北京航空航天大学学报(社会科学版) ›› 2016, Vol. 29 ›› Issue (5): 76-82.DOI: 10.13766/j.bhsk.1008-2204.2014.0575

• 经济与管理 • 上一篇    下一篇

TMT风险容忍度、公司创业与企业价值——基于中国主板上市公司的实证研究

方世建, 朱猛   

  1. 中国科学技术大学 管理学院, 安徽 合肥 230026
  • 收稿日期:2014-11-06 出版日期:2016-09-25 发布日期:2016-08-23
  • 作者简介:方世建(1955-),男,安徽合肥人,教授,博士,研究方向为微观金融理论与创业认知.
  • 基金资助:

    国家自然科学基金资助项目(71172214)

TMT's Risk Tolerance,Corporate Entrepreneurship and Firm Value: An Empirical Analysis Based on Main-board Listed Companies in China

FANG Shijian, ZHU Meng   

  1. School of Management, University of Science and Technology of China, Hefei Anhui 230026, China
  • Received:2014-11-06 Online:2016-09-25 Published:2016-08-23

摘要:

通过分别构造TMT风险容忍度和公司创业代理变量,以2006-2013年主板上市公司为研究样本,从公司创业视角来实证研究TMT风险偏好、大企业创业活动之间的关系以及它们对企业价值的动态影响。结果发现:企业价值与TMT风险容忍度显著负相关;TMT风险厌恶程度越低,企业越有可能进行公司创业;虽然创新性、自我更新和先动性等公司创业活动是企业实现“价值创造”的有效途径,但目前中国上市公司的创业水平明显不足。

关键词: 风险容忍度, 公司创业, 自我更新, 先动性, 企业价值

Abstract:

With respective construction of top management team's risk tolerance proxy and corporate entrepreneurship proxies, this paper tests and confirms the relation between TMT's risk preference and corporate entrepreneurship and their dynamic effect on firm value from the perspective of corporate entrepreneurship by taking 2006-2013 main-board listed companies in China as the sample. This study shows that: there is significantly negative correlation between firm value and TMT's risk tolerance; the less TMT's risk-aversion is, the more likely firm engages in business venture; although corporate entrepreneurial activities have become effective ways for enterprises to achieve "value creation", including innovation, self-renewal and proactiveness, listed companies in China do not pay enough attention to it.

Key words: risk tolerance, corporate entrepreneurship, self-renewal, proactiveness, firm value

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