传统宗教、市场化进程与企业风险承担

Abstract

选取2001-2014年在A股主板上市的非金融类企业为样本,考察传统宗教对企业风险承担的影响。结果表明,企业受传统宗教影响越大,其风险承担水平越低,且市场化进程能显著抑制这种负向关系。进一步研究表明,相对于国有企业,传统宗教的风险规避效应对非国有企业影响更大,且市场化进程的宗教抑制效应主要存在于非国有企业。同时,传统宗教会显著降低企业市场价值,而企业风险承担能抑制这种负面价值效应。

Using a sample of 13979 firm-year observations from Chinese stock the period of 2001 to 2014,we study the effect of traditional religion on corporate risk-taking. The results show that the relationship between the traditional religion and corporate risk taking is remarkable negative correlation. Firms located where traditional religion is stronger,corporate risk-taking is lower, and the effect between traditional religion and corporate risk-taking will be significantly weaken by the market liberalization. In addition, we found that the effect between traditional religion and corporate risk-taking will be different because of different nature of firms, specifi- cally,the property rights of state-owned can significantly reduce the effect between traditional religion and corporate risk-taking. At the same time, the traditional religion can significantly reduce the market value of the company, and the negative value effect of tradi- tional religion can be suppressed by the increase of corporate risk-taking.