验方法，选取沪深A股上市公司2009-2018年数据作为研究样本，采用固定效应面板数据回归分析，在考虑了公司规模、公司成长性、公司盈利性、公司成立年限等控制变量后，研究风险承担对债务融资的影响、风险承担对公司价值的影响。结果显示在1%的显著性水平下，风险承担与资产负债率呈正相关关系；在1%的显著性水平下，风险承担与公司价值呈正相关关系。国有企业和非国有企业在获取银行贷款能力方面存在差别，本文进一步研究发现，相比非国有企业，国有企业组资产负债率对风险承担的回归系数更高。此外本文还检验了债务融资是否在风险承担对公司价值的影响中起中介作用，结果显示债务融资起到了部分中介效应。通过替换被解释变量的衡量指标和使用工具变量进行2SLS回归，原结论没有明显变化。 通过以上研究，本文得到以下结论：风险承担促进了债务融资，提高了资产负债率；风险承担提高了公司价值并且债务融资在风险承担和公司价值的相关关系中起中介作用。进一步分析发现产权性质影响风险承担对债务融资的促进作用，相比民营企业，国有企业中风险承担更能促进债务融资。本文结论拓展了风险承担的经济后果相关文献，丰富了风险承担和公司价值关系的影响机制。
英文摘要：	Enterprise risk-taking is an option for enterprises to face the uncertainty of future income streams. Most scholars define risk exposure from the perspective of investment decisions. High risk exposure means that enterprises choose to invest more in high-risk and high-yield projects. Investment decision and financing decision are two inseparable parts of capital activities. This paper uses empirical research methods to examine how corporate risk-bearing will affect financing decisions and thus capital structure. Second, risk taking has important economic significance. This article further studies how risk taking can affect corporate value. This paper uses empirical testing methods, selects the 2009-2018 data of Shanghai and Shenzhen A-share listed companies as the research sample, and uses fixed-effect panel data regression analysis, taking into account control variables such as company size, company growth, company profitability, and company establishment years. After that, study the impact of risk-taking on debt financing and the effect of risk-taking on company value. The results show that at a 1% significance level, risk exposure has a positive correlation with the asset-liability ratio; at a 1% significance level, risk exposure has a positive correlation with the company's value. State-owned enterprises and non-state-owned enterprises have differences in their ability to obtain bank loans. A further study in this paper found that compared with non-state-owned enterprises, the regression coefficient of the group ’s asset-liability ratio to risk-taking is higher. In addition, this paper also examines whether debt financing plays an intermediary role in the impact of risk-taking on the company's value. The results show that debt financing plays a part of the intermediary effect. By replacing the measured variables of the explained variables and using instrumental variables for 2SLS regression, the original conclusions have not changed significantly. Through the above research, this paper draws the following conclusions: risk-taking promotes debt financing and improves the asset-liability ratio; risk-taking increases company value and debt financing plays an intermediary role in the correlation between risk-taking and company value. Further analysis found that the nature of property rights affects the role of risk-bearing in promoting debt financing. Compared with private enterprises, risk-bearing in state-owned enterprises can promote debt financing more. The conclusion of this article expands the literature on the economic consequences of risk-taking and enriches the influence mechanism of the relationship between risk-taking and company value.
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