金融去杠杆对企业风险承担的实证研究

为探讨金融去杠杆目标、优化资产配置效率与降低企业风险承担水平的关系，以2008—2018年全部A股上市公司为样本，引入资产配置这一中介变量，实证检验了金融去杠杆与企业风险承担水平之间的关系。研究结果表明，金融去杠杆可以优化资产配置，进而降低企业风险承担水平，资产配置在金融去杠杆对企业风险承担关系作用中发挥了部分中介效应；进一步区分产权性质后发现，相较于国有企业，这一作用机制在非国有企业中更为显著；稳健性检验测试结果中，上述结论仍然成立。

An Empirical Study on Financial Deleveraging on Entrepreneurial Risk Taking

This study is aimed at the discussion of the relationship between financial deleveraging objectives, optimization of the efficiency of enterprise asset allocation and reduction of entrepreneurial risk taking. Taking all A-share listed companies from 2008 to 2018 as samples, this paper introduces the intermediary variable of asset allocation for an empirical test of the relationship between financial deleveraging and entrepreneurial risk-taking level. The results show that financial deleveraging helps to optimize asset allocation, thus reducing the level of entrepreneurial risk taking. Asset allocation exerts a partial intermediary effect on the relationship between leverage and entrepreneurial risk taking. Based on a further distinction of the nature of property rights, it is found that this mechanism is more significant in non-state-owned enterprises than in state-owned enterprises. The conclusion reached above still holds true in the robustness test results.