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论文编号：	12392
作者编号：	2120192889
上传时间：	2021/6/10 11:48:13
中文题目：	自然灾害对公司风险承担的影响 ——来自台风过境的经验证据
英文题目：	The impact of natural disasters on corporate risk-taking: evidence from typhoon transit
指导老师：	古志辉
中文关键字：	自然灾害；风险承担；前景理论；独立董事；儒家文化
英文关键字：	Natural Disasters ；Risk -taking ；Independent director ; Prospect Theory ; Confucian Culture
中文摘要：	我国作为世界上少数遭受自然灾害破坏严重的发展中国家之一，自然灾害的发生往往会对企业的外部环境产生一定的影响，可能会改变企业的风险边界，因此要求企业有更强的风险承担能力，需要提高企业的风险水平。企业如何应对日益频发的自然灾害，目前已经成为学术普遍存在的一个难点和热点。但国内外学者对于自然灾害的研究也多局限于宏观层面和单次事件为主，并没有从企业微观财务决策层面进行详细研究，而台风灾害的频发性特点有利于建立自然灾害与企业微观行为之间关系的因果联系。同时，国内外对于企业风险承担行为的影响因素的研究颇多，但也并没有考察自然灾害导致的外部环境变化会给企业风险承担行为带来什么影响。 根据以上分析，本文选取了我国2010年到2018年沪深A股非金融类上市公司作为研究样本，使用自然灾害中的台风灾害为代表。首先，本文以前景理论为基础，实证分析自然灾害对企业风险承担行为的影响，同时为了更好了解企业风险行为的具体变化，本文又将企业的风险承担行为分为融资行为和投资行为。结果表明：台风灾害发生后，距离台风越近的公司，当台风来临时，管理者会加剧“损失厌恶”倾向，进而提高企业的风险承担行为，来弥补台风可能会给企业带来的损失，具体表现为企业会减少现金持有，增加资产负债率和企业研发投入强度，并且该结果通过了稳健性检验。其次，本文以资源依赖理论和高层梯队理论为基础，将独立董事和传统文化作为调节变量，实证结果显示，独立董事可以增加自然灾害对企业融资行为的影响，减弱其对投资行为的影响，而在我国特有的制度背景下发现，儒家文化可以加剧台风灾害对企业融资行为的影响程度。 本文的研究验证了自然灾害和企业风险承担行为之间的因果关系，并对此提出了相关的政策建议，为进一步探索自然灾害和企业微观行为之间的关系提供了现实和理论基础。
英文摘要：	China is one of the few developing countries in the world which is seriously damaged by natural disasters. The occurrence of natural disasters will often effect on the external environment of enterprises, which may alter the risk boundary of enterprises. Therefore, enterprises are required to have stronger risk-taking ability and improve the risk level of enterprises. How to deal with the increasing frequency of natural disasters has become a common difficulty in the academic world. Nevertheless, the domestic and foreign scholars' research on natural disasters is mainly limited to the macro level and single event, and did not conduct a detailed study from the micro financial decision-making level of enterprises. The frequent characteristics of typhoon disasters help to establish the causal relationship between natural disasters and micro behavior of enterprises. At the same time, there are many research on the contributing factors of enterprise risk-taking behavior at home and abroad, but there is no study on the impact of the external environment changes caused by natural disasters on enterprise risk-taking behavior. On the base of above analysis, this paper selects non-financial listed companies in A-share market from 2010 to 2018 as the research sample, and then uses typhoon disaster in natural disasters as the representative. Firstly, according to the prospect theory, this research empirically analyzes the impact of natural disasters on enterprise risk-taking behavior. At the same time, in order to better understand the specific changes of enterprise risk-taking behavior, this paper divides enterprise risk-taking behavior into financing behavior and investment behavior. The conclusion state that: after the typhoon disaster, the closer the company is to the typhoon and when the typhoon comes, the managers will aggravate the "loss aversion" tendency, and then improve the risk-taking behavior of the enterprise to make up for the losses that the typhoon may bring to the enterprise. The specific performance is that the enterprise will reduce the cash holdings, increase the asset liability ratio and enterprise R & D investment intensity, and the result is passed Robustness test. Secondly, on the base of the resource dependence theory and high-level echelon theory, this paper takes independent directors and traditional culture as moderating variables. The results show that independent directors can increase the impact of natural disasters on corporate financing behavior and weaken its impact on investment behavior. Under the unique institutional background of China, however, it is found that Confucian culture can aggravate the impact of typhoon disasters on corporate financing behavior The degree of influence. This study provides empirical evidence for the causal relationship between natural disasters and enterprise risk-taking behavior, and proposes relevant policy suggestions, which put forth a realistic and theoretical basis for further exploring the relationship between natural disasters and enterprise micro behavior.
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