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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

• 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

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.