论文部分内容阅读
文章使用中国A股上市公司企业数据,研究了制度环境作为企业转型升级的基础性决定因素,在企业风险水平与企业绩效关系间所起的调节机制。结果显示:在其他条件不变情况下,转型升级企业风险承担水平与企业市场绩效呈倒U型曲线关系;转型升级中企业的制度环境对企业风险承担与市场绩效的关系有调节作用;其中政府管理水平维度对风险承担与市场绩效关系有显著正向影响;金融服务环境维度对风险承担与市场绩效也有正向促进作用;要协调好企业风险承担水平与绩效的关系,市场主体充分发挥好不同制度环境要素的功效。
Using the data of Chinese A-share listed companies, this paper studies the regulatory mechanisms that the institutional environment plays as the basic determinant of the transformation and upgrading of enterprises and the relationship between the firm’s risk level and firm performance. The results show that: under other conditions remain unchanged, the level of risk-taking enterprises in transformation and upgrading is in an inverted U-shaped curve with the market performance of enterprises; the institutional environment of enterprises in transformation and upgrading has a regulatory effect on the relationship between risk-taking and market performance in enterprises; among them, the government The management level has a significant positive impact on the relationship between risk-taking and market performance. The financial service environment dimension also plays a positive role in risk-taking and market performance. To coordinate the relationship between the level of corporate risk-taking and performance, the market players give full play to their differences The effectiveness of institutional environmental elements.