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本文选用了2010-2014年上市民营企业相关数据,运用回归模型检验方法分析了管理者持股、市场化程度与民营企业风险承担之间的关系。研究发现:管理者持股比例越高,则民营企业风险承担水平越高,二者为正相关关系,也就是通过股权激励可以提高民营企业风险承担水平;市场化程度与民营企业风险承担之间存在正相关关系,市场化程度较高时,行政干预较少,民营企业在有充分自主经营权条件下,其风险承担水平会提高;管理者持股与市场化程度的交互效应与民营企业风险承担负相关,即在提高民营企业风险承担方面,管理者持股与市场化程度间存在替代关系。
This article selects the relevant data of listed private enterprises from 2010 to 2014, and uses the regression model test method to analyze the relationship between managers’ ownership, degree of marketization and risk-taking of private enterprises. The study found that: the higher the proportion of managers holding shares, the higher the level of risk-taking private enterprises, the two is a positive correlation, that is, equity incentives can improve the level of risk-taking private enterprises; the degree of market-oriented and private enterprises risk commitment There is a positive correlation between them. When the degree of marketization is high, administrative intervention is small, and the level of risk-taking of private-owned enterprises under the conditions of full autonomy will increase. The interaction between the degree of ownership of the managers and marketization and the risk of private enterprises Bear the negative correlation, that is to improve the risk-taking of private enterprises, there is an alternative relationship between the shareholding of managers and the degree of marketization.