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市场取向的改革本质上是利益结构的调整,改革中的利益冲突不可避免地会引发类似于罢工、群体性事件等社会冲突现象。本文通过匹配地区社会冲突、制度和企业决策数据,考察了社会冲突、制度对企业风险承担决策的影响,我们发现:(1)社会冲突加剧会减小企业风险承担水平,但是制度与冲突的交互项为正,良好的制度可以缓解社会冲突对企业风险承担水平的冲击;(2)通过将制度细化为契约制度和产权制度,结果发现产权制度本身对于中小企业风险承担水平的提高作用更加明显,但是在缓解冲突的负向冲击上,契约制度发挥着更重要的作用;(3)制度对于社会冲突对企业风险承担负向冲击的缓解作用在民营企业中更显著,但是随着2008年经济刺激计划的推行,市场化进程放缓和中小企业风险承担水平有所下降,制度的润滑作用也有所减弱。
The market-oriented reform is essentially the adjustment of the interest structure. The conflict of interest in the reform will inevitably lead to social conflicts such as strikes and mass incidents. This paper examines the impact of social conflicts and institutions on corporate risk-taking decisions by matching regional social conflict, institutional, and corporate decision-making data. We find that: (1) Intensified social conflicts reduce the level of corporate risk-taking, but the interaction of institutions and conflicts The project is positive. A good system can mitigate the impact of social conflicts on the level of corporate risk-taking; (2) It refines the system into a contract system and a property rights system. The result shows that the property rights system itself has a more pronounced effect on the level of risk-taking for SMEs. However, the contract system plays a more important role in resolving the negative impact of conflict; (3) The mitigation effect of the system on the negative impact of social conflict on corporate risk taking is more pronounced in private enterprises, but with the economy in 2008 The implementation of the stimulus plan, the slowing down of the marketization process, and the decline in the level of risk taking by SMEs have also reduced the lubrication of the system.