The Positive Analysis Between Capital Structure And Enterprise-wide Risk Management

With the development of the economy,there are more and more enterprise financing activities and financing risk.Different capital structure causes different risk level.So,in order to maintain stable operation,enterprise must carry out the risk management.Risk management which is the core content of business management,provides reasonable guarantee for enterprise goal.At present,the academic research is increasing emphasis on risk management;however, little literature explored factors which are impacted on risk management.This paper is focusing on that capital structure how to impact on risk management,and trying to make a useful attempt.This paper analysis by combination of normative research method and positive analysis. Firstly,it analyses theoretically the capital structure and its influence on risk management,then combined with an empirical analysis.Overall,the analytical framework compatible with the normative studys'logical reasoning and empirical studies' description and explanation.The main conclusions are shown as follows:(1) The asset-liability ratio and the variable whether chairman holds a concurrent position of general manager has a significant impact on enterprise risk management;(2) Because of the special capital structure,long-term debt ratio,the ratio of bank lending, the proportion of state-owned shares,equity restriction ratio have influence on risk management, but this influence was not significant;(3) The factor whether listing oversea does not have a significant impact on risk management.