摘要
全面风险管理的有效实施能够整合风险与战略,推动企业创新能力的发展。本文基于2007—2023年间中国非金融类上市企业数据,运用文本分析法构建全面风险管理有效性指标,采用固定效应模型实证分析了全面风险管理有效性对企业创新的影响,结果显示全面风险管理有效性对企业创新具有显著的正向作用。在通过指标敏感性检验、更换回归模型、剔除特定时间样本和工具变量回归等检验后,该结论仍保持稳健。异质性分析表明,相较于非国有企业,国有企业实施全面风险管理对创新的促进作用更为明显。机制研究中进一步发现全面风险管理通过缓解融资约束、提高企业效益,有效促进了企业创新。本项研究夯实了全面风险管理有效性对企业创新正面影响的实证基础,为激发市场活力,推动高质量发展提供了启示。
The effective implementation of enterprise risk management integrates risk and strategy,driving the development of corporate innovation capabilities.Based on data from China’s A-share non-financial listed enterprises from 2007 to 2023,this study constructs an ERM effectiveness indicator using text analysis and employs a fixed-effects model to empirically analyze the impact of ERM effectiveness on corporate innovation.The results indicate that ERM effectiveness has a significantly positive effect on corporate innovation.This conclusion remains robust after sensitivity tests of indicators,alternative regression models,exclusion of specific timeperiod samples,and instrumental variable regression.In heterogeneity analysis,it is found that compared to private enterprises,the innovation-promoting effect of ERM implementation is more pronounced in state-owned enterprises.Further mechanism analysis reveals that ERM effectively enhances corporate innovation by mitigating financing constraints and efficiency-driven value creation.This study strengthens the empirical foundation for the positive impact of ERM effectiveness on corporate innovation and provides insights for stimulating market vitality and advancing high-quality development.
作者
王正文
刘佳琪
唐甜
Wang Zhengwen;Liu Jiaqi;Tangtian(Economics and Management School,Wuhan University;Ningbo National Institute of Insurance Development,Wuhan University;National Financial Regulatory Administration Shanghai Office)
出处
《经济评论》
北大核心
2025年第6期128-142,共15页
Economic Review
基金
国家社会科学基金一般项目“网络安全风险管理促进企业数字化转型的机制与政策研究”(24BJY069)的资助。
关键词
全面风险管理
融资约束
企业创新
高质量发展
Enterprise Risk Management
Financing Constraints
Corporate Innovation
Highquality Development
