财经理论与实践2025，Vol.46Issue(3)：109-117,9.DOI:10.16339/j.cnki.hdxbcjb.2025.03.014
风险承担会抑制民营企业绩效吗
Will Risk-Taking Inhibit the Performance of Private Enterprises
摘要
Abstract
Using the data of A-share listed private enterprises from 2004 to 2022,this paper studies the impact of risk taking on the performance of private enterprises and the role of board team characteristics in it.The results show that the risk taking of listed private enterprises will significantly inhibit their performance.The increase of directors' education level will alleviate the negative impact of risk taking on firm performance,and the heterogeneity of directors' education-al background and professional heterogeneity play a U-shaped moderating role in the relationship between risk taking and firm performance.Additionally,risk-taking influences private enterprise performance by increasing financing constraints and reducing the shareholding proportion of long-term institutional investors,and the cooperative culture achieves the integration of differences.In view of this,enterprises should carefully adjust their risk bearing strategies,actively optimize the structure of the board team,continuously deepen the culture of cooperation,and assist in the high-quality development of the enterprise.关键词
风险承担/企业绩效/董事会团队特征Key words
risk-taking/corporate performance/board team characteristics分类
管理科学引用本文复制引用
贺志芳,蔡锴潮,王雪萍..风险承担会抑制民营企业绩效吗[J].财经理论与实践,2025,46(3):109-117,9.基金项目
国家社会科学基金后期资助项目(21FJYB003) （21FJYB003）
国家自然科学基金面上项目(72473053) （72473053）
