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以2003~2013年沪深A股非金融类上市公司为样本,分析了公司董事会的特征如何影响其咨询功能与监督功能的发挥,从而如何作用于企业风险承担决策。检验结果表明,董事会规模与企业风险承担水平显著负相关,独立董事比例与风险承担水平显著正相关,董事长与总经理两职兼则对企业风险承担没有显著影响。此外,国有企业与民营企业的董事会特征对企业风险承担影响存在差异。进一步分析表明,更高的风险承担水平有利于提高企业市场价值。
Abstract：Using data of A-share listed companies from 2003 ~2013 as sample,this paper analyzes how the characteristics of the board influence its supervision and advisory function,thus influence corporate decisions on risk- taking. The results reveal that,there is a significantly negative correlation between board size and corporate risk-taking,and there is a significantly positive correlation between the proportion of independent director and corporate risk-taking. Besides,CEO / Chairman duality shows no correlation with corporate risk-taking. Further results show that,board characteristics of state- owned enterprises and private enterprises have different influence on risk-taking. Meanwhile,I find that risk-taking has a significantly positive impact on firm's market value. Results show that board can improve market value by influencing risk- taking option. Besides,this paper helps to understand the effect of board governance,and thus can shed lights on policy implications and formulation.
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基本信息:
DOI：
中图分类号:F271;F272.3;F832.51
引用信息:
[1]郑晓倩.董事会特征与企业风险承担实证研究[J].金融经济学研究,2015,30(03):107-118.
基金信息: