企业多元化经营对风险承担水平的影响研究——基于客户集中度遮掩效应的视角
Research on the Impact of Enterprise Diversification on the Level of Risk Bearing—Based on the Perspective of Customer Concentration Masking Ef-fect

本文选取了2009~2019年我国A股上市公司作为样本，通过构建中介效应模型，实证检验了企业多元化经营对风险承担水平的影响以及该影响与客户集中度之间的关系。研究发现：企业多元化程度与风险承担之间呈显著正相关；多元化与客户集中度之间显著负相关；客户集中度在企业多元化经营与风险承担水平之间存在的间接效应显著且表现为“遮掩效应”，即企业多元化经营通过减少对客户集中度的抑制作用，来促进对风险承担水平的直接促进作用。本文通过对我国上市公司多元化和风险承担水平的深入分析，为企业合理多元化提供了新的思路与理论依据。
This paper selects China’s A-share listed companies from 2009 to 2019 as a sample, and empirically examines the impact of diversified operations on the level of risk bearing and the relationship be-tween this impact and customer concentration by constructing an intermediary effect model. The study found that there was a significant positive correlation between the degree of enterprise di-versification and risk taking; diversification is significantly negatively correlated with customer concentration; the indirect effect of customer concentration between the diversification of enter-prise operations and risk bearing is significant and manifested as the “masking effect”, that is, the diversified operation of enterprises promotes the direct promotion of risk bearing level by reducing the inhibition effect on customer concentration. Through in-depth analysis of the diversification and risk bearing level of listed companies in China, this paper provides new ideas and theoretical basis for the reasonable diversification of enterprises.