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论文编号：	9328
作者编号：	2120152444
上传时间：	2017/6/20 10:48:26
中文题目：	债务约束、高管政治关联与公司风险承担 ——基于我国民营上市公司的实证研究
英文题目：	An Empirical Research on Relationship between Debt Constraints, Political Connection and Corporate Risk-taking Based on the Private Listed Companies
指导老师：	刘志远
中文关键字：	风险承担；债务规模；债务期限；债务来源；政治关联
英文关键字：	Corporate risk-taking；Debt size；Structure of debt；Source of debt；Political connection
中文摘要：	债务作为一种外部治理机制对企业的风险承担水平会产生明显影响。本文以沪深两市2011年至2015年的A股民营上市公司为样本，采用实证研究的方法，检验了债务约束与公司风险承担之间的关系，研究表明：债务对公司风险承担有约束效应，债务规模与公司风险承担水平显著负相关；不同期限的债务对公司风险承担的约束力度不同，长期债务比短期债务有更强的约束力；不同来源的债务对公司风险承担的约束力也有差异，银行债务比商业信用债务有更强的约束力。公司在合理范围内承担风险有利于其长远发展，但加强债务约束的治理机制可以保障债权人权益不受损害，保障我国信用体系的稳定运行。本文的研究结果希望在拓展有关债务机制研究的同时，提醒民营上市公司平衡好债务与风险承担间的关系，真正提升企业价值。 另外，结合我国民营上市公司目前普遍存在的政治关联现象，本文引入高管政治关联作为调节变量，检验该因素对债务约束与公司风险承担间关系的影响，研究发现：在全行业中，高管政治关联对债务规模与公司风险承担间关系无显著影响，但在管制行业中，高管政治关联会弱化债务规模对公司风险承担的约束力。首先，本文有针对性地研究了民营上市公司有关债务约束和风险承担的相关问题，为公司风险承担提供了新的解释和证据。其次，引入高管政治关联这一因素，进一步认识了民营企业高管政治关联所带来的经济后果，为民营上市公司在经济市场中的发展提供更多有利参考。
英文摘要：	As one kind of external corporate governance mechanism, debt affect the corporate risk-taking ability. Taking all the corporations listed in the A-shares on Shenzhen Stock Exchange and Shanghai Stock Exchange during 2011-2015 as the sample, this paper researches the relationship between debt constraints and corporation risk-taking. The study manifests debt constrains the corporate risk-taking and that debt size negatively correlates with the risk-taking ability. The constrain intensity varies with the debt maturities and sources of debt. Short term debt restrains less than the long term and the business debt less than the debt from banks. Reasonable risk-taking can benefit the long term development of a company, strengthen the mechanism of the debt constrains which protect the creditor’s right and the credit system in China. The study not only expect to extent the previous research on the debt governance mechanism but to remind private listed companies to balance the relationship between debt and risk-taking. Meanwhile, based on the common phenomenon of political connection of private listed companies in China, this paper introduces the senior executive political connection as a mediator to test the effects of political connection to the relation between debt constraints and corporate risk-taking. This study found only in the control industry this implicit relationship can weaken the restriction of debt size to company risk-taking ability. First, this paper focuses on the issues of the private listed companies' debt constraints and risk-taking, which provides a new explanation and result for the company's risk-taking. Second, the paper introduces the factor of senior executive political connection, it deepens cognition to the economic consequences of the political connection of private enterprises and provides more reference for the private listed companies development in market economy.
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