管理者持股、制度环境与民营企业风险承担研究.pdf

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1、ABSTRACTWiththedevelopmentoftheeconomictransformationinChina,privateenterpriseshavebecomeanimportantpartofChina'seconomicdevelopmentButalargenumberofsmallandmedium-sizedprivateenterprisesstillfacetheproblemthattheycan'tsurvivelonger.Privateenterprises

2、playanimportantroleinsolvingtheCTiploymentinourcountry,andcreatingthegrossdomesticproduct(GDP).Theauthorthinksthatthedevelopmentoftheprivateenterprisesneednotonlytheirowninternalgovernance,atthesametimealsoneedgoodproperexternalsystemenvironment.Somes

3、cholarshavestudiedtherelationshipbetweenenterprisegovernanceandenterpriseperformance,andgoodgovernancecanimprovetheperformanceofenterprises.Theyshouldbegoodatoptimizingenterpriseinternalmanagementandintegrationofexternalresourcestodevelopinthefierceco

4、mpetitionenvironment.Nowadays,thegovernment'scontrolanddispositionofeconomicresourcestoacertainextentcanharmthefreedevelopmentofprivateenterprises,andinstitutionaldiscriminationanddesignflawsmakelawsandregulationsontheprotectionoftheprivateenterprisei

5、snotinplace.Enterpriserisk-takingbehaviorisahigh-riskbehavior,anditplaysanimportantroleforenterprisesurvivalanddevelopment.Itisoneofthemostbasicelementsofthelong-termeconomicgrowthinthepursuitofprofitopportunities.Somestudiessuggestthathigherrisk-taki

6、ngbehaviormeansthattheenterprisecanchoosehighriskprojectandthenetpresentvaluegreaterthanzero.Thisrequiresenterpriseneedshighinvestment,theintroductionofnewtechnologyandtalent.Therearemanyfactorsthatcaninfluenceenterpriserisk-takingbehavior*Learningfro

7、mpriorstudyofmanyscholars,thisarticlepointsthatthemanagementsystemofownershipandenvironmentaretwomajorfactorstostudyitsrelationshipwiththeriskexposure.Accordingtothecontentoftheprincipal-agenttheory,enterprisemanagersandtheinterestsoftheownerhaveaconf

8、lictthattheultimategoaloftheownersinanenterpriseistheenterprisebenefitmaximization，interests.Sofacingofthehigh-riskinvestmentprojects，，interventiontotheenterprise.Privateenterpriseisfreetorun,andbusinessenterpriseriskexposurelevels.Third,thema