摘要
现有关于企业盈亏风险的研究主要基于权衡理论,认为企业的亏损风险随着资本结构(负债率)的增加而增加,是一种线性状态。这一结论忽视了负债的治理效应,根据代理理论和信息传递理论,企业负债的增加可以帮助企业减少代理成本、提高投资谨慎性、增加外部监管等。这一作用反映在企业盈亏风险上就是,不同资本结构的企业,其盈亏风险的影响因素不同,同一影响因素的影响系数也不同。因此,企业在预防亏损风险时,不同资本结构水平的企业,其预防措施也应该不同。
The current research that studies firm's profitability is mainly based on the trade-off theory,which states a positive and linear association between the bankruptcy risk and leverage level.This theory,however,ignores the benefit of debt.According to the agency and signaling theory,increasing debt could help reduce agency costs,increase investment efficiency and improve external monitoring.This indicates that,for firms with different capital structure,the factors that affect their profitability are different.Also,the magnitude of one factor's effect should be different across different firms.Therefore,firms with different capital structure should take a variety of actions to prevent loss.
作者
俞富坤
盛宇华
YU Fukun;SHENG Yuhua(Business School of Nanjing Normal University, Nanjing,Jiangsu 210000,China;Yangzhou Institute of Technology Management College,Yangzhou,Jiangsu 225000,China)
出处
《财经理论与实践》
CSSCI
北大核心
2021年第3期42-48,共7页
The Theory and Practice of Finance and Economics
基金
教育部人文社会科学研究规划基金项目(18YJA790057)
江苏省高职院校教师专业带头人高端研修项目(2019GRFX116)。
关键词
资本结构
盈亏风险
多样性
capital structure
profitability
variety