Strong Financial Regulation Affects Corporate Risk-Taking:Empirical Evidence from the New Capital Management Regulation
Against the background of increasing economic downward pressure,the operation of real enterprises in China faces more challenges,and the issue of corporate risk-taking is particularly prominent.This paper selects A-share listed companies from 2011-2021 as a sample and uses the implementation of the new capital management regulation as a quasi-natural experiment to test the im-pact of the new capital management regulation on the risk-taking level of enterprises and to explore the risk behavior of micro-enterpri-ses under strong financial regulation.It is found that the new CRA regulation enhances firms'risk-taking levels,especially non-state and low credit-rated firms in the face of strong financial regulatory pressure.The results of the moderating effect test show that firms can mitigate the cost pressure of increased risk-taking under the new regulation by increasing the transparency of their information dis-closure and improving the business environment for firms.
new capital management regulationrisk-takingtransparency of information disclosurebusiness environmentcapital market
国家科技期刊平台
NSTL
万方数据
