摘要
绩效和公司价值往往为学术界和实务界所重视,而风险这一反映企业行为的经济后果以及企业质量的重要指标往往被忽视。这样的一个结果是,一些看似业绩很好的公司一夜之间轰然倒塌。从已有的文献看,公司治理具有改善公司业绩及公司价值的作用,同样,我们认为,公司治理应该具有风险效应,即它可能影响到公司的风险。本文以我国证券市场2002-2005年的上市公司为研究对象,研究了公司治理对企业财务风险的影响。实证结果表明,我国上市公司的公司治理结构对企业财务风险具有一定的影响。本文的研究为人们深入认识公司治理的作用以及通过合理构建公司治理结构来有效降低企业财务风险具有一定的启示意义。
The scholars and firms always pay great attention to the performance and value of firms while ignoring firm risk which is an important index to reflect the quality of a firm and consequences of firm behaviors. One of the results of this ignoring is that some companies with good performance bankrupt abruptly. Existing literatures show that corporate governance can improve the performance and value of a firm. Based on this, we think that corporate governance may also have risk effect, that is, it can influence the risk of a firm. This paper studies the relationship between corporate governance and firm risk by using the data of listed companies in China from 2002 to 2005. Our result indicates that corporate governance can influence firm risk of Chinese listed companies. The result of this paper can help us to recognize deeply the use of corporate governance and try to reduce firm risk by constructing effective corporate governance structure.
出处
《会计研究》
CSSCI
北大核心
2008年第10期52-59,共8页
Accounting Research
基金
中国人民大学科学研究基金项目(项目编号:07XNA005)的阶段性成果
