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论文编号：	14753
作者编号：	1120191036
上传时间：	2024/6/7 19:57:10
中文题目：	企业风险承担对杠杆操纵的影响及其经济后果研究
英文题目：	The Impact of Corporate Risk-ting on Leverage Manipulation and Its Economic Consequences
指导老师：	刘志远
中文关键字：	企业风险承担；杠杆操纵；融资约束；债务融资；企业价值
英文关键字：	Corporate Risk-taking；Leverage Manipulation；Financing Constraints； Debt financing；Enterprise value
中文摘要：	2008年中国大力推行经济刺激计划，促进实体企业加速发展。在这一背景下，实体企业通过大量债务融资推动自身投资扩张，导致我国总体债务不断攀升，杠杆率大幅增加。2016年国务院出台了《国务院关于积极稳妥降低企业杠杆率的意见》，着力推行去杠杆政策，同时受电商发展影响，实体企业发展趋势开始减缓，并逐渐面临较为严格的融资约束。在融资约束与去杠杆政策的双重压力下，我国企业的杠杆操纵现象日益凸显。纵观这一发展过程，不难发现在外部政策环境与企业融资需求的双重影响下，企业风险承担与杠杆操纵之间存在着一条明显的影响路径。 高风险承担企业为抓住更多的投资机会和抵御不利风险的冲击，往往高度依赖企业的外部融资，尤其是不易使所有权发生转移的债务融资，由此导致资产负债表中杠杆率的显著升高。较高的财务杠杆率不仅与去杠杆政策相冲突，还进一步加剧了企业的融资约束程度。作为企业重要战略决策，风险承担体现了企业对超额利润的追求。然而，在高风险承担战略决策的指导下，企业往往承受着政策监管和融资约束的双重压力。为了缓解这些压力，并实现更高绩效的战略决策目标，高风险承担企业往往展现出强烈的杠杆操纵动机。为了帮助企业更全面客观地认知杠杆操纵行为，同时促进政府及监管部门完善杠杆监管体系，本文从企业战略层面的风险承担视角出发，深入探讨了其对企业杠杆操纵行为的影响，并对两者之间的影响机制进行系统的分析。最后，本文还探讨了企业风险承担影响杠杆操纵行为所产生的经济后果。 全文共分为七章，第一章为绪论，该部分基于现实背景和理论背景提出本文的研究问题，阐释研究的理论意义和实践意义，然后介绍本文的研究思路、研究方法，最后指出本文的创新性。第二章为文献综述，该部分全面系统地梳理了企业风险承担和杠杆操纵的内涵与度量、影响因素和经济后果方面的文献，指出现有研究存在的不足以及本文的研究视角。第三章为理论基础与制度背景，该部分首先对本文应用到的重要理论进行归纳总结，接着介绍了我国企业杠杆操纵的制度背景。第四章为企业风险承担对杠杆操纵的影响研究，提出企业风险承担对杠杆操纵可能存在“加剧效应”，并进一步分析两者关系在不同企业间的差异。第五章为企业风险承担影响杠杆操纵的机制检验，分别对融资约束机制与政策监管机制进行了理论分析与实证检验。第六章为企业风险承担影响杠杆操纵的经济后果，分别从债务融资和企业价值这两个方面考察了风险承担影响杠杆操纵进而给企业带来的短期融资和长期经济绩效的影响。第七章为研究结论、政策建议与未来展望，系统归纳总结了本文研究的主要结论，之后分别从政府监管、债权人与投资者、企业这三个层面提出了相应的政策建议，最后结合本文研究的局限性指出未来的研究方向。 通过深入的理论分析和实证检验，本文得出的主要研究结论如下： 第一，企业风险承担与杠杆操纵之间存在显著的正相关关系，即在其他条件一定的情况下，企业风险承担水平越高，则杠杆操纵的程度越大。 第二，企业风险承担通过加剧融资约束、政策监管规避压力，加剧了杠杆操纵行为。具体表现为，企业风险承担水平的提高会加剧融资约束，进而导致杠杆操纵程度提升；企业风险承担水平的提高会加大政策监管规避压力，进而导致杠杆操纵程度提升。 第三，短期视角来看，高风险承担企业会提升杠杆操纵程度进而降低债务融资成本，提升债务融资规模，但同时会加大债务违约风险；长期视角来看，高风险承担企业会加剧杠杆操纵程度进而降低企业价值。 本文的创新之处主要体现在以下四个方面： 第一，从会计信息质量的视角，拓展了企业风险承担的经济后果研究。基于资产负债表的信息质量，考察企业风险承担对杠杆操纵的影响及其影响机制。将企业风险承担对会计信息质量的影响研究从利润表拓展到资产负债表。 第二，从企业战略决策的视角，深化了企业杠杆操纵的影响因素研究。基于企业内部层面，将风险承担战略决策纳入杠杆操纵诱因研究的框架中，为挖掘更深层的杠杆操纵诱因提供了崭新的视角。 第三，基于不同期限的角度，丰富了企业杠杆操纵的经济后果研究。分别从短期和长期范围对企业风险承担影响杠杆操纵的经济后果进行检验，有助于更全面客观地认识和评价杠杆操纵的作用与效果。 第四，考察企业风险承担影响杠杆操纵进而对企业经济绩效的作用，从企业财务行为的角度为风险承担与经济绩效的动态复杂关系提供了全新的解释。
英文摘要：	In 2008, China vigorously implemented an economic stimulus programme to promote the accelerated development of real enterprises. In this context, entity enterprises promote their own investment expansion through a large amount of debt financing, resulting in China's overall debt continues to climb, and leverage has increased significantly.In 2016, the State Council issued the Opinions of the State Council on Actively and Steadily Reducing the Leverage Ratio of Enterprises, which focuses on implementing deleveraging policies, while affected by the development of e-commerce, the trend of development of entity enterprises has begun to slow down, and is gradually faced with stricter financing constraints. Under the double pressure of financing constraints and deleveraging policy, the leverage manipulation phenomenon of China's enterprises has become increasingly prominent. Throughout this development process, it is not difficult to find in the external policy environment and the double impact of corporate financing needs, corporate risk-taking and leverage manipulation between the existence of a clear path of influence. In order to seize more investment opportunities and withstand the impact of unfavourable risks, high-risk-taking enterprises tend to rely heavily on external financing, especially debt financing that is not easy to transfer ownership, which leads to a significant increase in the leverage ratio in the balance sheet. Higher financial leverage not only conflicts with deleveraging policies, but also further exacerbates the degree of financing constraints of firms. As an important strategic decision of enterprises, risk-taking reflects the pursuit of excess profits. However, guided by high risk-taking strategic decisions, firms are often subject to the dual pressures of policy regulation and financing constraints. In order to alleviate these pressures and achieve higher-performance strategic decisions, high-risk-taking firms often display strong incentives to manipulate leverage. In order to help enterprises more comprehensively and objectively cognitive leverage manipulation behaviour, and at the same time to promote the government and regulators to improve the leverage regulatory system, this paper from the perspective of risk-taking at the corporate strategic level, in-depth discussion of its impact on the leverage manipulation behaviour of enterprises, and a systematic analysis of the impact of the mechanism between the two. Finally, this paper also explores the economic consequences of corporate risk-taking on leverage manipulation behaviour. The whole paper is divided into seven chapters, the first chapter is the introduction, the part based on the real background and theoretical background to put forward the research problem of this paper, explain the theoretical significance and practical significance of the research, and then introduce the research ideas, research methods, and finally point out the innovations of this paper. The second chapter is the literature review, which comprehensively and systematically combs the literature on the connotation and measurement, influencing factors and economic consequences of corporate risk-taking and leverage manipulation, and points out the deficiencies of the existing research as well as the research perspective of this paper. Chapter 3 is the theoretical foundation and institutional background, which firstly summarises the important theories applied in this paper, and then introduces the institutional background of leverage manipulation. Chapter 4 examines the impact of corporate risk-taking on leverage manipulation, proposes that there may be an ‘exacerbation effect’ of corporate risk-taking on leverage manipulation, and further analyses the differences in the relationship between the two among different enterprises. Chapter 5 is the mechanism test of corporate risk-taking on leverage manipulation, and the theoretical analysis and empirical test of the financing constraint mechanism and the policy regulatory mechanism are carried out respectively. Chapter 6 presents the economic consequences of corporate risk-taking on leverage manipulation, which examines the impact of risk-taking on short-term financing and long-term economic performance of firms from the aspects of debt financing and firm value respectively. Chapter 7 is the conclusion of the study, policy recommendations and future outlook, which systematically summarises the main conclusions of this paper, and then puts forward the corresponding policy recommendations from the three levels of government regulation, creditors and investors, and enterprises, and finally points out the direction of future research in the light of the limitations of this paper. Through in-depth theoretical analyses and empirical tests, the main conclusions of this paper are as follows: First, there is a significant positive correlation between corporate risk-taking and leverage manipulation, i.e., the higher the level of corporate risk-taking, the greater the degree of leverage manipulation under certain other conditions. Second, corporate risk-taking exacerbates leverage manipulation by exacerbating financing constraints and policy and regulatory avoidance pressures. Specifically, the increase in the level of corporate risk-taking will exacerbate the financing constraints, which will lead to an increase in the degree of leverage manipulation; the increase in the level of corporate risk-taking will increase the policy and regulatory avoidance pressure, which will lead to an increase in the degree of leverage manipulation. Thirdly, from a short-term perspective, high risk-taking enterprises will enhance the degree of leverage manipulation and thus reduce the cost of debt financing, enhance the scale of debt financing, but at the same time will increase the risk of debt default; from a long-term perspective, high risk-taking enterprises will exacerbate the degree of leverage manipulation and thus reduce the value of the enterprise. The innovation of this paper is mainly reflected in the following four aspects: First, from the perspective of accounting information quality, it expands the study of the economic consequences of corporate risk-taking. Based on the quality of balance sheet information, we examine the impact of corporate risk-taking on leverage manipulation and its impact mechanism. The study of the impact of corporate risk-taking on accounting information quality is expanded from the income statement to the balance sheet. Secondly, from the perspective of corporate strategic decision-making, it deepens the research on the influencing factors of corporate leverage manipulation. Based on the internal level of enterprises, the strategic decision of risk-taking is incorporated into the framework of leverage manipulation inducement research, which provides a brand new perspective for digging deeper leverage manipulation inducement. Thirdly, based on the perspective of different time horizons, it enriches the research on the economic consequences of corporate leverage manipulation. Examining the economic consequences of corporate risk-taking affecting leveraged manipulation from short-term and long-term scopes respectively helps to understand and evaluate the role and effects of leveraged manipulation in a more comprehensive and objective way. Fourth, examining the role of corporate risk-taking in influencing leveraged manipulation and thus on corporate economic performance provides a new explanation of the dynamic and complex relationship between risk-taking and economic performance from the perspective of corporate financial behaviour.
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