重商文化、风险承担与企业价值

发布时间：2018-05-06 20:38

本文选题：风险承担 + 重商文化　；参考：《浙江工商大学学报》2017年01期

【摘要】：从制度尤其是非正式制度方面研究公司财务问题是当前学术界的一个新兴方向。文章以我国山西、陕西、浙江和江苏四省上市公司为样本,从非正式制度——文化的视角,探讨了重商文化如何影响企业风险承担及上述影响在不同产权性质公司间的差异,并进一步考察了公司风险承担的经济后果。研究表明:受重商文化影响较强的公司比受重商文化影响较弱的公司风险承担水平更高;与非国有控制公司相比,在国有控制公司重商文化对公司风险承担的影响相对较弱;从公司风险承担的经济后果来看,风险承担水平的提高显著提升了企业价值。文章丰富和拓展了制度环境和公司风险承担的相关研究,对我们深刻理解传统文化在当今经济社会生活中的重要价值和企业应重视对风险性项目的投资都具有重要的意义。
[Abstract]:It is a new direction to study corporate finance from institution, especially informal institution. Taking the listed companies in Shanxi, Shaanxi, Zhejiang and Jiangsu provinces as samples, this paper discusses how mercantilism culture affects the risk bearing of enterprises and the differences among different property rights companies from the perspective of informal institutions-culture. And further investigated the economic consequences of corporate risk-taking. The research shows that the companies with strong influence of mercantilism culture have higher risk bearing level than those with weaker mercantilism culture, and the influence of mercantilism culture on corporate risk assumption is weaker than that of non-state-owned controlled companies. From the point of view of the economic consequences of corporate risk-taking, the increase of risk-taking level has significantly enhanced the value of enterprises. This paper enriches and expands the relevant research on institutional environment and corporate risk-taking, which is of great significance for us to understand deeply the important value of traditional culture in the economic and social life of today and for enterprises to attach importance to investment in risky projects.
【作者单位】：西北工业大学管理学院;
【基金】：国家自然科学基金(71402141) 教育部人文社会科学研究青年基金(14YJC790103) 中国博士后科学基金项目(2015M582705,2016T90943) 陕西省博士后科研项目资助(2016BSYDZZ47)
【分类号】：G05;F275

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