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我国国有和民营上市企业风险倾向对比研究

, PP. 53-60

Keywords: 风险倾向,国有企业,民营企业

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Abstract:

?文章旨在洞悉制度因素对企业风险行为影响的内在机理。通过我国国有和民营上市企业风险倾向实证对比,结果发现:(1)金融危机爆发前,在整体层面和行业层面上,国有企业较民营企业都更倾向于冒险,且二者间的差距不断缩减;(2)危机爆发后,不同目标水平情况下,国有和民营企业风险倾向间的对比较此前出现了一定变化;(3)在高于目标水平情况下,国有和民营企业的风险倾向均与前景理论的预期相悖。这表明制度因素在很大程度上决定了我国企业风险行为,同时,企业自身改革、发展水平,以及所处的经济大环境也会对其风险倾向产生一定的影响。因此,我国企业风险管理机制构建应立足改革与发展,努力实现政府、企业和市场多方联动,内外兼修。

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