债务契约与企业风险承担:影响效果及机制检验

以2007-2018年沪深A股上市公司为研究样本,考察债务契约对企业风险承担的影响.结果表明,债务契约显著提升了企业风险承担.进一步分析发现,债务契约主要通过降低管理者与股东之间的代理成本而达到提升企业风险承担的治理效应,具体表现为代理成本在债务契约与企业风险承担之间关系中发挥了部分中介效应.同时发现,契约期限异质性、经理管理防御与管理层持股在债务契约对企业风险承担的影响中发挥调节作用.

Debt Contracts and Enterprise Risk-taking: Effect and Mechanism Test

This paper takes listed companies from 2007 to 2018 as research samples to study the impact of debt contract as an external governance mechanism on enterprise risk-taking. Research results show that debt contract significantly increases enterprise risk-taking, and further analysis found that debt contract improves enterprises'' risk-taking mainly by reducing the agency cost between managers and shareholders, which is embodied in that agency costs in the relationship between debt contract and enterprise risk-taking plays a partial mediation effect. At the same time, it is found that the debt maturity structure, management defense and management shareholding play a moderating role in the influence of debt contract on enterprise risk-taking. This paper enriches the literature in the field of debt contract and enterprise risk-taking, and has certain significance for enterprises to attach importance to the risk project investment to achieve high-quality economic development.