Financial Ecologic Environment,Financial Connection And Corporate Risk-Taking

Since the economic transformation, the private economy has gradually become an important part of the national economy.However, as the important contribution to the national economic development of private enterprises are facing difficulties in financing difficulties, the shortage of funds has become a big private enterprise to a greater and stronger Road on the road.China’s financial system, imperfect financial markets and property rights protection system is not perfect, so that private enterprises in many aspects are suffering from financing discrimination, and private enterprises own credit, financing costs are higher, the mortgage and guarantee is difficult to achieve its financing is more snow and frost.For the survival and development of enterprises, private enterprises have to start looking for ways to solve this problem, a new financing channel will produce a financial connection.Private enterprises in the financial institutions through the hiring or former executives, the rapid establishment of financial institutions, especially the relationship between the banks, so as to break the situation of its financing difficult.At present, the research on the relationship between the academic circle and the finance is mainly focused on the financial constraint effect and the value of the enterprise.Enterprise’s risk not only plays an important role in the development of enterprises, but also plays a very important role in social and economic growth.According to the net present value of the investment law, accept those high risk and high net present value of investment projects to improve the value of enterprises, and the greater the risk of the enterprise means higher capital budget efficiency and higher resource allocation efficiency, is conducive to the scientific and technological progress.The existing literature on corporate governance and external macroeconomic factors, the impact of its impact on corporate risk, almost no literature from the perspective of financial relevance of its impact on corporate risk.With the financial related enterprises in the more credit funds, if it can reasonably use, the capital more investment in those high risk but expected net present value of the project, which will undoubtedly increase the value of the enterprise, improve the risk level, so as to promote the development of enterprises, this paper is meaningful to study the impact of financial risk.In this paper, we take the non-financial private listing Corporation as the initial research sample in our country 2010-2014, in accordance with certain standards and requirements, the final screening of 2010-2012 years of private listing Corporation, a total of 1604 sample observations as the final sample.First, this paper studies the financial relevance of private listing Corporation risk level is a significant impact, in order to a more comprehensive understanding of the impact of financial risk taking on the enterprise, the financial risk is divided into the bank’s financial and non-bank financial relevance, to examine whether the impact is different.Second, taking into account the imbalance of China’s economic development level, the introduction of the financial ecological environment of this adjustment variable, the study of different financial ecological environment will affect the financial relevance of the enterprise risk level.First, the financial relationship has a significant impact on the risk of private listing Corporation.Among them, the bank financial relevance of the risk of private listing Corporation to take a greater impact.This may be caused by the effect of the financial related resources, the resource effect of the financial related to the enterprise has brought the human resources with sufficient funds and financial investment skills, so it can improve the enterprise’s risk level; relative to the non-bank finance, bank financial related to the enterprise to obtain credit funds more direct, so the impact of Bank Financial Association will be greater.Second, with the improvement of the financial ecological environment, the impact of the financial relationship on the risk of the enterprise is gradually weakened.In areas with low financial ecological environment, the risk level of financial related enterprises and non-financial related enterprises are increasing, and in the areas with high ecological environment, the risk level of financial related enterprises and non-financial related enterprises are small.The research of this paper is to provide a reference for the establishment of the financial relationship between enterprises in different areas of the financial ecological environment and provide the basis for the government departments to promote the reform and improvement of the financial system.