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本文实证检验行业管制和股权激励对上市公司风险承担的影响。结果显示,股权激励降低了上市公司的风险承担水平,并与上市公司风险承担呈负相关,行业管制与上市公司风险承担呈正相关,但不能否定股权激励的积极作用。结论表明行业管制有一定的合理性,对自然垄断行业的管制有利于提高上市公司的风险承担水平。
This paper empirically tests the impact of industry regulation and equity incentive on the risk appetite of listed companies. The results show that equity incentive reduces the risk-bearing level of listed companies and is negatively correlated with the risk appetite of listed companies. Industry regulation is positively correlated with the risk-taking of listed companies, but can not negate the positive role of equity incentive. The conclusion shows that the control of the industry is reasonable. The control of the natural monopoly industry is conducive to raising the level of risk-taking of listed companies.