摘要
文章从公司治理的角度对Bowman悖论进行了剖析。实证研究的结果显示:(1)公司治理水平对企业的风险具有负向的影响,对企业的回报具有正向的影响;(2)公司治理水平的高低决定了企业风险-回报的表现。由此可知,导致企业风险-回报负相关的重要原因是公司治理水平的差异,良好的公司治理可矫正管理层的风险倾向,进而实现企业的低风险-高回报;而那些管理层的风险认知和风险行为出现严重"偏差"的企业,一定是在公司治理上存在着某种缺陷。对于这样的企业,监管部门应给予特别的关注。
The paper examines Bowman’s paradox from the perspective of corporate governance. Empirical results indicate that （1） corporate governance level has a negative effect on firms’risk, and a positive effect on firms’return;（2） corporate governance level determines the firms’risk-return performance. We argue that difference in corporate governance is a significant cause resulting in risk-return paradox. Effective corporate governance can correct managerial risk propensity and bring about both lower risk and higher return. Corporate governance of the firms with higher risk and lower return should be paid more attention, and troubled firms should be put under serious supervision.
出处
《管理评论》
CSSCI
北大核心
2010年第7期46-52,共7页
Management Review
