公司的不当行为如何影响公司的生存风险?-来自中国的证据
Ling Lu1,2
1Postdoctoral Workstation, Jiangxi University of Finance and Economics, Nanchang, China.
PloS one
|December 5, 2024
概括
企业的不当行为显著提高了公司的生存风险,侵蚀了投资者的信心,并收紧了融资. 这种增加的风险对于中国的非国有小型企业来说尤其严重.
科学领域:
- 企业金融公司财务
- 公司治理 公司治理
- 风险管理 风险管理
背景情况:
- 公司生存是金融市场的一个关键问题.
- 对于投资者和政策制定者来说,了解影响企业生存的因素至关重要.
- 之前的研究已经探索了企业长寿的各种决定因素.
研究的目的:
- 调查公司不当行为对公司生存风险的影响.
- 分析错误行为影响生存的潜在机制.
- 根据公司和区域特征,检查生存风险的异质性.
主要方法:
- 对中国上市公司 (2000-2022) 的数据集进行了生存分析.
- 使用了内源性考虑和强度测试.
- 机制分析探讨了投资者信心和融资限制.
主要成果:
- 企业的不当行为显著增加了公司的生存风险.
- 这种影响是由投资者信心下降和融资约束增加所介导的.
- 非国有,小规模,低股权集中度和东部地区的公司在不当行为后面临更大的生存风险.
结论:
- 企业的不当行为对公司的生存构成重大威胁.
- 投资者信心和融资限制是将不当行为与生存风险联系起来的关键道.
- 特定公司和区域因素加剧了与不当行为相关的生存风险.
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