风险承担会抑制民营企业绩效吗？——基于董事会团队特征视角

贺志芳1; 蔡锴潮2; 王雪萍3

风险承担会抑制民营企业绩效吗？——基于董事会团队特征视角

引用本文：贺志芳1，蔡锴潮2，王雪萍3.风险承担会抑制民营企业绩效吗？——基于董事会团队特征视角[J].财经理论与实践,2025,(3):109-117

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作者	单位
贺志芳1，蔡锴潮2，王雪萍3	（1. 江南大学商学院，江苏无锡 214122； 2. 暨南大学产业经济研究院，广东广州 510632；3．乌鲁木齐职业大学基础教育部，新疆乌鲁木齐 830002）

中文摘要:采用2004—2022年A股上市民营企业数据，研究了风险承担对民营企业绩效的影响以及董事会团队特征在其中的作用。研究发现：上市民营企业的风险承担会显著抑制其绩效，董事会受教育水平上升会减轻风险承担对企业绩效的负向影响，董事会教育背景异质性和专业异质性在风险承担与企业绩效的关系中起U形调节作用。此外，风险承担会通过提高融资约束和降低长期机构投资者持股比例影响民营企业绩效，同时合作文化可以实现差异整合。鉴于此，企业应审慎调整风险承担策略，积极优化董事会团队结构，持续深化合作文化，助力企业高质量发展。

中文关键词:风险承担企业绩效董事会团队特征

Will Risk-Taking Inhibit the Performance of Private Enterprises? —Perspectives from Board Team Characteristics

Abstract:Using the data of A-share listed private enterprises from 2004 to 2022, this paper studies the impact of risk taking on the performance of private enterprises and the role of board team characteristics in it. The results show that the risk taking of listed private enterprises will significantly inhibit their performance. The increase of directors’ education level will alleviate the negative impact of risk taking on firm performance, and the heterogeneity of directors’ educational background and professional heterogeneity play a U-shaped moderating role in the relationship between risk taking and firm performance. Additionally, risk-taking influences private enterprise performance by increasing financing constraints and reducing the shareholding proportion of long-term institutional investors, and the cooperative culture achieves the integration of differences. In view of this, enterprises should carefully adjust their risk bearing strategies, actively optimize the structure of the board team, continuously deepen the culture of cooperation, and assist in the high-quality development of the enterprise.

keywords:risk-taking corporate performance board team characteristics

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