金字塔层级、政府放权与地方国有企业风险承担

【摘要】金字塔结构是我国国有企业常用的、用以减轻政府对企业干预程度但同时保留政府对企业决策权的组织架构，而政府放权有助于企业提高风险承担水平。本文研究这样的问题：地方国有企业金字塔层级怎样影响其风险承担水平、作用机理是什么、以及政府放权在这一过程中扮演什么样的角色？本文以2004-2014年在沪深A股上市的地方国有企业为研究样本，研究发现：其一，增加地方国有企业的金字塔层级能促进企业提升风险承担水平；其二，在市场化程度较高的地区，地方国企的风险承担水平相对更高，且不同金字塔层级的企业之间的风险承担水平差异相对较小；其三，金字塔层级的增加有助于减轻企业的政策性负担，提高政府放权程度，从而提升企业风险承担水平。本文的研究结论丰富了地方国有企业风险承担方面的文献，同时有助于明晰市场化进程在金字塔层级影响企业风险承担过程中承担的角色，以及金字塔层级促进风险承担的作用机理。

【关键词】地方国有企业；金字塔层级；政府放权；企业风险承担

【Summary】Pyramid structure is a common corporate structure in China, especially for those State-0wned Enterprises(SOEs). It can not only reduce the degree of government intervention to an enterprise, but also reserve government’s decision-making power. This is a kind of government decentralization, which can help the enterprise improve its corporate risk-taking. In this article, we look at the questions that how the layer of corporate pyramid affects its level of risk-taking, that what its mechanism is, and that government decentralization plays what role in this process. This article takes a sample of local state-owned companies listed in the SH and SZ A-shares from 2004 to 2014. The study finds that: First, increasing the pyramid level of local SOEs can promote them to increase their risk-taking level; Second, in the regions where the degree of marketization is high, local SOEs have a relatively higher level of risk exposure, and the level of risk-taking among firms among different pyramid levels is relatively small. Third, the pyramid-level increase helps to reduce the policy burden on companies and increase government decentralization, so as to enhance the level of corporate risk exposure. The conclusions enrich the literature on local state-owned enterprises' risk-taking, help to clarify the role of the marketization process in the pyramid-level impact on corporate risk-taking and the mechanism of these phenomena.

【Keywords】local State-Owned Enterprise; Corporate Pyramid; Government decentralization; Corporate Risk-Taking