商业研究

商业研究

• 商经理论 • 上一篇    下一篇

财政分权、风险承担与企业绩效

谢乔昕1,2，宋良荣2   

  1. （1.浙江工业大学 之江学院，杭州 310000；2.上海理工大学 管理学院，上海 200093）
  • 收稿日期:2016-03-09 出版日期:2016-05-10
  • 作者简介:谢乔昕（1986-），男，山东临沂人，浙江工业大学之江学院讲师，上海理工大学管理学院博士研究生，研究方向：企业投融资管理；宋良荣（1966-），男，湖南新田人，上海理工大学管理学院教授，博士生导师，管理学博士，研究方向：风险管理。
  • 基金资助:
    国家自然科学基金项目，项目编号：71171135；上海市一流学科项目“管理科学与工程”， 项目编号：S1201YLXK；浙江省社科联一般项目，项目编号：2016N57Y。

Fiscal Decentralization, Risk Taking and Firm Performance

XIE Qiao-xin1,2,SONG Liang-rong2   

  1. (1. Zhijiang College of Zhejiang University of Technology, Hangzhou 310000,China; 2. School of Business, University of Shanghai for Science and Technology, Shanghai 200093, China)
  • Received:2016-03-09 Online:2016-05-10

摘要： 本文以2006-2013年中国非金融行业上市公司为样本，检验财政分权是否影响企业风险承担，分析财政分权下企业风险承担行为的经济后果。研究结果发现:财政分权越不充分的地区，企业风险承担水平越高；企业风险承担水平提高总体上对绩效构成显著地促进作用，但在财政分权不充分地区，这种促进作用受到抑制；财政分权对于企业风险承担的影响存在所有权性质差异，其对民营企业风险承担行为的影响效应更为明显；财政分权对企业风险承担以及绩效提升的促进作用更多地存在于财政分权充分地区。

关键词: 财政分权, 风险承担, 企业绩效

Abstract: Using data of listed companies in China from 2006 to 2013 as sample, this paper tests whether fiscal decentralization affects corporate risk-taking, and analyzes the possible economic consequences of corporate risk-taking. We find that there is a significantly negative association between fiscal decentralization and corporate risk-taking; risk-taking is conductive to improve the firm performance, but the conductive effect is inhibited in regions with more inadequate fiscal decentralization; the effect of fiscal decentralization on the corporate risk-taking is different from the state-owned companies and non state-owned companies. Compared with the state-owned companies, the relationship between fiscal decentralization and corporate risk-taking is more significant in non state-owned companies. In the region with more adequate fiscal decentralization, the positive effect between risk-taking and firm performance is bigger.

Key words: fiscal decentralization, risk taking, firm performance