摘要
企业风险承担是制造业服务化影响企业行为的重要途径。本文基于2013-2019年中国制造业上市公司数据,检验了制造业服务化对企业风险承担的影响效果。结果表明,随着制造业服务化上升,制造业服务化对企业风险承担的主导效应由“战略激进”变为“风险规避”,即两者之间存在倒“U”型的非线性关系,其中代理成本起了中介作用,且受到行业集中度与股权集中度的影响。此外还探究了产权性质、董事长总经理兼任和企业地区的异质性。本文研究对制造业服务化进程中的企业内部风险管理有借鉴意义,也能为宏观政策制定提供可靠参考。
Risk-taking is an important way for manufacturing service to affect enterprise behavior.Based on the data of Chinese manufacturing listed companies from 2013 to 2019,this paper tests the impact of manufacturing service on enterprise risk-taking.The results show that with the rise of manufacturing service,the leading effect of manufacturing service on enterprise risk-taking has changed from“strategic positive”to“risk aversion”,that is,there is an inverted“U”relationship between them,and agency cost plays an intermediary role,and the relationship is affected by different enterprise characteristics and the concentration of industry and equity.The research of this paper can be used as a reference for enterprise internal risk management in the process of manufacturing service,and can also provide a reliable reference for macro policy-making.
出处
《投资研究》
CSSCI
北大核心
2022年第3期4-20,共17页
Review of Investment Studies
基金
国家社科基金青年项目:“政府补贴机制调整与中国战略性新兴产业绩效提升研究”(17CGL009)
关键词
企业风险承担
制造业服务化
非线性
行业集中度
股权集中度
Servitization of manufacturing
Corporate risk taking
Nonlinear
Industry concentration
Equity concentration
