统计研究 ›› 2020, Vol. 37 ›› Issue (1): 99-109.doi: 10.19343/j.cnki.11-1302/c.2020.01.008

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轻资产运营与企业风险承担:实证分析与影响路径

周泽将 李鼎 王浩然   

  • 出版日期:2020-01-25 发布日期:2020-02-28

Asset-Light Strategy and Corporate Risk-Taking: Empirical Analysis and Influence Path

Zhou Zejiang  Li Ding  Wang Haoran   

  • Online:2020-01-25 Published:2020-02-28

摘要: 轻资产运营已日益普遍,但关于其产生的经济后果及传导机制的研究尚且不足。基于此,本文以2009-2015年中国资本市场上市公司为样本,实证检验了轻资产运营对企业风险承担的提升作用以及不同情境下的影响差异。研究发现:轻资产运营与企业风险承担之间呈现显著正相关关系;与非高科技行业相比,高科技行业轻资产运营对风险承担的促进作用减弱;企业股权集中度削弱了轻资产运营对风险承担的促进作用。进一步地,轻资产运营缓解了企业内部融资约束,降低了有息负债比例,增强了企业投资水平,提高了研发投入和证券投资,以上构成了轻资产运营影响风险承担的主要路径。本文不仅丰富和拓展了轻资产运营和企业风险承担领域的研究,还有助于明晰资产运营模式对风险承担的影响机理。

关键词: 轻资产运营, 企业风险承担, 行业差异, 股权集中度, 影响路径

Abstract: Asset-light strategy becomes increasingly common, but the research on its economic consequences and transmission mechanism is still insufficient. Based on this, this paper takes the listed companies in Chinese capital market from 2009 to 2015 as samples to empirically test the role of asset-light strategy in enhancing the risk-taking level of enterprises and analyze the influence differences in different situations. The research results show that asset-light strategy has a significant positive correlation with enterprise risk-taking; compared with non-high-tech industries, the role of asset-light strategy in promoting risk-taking in high-tech industries is weakened. Ownership concentration hinders the promotion of asset-light operation for risk-taking. Furthermore, asset-light strategy eases the internal financing constraints of enterprises, reduces the proportion of interest-bearing liabilities, and enhances the level of investment and increases R&D and securities investment. The above constitute the main path for the impact of asset-light strategy on risk-taking. This paper not only enriches the relevant research in the field of asset-light strategy and enterprise risk-taking, but also helps us to understand how assets operation model exerts impact on enterprise risk-taking.

Key words: Asset-Light Strategy, Corporate Risk-Taking, Industry Differences, Ownership Concentration, Influence Path