民族精神的赓续传承与企业风险承担——基于相机治理能力的视角

The Continuity of National Spirit and Corporate Risk-taking: A Perspective on Contingent Governance Capacity

李少林,王振宇,陈泽

2026 第 52 卷 第 08 期 页码 154-168

DOI: 10.16538/j.cnki.jfe.20260619.302

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摘要

在历史车轮来到百年变局的关键节点,积极发挥民族精神赓续传承对稳定企业风险承担作用,对于发掘和创新风险管理模式,持续推动中国经济行稳致远具有重要意义。文章综合运用工商企业注册数据、国内和国际供应商—客户数据以及沪深A股上市企业文本数据,利用自然语言处理技术有效识别民族精神赓续传承,系统考察了其对企业风险承担的影响及作用机制。研究发现:第一,民族精神赓续传承能够有效提升企业管理者的风险治理能力,稳定企业风险承担水平;第二,该治理过程具有相机性,其作用效果集中于企业过度风险承担的情形,而不会对企业欠度风险承担阶段造成过度干扰;第三,民族精神赓续传承能够促使管理者采取积极主动的避险策略,通过产业链供应链多元化与创新驱动双路径相机平抑企业过度的风险承担。文章结论表明,民族精神的赓续传承能够赋能风险冲击下的企业相机治理能力,这为从非正式制度视角稳定企业风险承担水平与维护国家经济安全提供了重要的政策启示。

Amid accelerating global transformation and profound environmental restructuring, the surge in corporate risk-taking poses a severe threat to the survival of firms, with excessive risk exposure prone to triggering cascading failures. Consequently, exploring governance models that balance development with security is critical for navigating China’s economic transition through volatile periods. This necessitates not only formal institutional designs but also informal institutions to forge corporate ethos.

Integrating business registration, supplier-customer, and A-share textual data, this paper employs Natural Language Processing (NLP) to quantify the continuity of national spirit and systematically examines its spillover effects and mechanisms on corporate risk-taking. The results indicate that: (1) The continuity of national spirit enhances managerial risk-governance capabilities, thereby stabilizing corporate risk-taking levels. (2) This governance effect is contingent, effectively mitigating excessive risk-taking without interfering with instances of under-risk-taking. (3) The continuity of national spirit incentivizes proactive hedging strategies, curbing excessive risk-taking through a dual pathway of supply chain diversification and innovation-driven responses.

This paper makes the following marginal contributions: First, it provides a contingent perspective on the interplay between informal institutions and corporate behavior, breaking the paradigm of viewing their relationship as static. The adaptive nature of this governance effect to firms’ risk states reflects the vitality of informal institutions. Second, it introduces national spirit as a novel organizational-cultural determinant in the study of corporate risk-taking. Third, it highlights the role of national spirit in boosting corporate innovation and optimizing supply chain risk structures.

The policy implications of this paper are as follows: First, give priority to informal institutions to create an institutional environment conducive to long-term sustainability, prudent management, and responsibility orientation. Second, establish specific supply chain risk monitoring and compensation mechanisms, encouraging firms to maintain sufficient redundancy to bolster systemic resilience. Third, leverage the innovative genes of national spirit to build an innovation-driven risk governance system.

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