政企博弈视角下的僵尸企业风险承担研究：倾向、行为模式和经济后果

公司风险承担行为不仅在微观上影响股东和其他利益相关者的利益，而且在宏观上影响长期经济增长。已有研究主要关注普通上市公司风险承担的决定因素，对僵尸企业的风险承担缺乏关注。从理论上讲，僵尸企业作为陷入财务困境的企业，更有可能采取风险行为。因此，本项目重点研究中国僵尸企业的风险承担行为及其经济后果。本项目将回答下列问题。第一，与普通企业相比，僵尸企业是否具有更加明显的风险承担倾向？第二，在政企博弈视角下，除了传统的负债、研发和并购行为，僵尸企业的风险承担有哪些新的行为模式？第三，僵尸企业的风险承担行为是改善还是恶化了企业绩效？是“浴火重生”还是“回光返照”？在理论上，本项目有望从僵尸企业角度揭示公司风险承担的新原因，从政企博弈视角发掘公司风险承担的新行为模式，以及洞悉公司风险承担行为和绩效的非线性关系。在实践上，本项目将为完善公司治理机制和处置僵尸企业提供新思路。

The influence of corporate risk-taking behavior is not confined to its effect on the interests of shareholders and other stakeholders in the micro, but also extends to the long-term economic growth in the macro. The existing researches mainly focus on the determinants of risk-taking of normal listed companies, and lack of attention on the risk-taking of zombie enterprises. In theory, as enterprises in financial dilemma, zombie enterprises are more likely to take risks. Therefore, this project pays close attention to the research of corporate risk-taking behavior and its results of zombie enterprises in China. This project will answer the following three questions. First, compared with normal enterprises, will zombie enterprises have a more obvious propensity of risk taking? Second, what are the main aspects of risk taking in zombie enterprises? Except for the traditional perspective of debt, R&D and M&A, is there any new behavioral model of risk taking for zombie enterprises? Third, how do those risk-taking behaviors of zombie enterprises affect their performance? Is it “rise from the ashes” or just “momentary recovery just before death”? In theory, this project provides new causes for corporate risk-taking literature, explores new model of risk taking from the perspective of government-business relations, and indicates the non-linear relationship between risk-taking behavior and performance. In practice, this project provides new perspective for improving corporate governance and disposing zombie enterprises.