论文部分内容阅读
本文首先研究企业生命周期与风险承担的关系,然后在构建投资者情绪指数的基础上,研究投资者情绪对二者关系的调节效应。研究发现:企业处于初创期、衰退期时,其风险承担较大;处于成长期、成熟期时,其风险承担较小。高涨的投资者情绪会增加处于不同生命周期企业的风险承担。本文进一步从产业层面对上述关系检验,研究发现对于不同产业的企业,其生命周期对企业风险承担的影响呈现差异,投资者情绪对二者关系的调节效应也呈现较为显著的非对称性。具体来说,第二产业成长期和成熟期企业的风险承担显著减少,衰退期企业的风险承担显著增加。第三产业成熟期的企业风险承担较小,衰退期的企业风险承担较大。高涨的投资者情绪能够显著增加第二产业成长期企业和第三产业成长期、成熟期以及衰退期企业的风险承担。
This paper first studies the relationship between the enterprise life cycle and risk commitment, and then studies the adjustment effect of investor sentiment on the relationship between the two based on the construction of investor sentiment index. The study found that: enterprises in the start-up period, the recession, the risk of larger; in growth and maturity, its risk-taking is small. A rising investor sentiment will increase the exposure of enterprises at different life cycles. This paper further examines the above relationship from the industrial level. The study finds that for enterprises in different industries, the life cycle has a different impact on the corporate risk appetite, and the investor effect has a more pronounced asymmetry in the regulatory effect on the relationship between the two. Specifically, the risk appetite of enterprises in the growth and maturity stages of the secondary industry is significantly reduced, and the risk appetite of enterprises in the recession period is significantly increased. The tertiary industry has a relatively small risk appetite in the maturity stage and a larger corporate risk exposure in the recessionary period. The rising investor sentiment can significantly increase the risk appetite of the enterprises in the secondary industry and the tertiary industry during their maturation, maturity and recession.