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以中国A股非金融类上市公司为样本,本文检验银行关联是否能影响企业在投资决策中的风险承担。通过企业董事、总经理和财务总监的银行任职经历来判断企业是否具有银行关联,检验结果发现:(1)有银行关联的企业比无银行关联的企业具有显著更高的风险承担水平;(2)银行关联的风险承担效应主要源自曾任的银行关联和国有的银行关联;(3)相对于非国有企业,银行关联对国有企业投资决策中风险选择的影响显著更小。
Taking the Chinese A-share non-financial listed companies as samples, this paper examines whether the bank association can affect the firm’s risk appetite in investment decisions. Judging whether an enterprise has a bank connection through the experience of serving as a director, general manager and chief financial officer of the bank, the test results show that: (1) enterprises with bank-related businesses have a significantly higher level of risk-taking than those without bank-related businesses; (2) (3) Compared with non-state-owned enterprises, the impact of bank association on risk selection in the investment decision-making of state-owned enterprises is significantly smaller than that of the previous state-owned banks.