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本文使用我国沪深交易所1999到2010年的上市公司数据样本,研究境外机构投资者和国家持股对企业风险承担的影响,同时以国内机构投资者作为对比。发现境外与国内机构投资者与企业的风险承担正相关,国家持股与风险承担负相关。实证结果证明了机构投资者能提高企业的风险承担水平,国家持股会降低企业的风险承担水平。
This paper uses the sample data of listed companies in Shanghai and Shenzhen Stock Exchanges from 1999 to 2010 to study the impact of overseas institutional investors and state-owned shares on corporate risk taking. Meanwhile, it compares with domestic institutional investors. It is found that there is a positive correlation between the foreign and domestic institutional investors and enterprises’ risk appetite, and the state shareholding is negatively related to the risk commitment. Empirical results show that institutional investors can enhance the level of risk-taking enterprises, state-owned shares will reduce the level of risk-taking enterprises.