| 融资约束视角下终极控股股东对企业风险承担的影响 |
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| 引用本文： | 朱卫东,许赛. 融资约束视角下终极控股股东对企业风险承担的影响[J]. 工业技术经济, 2016, 35(3): 78-87. DOI: 10.3969/j.issn.1004-910X.2016.03.011 |
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| 作者姓名： | 朱卫东 许赛 |
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| 作者单位： | 合肥工业大学，合肥 230601 |
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| 摘 要： | 本文利用我国2006～2014年沪深A股非金融类上市企业数据，研究终极控股股东对企业风险承 担的影响以及融资约束在该影响中的作用。结果表明，控股股东现金流权对企业风险承担的 影响呈U型结构，随现金流权的增大，现金流权对企业风险承担的影响由正转负。就我国市 场而言，控制权与现金流权的分离度对企业风险承担具有负向影响，这种负向影响程度随融 资约束的提高而减弱。
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| 关 键 词： | 现金流权 两权分离 企业风险承担 融资约束 |
The Effect on Corporate Risk-taking of Ultimate Controlling Shareholders within Financial Constraints |
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| Zhu Weidong,Xu Sai. The Effect on Corporate Risk-taking of Ultimate Controlling Shareholders within Financial Constraints[J]. Industrial Technology & Economy, 2016, 35(3): 78-87. DOI: 10.3969/j.issn.1004-910X.2016.03.011 |
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| Authors: | Zhu Weidong Xu Sai |
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| Affiliation: | Hefei University of Technology,Hefei 230601 |
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| Abstract: | Using data of A-share listed non-financial companies from 2006-2014 as sample,this p aper analyzes how the ultimate controlling shareholders influence corporate risk -taking,and how financing constraints affect the influence of the ultimate contr olling shareholders on risk-taking.The results show that the relationship betwee n cash flow right of controlling shareholders and risk-taking is reverse inverte d“U”shape.With the increase of cash flow rights,the impact on risk-taking by t he positive into a negative.For our market,the separation of cash flow right and voting right has a negative impact,and it was weakened gradually with the incre ase of the financial constraints. |
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| Keywords: | cash flow right separation of cash flow right and voting right risk-taking financial constraints |
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