董事会规模、多元化战略与企业风险承担

不确定的外部竞争环境和公司战略定位对企业的风险承担水平具有重要影响.以2005-2015年沪深A股上市公司为研究对象,以董事会规模作为门槛变量,分析当董事会人数在不同区间下多元化战略的实施对企业风险承担产生的影响.研究表明:随着董事会人数的增加,多元化战略与企业风险承担呈现先增后减的变化趋势,且二者存在基于董事会规模的双重门槛效应.

Board Size, Diversification Strategy and Enterprise Risk-taking

Uncertain external competitive environment and corporate strategic positioning has an important influence on enterprise risk-taking. Based on the Shanghai and Shenzhen A-share listed companies from 2005 to 2015, we use the board size as the threshold variable, examining the diversification strategy''s influence on enterprise risk-taking under different board sizes. The results show that with the increased number of board directors, the relationship between diversification strategy and enterprise risk-taking showed a trend of "increasing first, decreasing later". There exists a double threshold effect between diversification strategy and enterprise risk-taking. These conclusions enrich and expand the research category of corporate governance, strategic management and risk-taking.