企业风险承担研究述评及展望
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外国经济与管理 2015 年 第 37 卷第 12 期, 页码：44 - 58
摘要
参考文献
摘要
企业风险承担反映了企业追逐高额利润并愿意为之付出代价的倾向。面对充满风险和不确定性的经济环境,合理选择高风险、高收益的投资项目是企业成长和发展的先决条件。本文通过梳理相关文献,对企业风险承担研究进行了较为全面的回顾。首先,系统阐述了企业风险承担的内涵、特征及其测量方法;其次,从不同层面出发,总结并分析了企业风险承担的影响因素;再次,探讨了风险承担对企业价值、资本配置效率的作用。在此基础上,提出了一个较为全面的未来研究框架。本文在企业决策制定、内部治理及企业价值制造等方面具有重要的现实意义。
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[30] Dong Z,et al.Do executive stock options induce excessive risk taking?[J].Journal of Banking and Finance,2010,34(10):2518-2529.
[31] Drucker P F.Innovation and entrepreneurship:Practice and principles[J].Public Productivity Review,1986,10(1):105-109.
[32] Faccio M,et al.CEO gender,corporate risk-taking,and the efficiency of capital allocation[R].SSRN Working Paper No.1969782,2011.
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[35] Fiegenbaum A and Thomas H.Dynamic and risk measurement perspectives on bowman's risk-return paradox for strategic management:An empirical study[J].Strategic Management Journal,1986,7(5):395-407.
[36] Fiegenbaum A.Prospect theory and the risk-return association:An empirical examination in 85 industries[J].Journal of Economic Behavior & Organization,1990,14(2):187-203.
[37] Fishburn P C.Mean-risk analysis with risk associated with below-target returns[J].American Economic Review,1977,67(2):116-126.
[38] Gatchev V A,et al.The interdependent and intertemporal nature of financial decisions:An application to cash flow sensitivities[J].The Journal of Finance,2010,65(2):725-763.
[39] Gervais S,et al.Overconfidence,investment policy,and executive stock options[R].Social Science Electronic Publishing,2003.
[40] Graham J R and Harvey C R.The theory and practice of corporate finance:Evidence from the field[J].Journal of Financial Economics,2001,60(2-3):187-243.
[41] Griffin D W,et al.National culture,corporate governance practices,and firm performance[R].Social Science Electronic Publishing,2014.
[42] Habib A and Hasan M M.Firm life cycle,corporate risk taking and investor sentiment[J].Accounting & Finance,2015,doi:10.1111/acfi.12141.
[43] Hail L and Leuz C.International differences in the cost of equity capital:Do legal institutions and securities regulation matter?[J].Journal of Accounting Research,2006,44(3):485-531.
[44] Hambrick D C and Mason P A.Upper echelons:The organization as a reflection of its top managers[J].Academy of Management Review,1984,9(2):193-206.
[45] Harjoto M A,et al.Board diversity and corporate risk taking[R].Social Science Electronic Publishing,2014.
[46] Hayes R M,et al.Stock options and managerial incentives for risk taking:Evidence from FAS 123R[J].Journal of Financial Economics,2012,105(1):174-190.
[47] Hilary G and Hui K W.Does religion matter in corporate decision making in America?[J].Journal of Financial Economics,2009,93(3):455-473.
[48] Jiraporn P,et al.Does corporate governance influence corporate risk-taking? Evidence from the Institutional Shareholders Services(ISS)[J].Finance Research Letters,2015,13:105-112.
[49] John K,et al.Corporate governance and risk-taking[J].The Journal of Finance,2008,63(4):1679-1728.
[50] Kahneman D and Tversky A.Prospect theory:An analysis of decision under risk[J]. Econometrica,1979,1(1):53-70.
[51] Kim E H and Lu Y.CEO ownership,external governance and risk-taking[J].Journal of Financial Economics,2011,102(2):272-292.
[52] Kim K H and Buchanan R.CEO duality leadership and firm risk-taking propensity[J].Journal of Applied Business Research,2008,24(1):27-41.
[53] King T H D and Wen M M.Shareholder governance,bondholder governance and managerial risk-taking[J].Journal of Banking & Finance,2011,35(3):512-531.
[54] Kini O and Williams R.Tournament incentives,firm risk and corporate policies[J].Journal of Financial Economics,2012,103(2):350-376.
[55] Koerniadi H,et al.Corporate governance and risk-taking in New Zealand[J].Australian Journal of Management,2014,39(2):227-245.
[56] La Porta R,et al.Law and finance[J].Journal of Political Economy,1998,106(6):1113-1155.
[57] Li J T and Tang Y.CEO hubris and firm risk taking in China:The moderating role of managerial discretion[J].Academy of Management Journal,2010,53(1):45-68.
[58] Li K,et al.How does culture influence corporate risk-taking?[J].Journal of Corporate Finance,2013,23(4):1-22.
[59] Liu Y X and Mauer D C.Corporate cash holdings and CEO compensation incentives[J].Journal of Financial Economics,2011,102(1):183-198.
[60] Low A.Managerial risk-taking behavior and equity-based compensation[J].Journal of Financial Economics,2009,92(3):470-490.
[61] Lumpkin G T and Dess G G.Clarifying the entrepreneurial orientation construct and linking it to performance[J].Academy of Management Review,1996,21(1):135-172.
[62] McLean R D and Zhao M X.The business cycle,investor sentiment,and costly external finance[J].The Journal of Finance,2014,69(3):1377-1409.
[63] Mishra D R.Multiple large shareholders and corporate risk taking:Evidence from East Asia[J].Corporate Governance:An International Review,2011,19(6):507-528.
[64] Morck R,et al.Management ownership and market valuation:An empirical analysis[J].Journal of Financial Economics,1988,20(1):293-315.
[65] Nakano M and Nguyen P.Board size and corporate risk taking:Further evidence from Japan[J].Corporate Governance:An International Review,2012,20(4):369-387.
[66] Nguyen P.Corporate governance and risk-taking:Evidence from Japanese firms[J].Pacific-Basin Finance Journal,2011,19(3):278-297.
[67] Nguyen P.The impact of foreign investors on the risk-taking of Japanese firms[J].Journal of the Japanese and International Economies,2012,26(2):233-248.
[68] Nini G,et al.Creditor control rights and firm investment policy[J].Journal of Financial Economics,2009,92(3):400-420.
[69] Paligorova T.Corporate risk taking and ownership structure[R].Bank of Canada Working Paper,2010.
[70] Palmer T B and Wiseman R M.Decoupling risk taking from income stream uncertainty:A holistic model of risk[J].Strategic Management Journal,1999,20(11):1037-1062.
[71] Peltomäki J,et al.Age,gender and risk-taking:Evidence from the S&P 1500 executives and firm riskiness[R].Social Science Electronic Publishing.
[72] Schumpeter J A.The theory of economic development:An inquiry into profits,capital,credit,interest and the business cycle[J].Social Science Electronic Publishing,1934,25(1):90-91.
[73] Su W and Lee C Y.Effects of corporate governance on risk taking in Taiwanese family firms during institutional reform[J].Asia Pacific Journal of Management,2013,30(3):809-828.
[74] Tian X and Wang T Y.Tolerance for failure and corporate innovation[J].Review of Financial Studies,2014,27(1):211-255.
[75] Wang C J.Board size and firm risk-taking[J].Review of Quantitative Finance and Accounting,2012,38(4):519-542.
[76] Wintoki M B,et al.Endogeneity and the dynamics of internal corporate governance[J].Journal of Financial Economics,2012,105(3):581-606.
[77] Wiseman R M and Gomez-Mejia L R.A behavioral agency model of managerial risk taking[J].Academy of Management Review,1998,23(1):133-153.
[78] Wright P,et al.Impact of corporate insider,blockholder and institutional equity ownership on firm risk taking[J].Academy of Management Journal,1996,39(2):441-458.
[79] 李文贵,余明桂.所有权性质、市场化进程与企业风险承担[J].中国工业经济,2012,12:115-127.
[80] 奈特F H.风险、不确定性和利润[M].王宇,王文玉,译.北京:中国人民大学出版社,2005.
[81] 余明桂,李文贵,潘红波.管理者过度自信与企业风险承担[J].金融研究,2013a,1:149-163.
[82] 余明桂,李文贵,潘红波.民营化、产权保护与企业风险承担[J].经济研究,2013b,9:112-124.
[83] 张瑞君,李小荣,许年行.货币薪酬能激励高管承担风险吗[J].经济理论与经济管理,2013,8:84-100.
[84] 朱玉杰,倪骁然.机构投资者持股与企业风险承担[J].投资研究,2014,8:85-98.
[2] Acharya V and Subramanian K V.Bankruptcy codes and innovation:A model[J].Online Appendix Available,2009,22(12):4949-4988.
[3] Acharya V,et al.Creditor rights and corporate risk-taking[J].Journal of Financial Economics,2011,102(1):150-166.
[4] Amihud Y and Lev B.Risk reduction as a managerial motive for conglomerate mergers[J].Bell Journal of Economics,1981,12(2):605-617.
[5] Anderson R C,et al.Founding family ownership and the agency cost of debt[J].Journal of Financial economics,2003,68(2):263-285.
[6] Arif S and Lee C M C.Aggregate investment and investor sentiment[J].Review of Financial Studies,2014,27(11):3241-3279.
[7] Armstrong C S and Vashishtha R.Executive stock options,differential risk-taking incentives,and firm value[J].Journal of Financial Economics,2012,104(1):70-88.
[8] Attig N,et al.The governance role of multiple large shareholders:Evidence from the valuation of cash holdings[J].Journal of Management & Governance,2013,17(2):419-451.
[9] Baird I S and Thomas H.Toward a contingency model of strategic risk taking[J].Academy of Management Review,1985,10(2):230-243.
[10] Baker M and Wurgler J.Behavioral corporate finance:An updated survey[R].NBER Working Paper,No.17333,2011.
[11] Barber B M and Odean T.Boys will be boys:Gender,overconfidence and common stock investment[J].Quarterly Journal of Economics,2001,116(1):261-292.
[12] Bargeron L L,et al.Sarbanes-Oxley and corporate risk-taking[J].Journal of Accounting and Economics,2010,49(1-2):34-52.
[13] Beasley M S.An empirical analysis of the relation between board of director composition and financial statement fraud[J].The Accounting Review,1996,71(4):443-465.
[14] Boubakri N,et al.The role of state and foreign owners in corporate risk-taking:Evidence from privatization[J].Journal of Financial Economics,2013,108(3):641-658.
[15] Bowman E H.A risk/return paradox for strategic management[J].Sloan Management Review,1980,21(3):17-31.
[16] Bowman E H.Risk seeking by trouble firms[J].Sloan Management Review,1982,23(4):33-42.
[17] Bromiley P.Testing a causal model of corporate risk taking and performance[J].Academy of Management Journal,1991,34(1):37-59.
[18] Bruno V and Shin H S.Globalization of corporate risk taking[J].Journal of International Business Studies,2014,45(7):800-820.
[19] Carpenter M A,et al.Testing a model of reasoned risk-taking:Governance,the experience of principals and agents,and global strategy in high-technology IPO firms[J].Strategic Management Journal,2003,24(9):803-820.
[20] Chava S and Roberts M R.How does financing impact investment? The role of debt covenants[J].The Journal of Finance,2008,63(5):2085-2121.
[21] Chen C R and Steiner T L.Managerial ownership and agency conflicts:A nonlinear simultaneous equation analysis of managerial ownership,risk taking,debt policy,and dividend policy[J].Financial Review,1999,34(1):119-136.
[22] Cheng S.Board size and the variability of corporate performance[J].Journal of Financial Economics,2008,87(1):157-176.
[23] Chintrakarn P,et al.How do powerful CEOs view corporate risk-taking? Evidence from the CEO pay slice (CPS)[J].Applied Economics Letters,2015,22(2):104-109.
[24] Cohen D A,et al.Corporate governance reform and executive incentives:Implications for investments and risk taking[J].Contemporary Accounting Research,2013,30(4):1296-1332.
[25] Coles J L,et al.Managerial incentives and risk-taking[J].Journal of Financial Economics,2006,79(2):431-468.
[26] Conrad G R and Plotkin I H.Risk/return:U.S.industry pattern[J].Harvard Business Review,1968,46(2):90-99.
[27] Cootner P H and Holland D M.Rate of return and business risk[J].The Bell Journal of Economics and Management Science,1970,1(2):211-226.
[28] DeFusco R A,et al.The association between executive stock option plan changes and managerial decision making[J].Financial Management,1991,20(1):36-43.
[29] Djembissi B.Excessive risk taking and the maturity structure of debt[J].Journal of Economic Dynamics and Control,2011,35(10):1800-1816.
[30] Dong Z,et al.Do executive stock options induce excessive risk taking?[J].Journal of Banking and Finance,2010,34(10):2518-2529.
[31] Drucker P F.Innovation and entrepreneurship:Practice and principles[J].Public Productivity Review,1986,10(1):105-109.
[32] Faccio M,et al.CEO gender,corporate risk-taking,and the efficiency of capital allocation[R].SSRN Working Paper No.1969782,2011.
[33] Faccio M,et al.CEO gender and corporate risk-taking[J].Social Science Electronic Publishing,2014.
[34] Fama E F and Jensen M C.Separation of ownership and control[J].Journal of Law & Economics,1983,26(2):301-325.
[35] Fiegenbaum A and Thomas H.Dynamic and risk measurement perspectives on bowman's risk-return paradox for strategic management:An empirical study[J].Strategic Management Journal,1986,7(5):395-407.
[36] Fiegenbaum A.Prospect theory and the risk-return association:An empirical examination in 85 industries[J].Journal of Economic Behavior & Organization,1990,14(2):187-203.
[37] Fishburn P C.Mean-risk analysis with risk associated with below-target returns[J].American Economic Review,1977,67(2):116-126.
[38] Gatchev V A,et al.The interdependent and intertemporal nature of financial decisions:An application to cash flow sensitivities[J].The Journal of Finance,2010,65(2):725-763.
[39] Gervais S,et al.Overconfidence,investment policy,and executive stock options[R].Social Science Electronic Publishing,2003.
[40] Graham J R and Harvey C R.The theory and practice of corporate finance:Evidence from the field[J].Journal of Financial Economics,2001,60(2-3):187-243.
[41] Griffin D W,et al.National culture,corporate governance practices,and firm performance[R].Social Science Electronic Publishing,2014.
[42] Habib A and Hasan M M.Firm life cycle,corporate risk taking and investor sentiment[J].Accounting & Finance,2015,doi:10.1111/acfi.12141.
[43] Hail L and Leuz C.International differences in the cost of equity capital:Do legal institutions and securities regulation matter?[J].Journal of Accounting Research,2006,44(3):485-531.
[44] Hambrick D C and Mason P A.Upper echelons:The organization as a reflection of its top managers[J].Academy of Management Review,1984,9(2):193-206.
[45] Harjoto M A,et al.Board diversity and corporate risk taking[R].Social Science Electronic Publishing,2014.
[46] Hayes R M,et al.Stock options and managerial incentives for risk taking:Evidence from FAS 123R[J].Journal of Financial Economics,2012,105(1):174-190.
[47] Hilary G and Hui K W.Does religion matter in corporate decision making in America?[J].Journal of Financial Economics,2009,93(3):455-473.
[48] Jiraporn P,et al.Does corporate governance influence corporate risk-taking? Evidence from the Institutional Shareholders Services(ISS)[J].Finance Research Letters,2015,13:105-112.
[49] John K,et al.Corporate governance and risk-taking[J].The Journal of Finance,2008,63(4):1679-1728.
[50] Kahneman D and Tversky A.Prospect theory:An analysis of decision under risk[J]. Econometrica,1979,1(1):53-70.
[51] Kim E H and Lu Y.CEO ownership,external governance and risk-taking[J].Journal of Financial Economics,2011,102(2):272-292.
[52] Kim K H and Buchanan R.CEO duality leadership and firm risk-taking propensity[J].Journal of Applied Business Research,2008,24(1):27-41.
[53] King T H D and Wen M M.Shareholder governance,bondholder governance and managerial risk-taking[J].Journal of Banking & Finance,2011,35(3):512-531.
[54] Kini O and Williams R.Tournament incentives,firm risk and corporate policies[J].Journal of Financial Economics,2012,103(2):350-376.
[55] Koerniadi H,et al.Corporate governance and risk-taking in New Zealand[J].Australian Journal of Management,2014,39(2):227-245.
[56] La Porta R,et al.Law and finance[J].Journal of Political Economy,1998,106(6):1113-1155.
[57] Li J T and Tang Y.CEO hubris and firm risk taking in China:The moderating role of managerial discretion[J].Academy of Management Journal,2010,53(1):45-68.
[58] Li K,et al.How does culture influence corporate risk-taking?[J].Journal of Corporate Finance,2013,23(4):1-22.
[59] Liu Y X and Mauer D C.Corporate cash holdings and CEO compensation incentives[J].Journal of Financial Economics,2011,102(1):183-198.
[60] Low A.Managerial risk-taking behavior and equity-based compensation[J].Journal of Financial Economics,2009,92(3):470-490.
[61] Lumpkin G T and Dess G G.Clarifying the entrepreneurial orientation construct and linking it to performance[J].Academy of Management Review,1996,21(1):135-172.
[62] McLean R D and Zhao M X.The business cycle,investor sentiment,and costly external finance[J].The Journal of Finance,2014,69(3):1377-1409.
[63] Mishra D R.Multiple large shareholders and corporate risk taking:Evidence from East Asia[J].Corporate Governance:An International Review,2011,19(6):507-528.
[64] Morck R,et al.Management ownership and market valuation:An empirical analysis[J].Journal of Financial Economics,1988,20(1):293-315.
[65] Nakano M and Nguyen P.Board size and corporate risk taking:Further evidence from Japan[J].Corporate Governance:An International Review,2012,20(4):369-387.
[66] Nguyen P.Corporate governance and risk-taking:Evidence from Japanese firms[J].Pacific-Basin Finance Journal,2011,19(3):278-297.
[67] Nguyen P.The impact of foreign investors on the risk-taking of Japanese firms[J].Journal of the Japanese and International Economies,2012,26(2):233-248.
[68] Nini G,et al.Creditor control rights and firm investment policy[J].Journal of Financial Economics,2009,92(3):400-420.
[69] Paligorova T.Corporate risk taking and ownership structure[R].Bank of Canada Working Paper,2010.
[70] Palmer T B and Wiseman R M.Decoupling risk taking from income stream uncertainty:A holistic model of risk[J].Strategic Management Journal,1999,20(11):1037-1062.
[71] Peltomäki J,et al.Age,gender and risk-taking:Evidence from the S&P 1500 executives and firm riskiness[R].Social Science Electronic Publishing.
[72] Schumpeter J A.The theory of economic development:An inquiry into profits,capital,credit,interest and the business cycle[J].Social Science Electronic Publishing,1934,25(1):90-91.
[73] Su W and Lee C Y.Effects of corporate governance on risk taking in Taiwanese family firms during institutional reform[J].Asia Pacific Journal of Management,2013,30(3):809-828.
[74] Tian X and Wang T Y.Tolerance for failure and corporate innovation[J].Review of Financial Studies,2014,27(1):211-255.
[75] Wang C J.Board size and firm risk-taking[J].Review of Quantitative Finance and Accounting,2012,38(4):519-542.
[76] Wintoki M B,et al.Endogeneity and the dynamics of internal corporate governance[J].Journal of Financial Economics,2012,105(3):581-606.
[77] Wiseman R M and Gomez-Mejia L R.A behavioral agency model of managerial risk taking[J].Academy of Management Review,1998,23(1):133-153.
[78] Wright P,et al.Impact of corporate insider,blockholder and institutional equity ownership on firm risk taking[J].Academy of Management Journal,1996,39(2):441-458.
[79] 李文贵,余明桂.所有权性质、市场化进程与企业风险承担[J].中国工业经济,2012,12:115-127.
[80] 奈特F H.风险、不确定性和利润[M].王宇,王文玉,译.北京:中国人民大学出版社,2005.
[81] 余明桂,李文贵,潘红波.管理者过度自信与企业风险承担[J].金融研究,2013a,1:149-163.
[82] 余明桂,李文贵,潘红波.民营化、产权保护与企业风险承担[J].经济研究,2013b,9:112-124.
[83] 张瑞君,李小荣,许年行.货币薪酬能激励高管承担风险吗[J].经济理论与经济管理,2013,8:84-100.
[84] 朱玉杰,倪骁然.机构投资者持股与企业风险承担[J].投资研究,2014,8:85-98.
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王菁华, 茅宁. 企业风险承担研究述评及展望[J]. 外国经济与管理, 2015, 37(12): 44–58.
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