Research On The Impact Of Heterogeneity Of Debt On Corporate Risk-taking

Since the reform and opening-up,the rapid economic growth has produced great impetus to the development of enterprises.However,no matter in the internal system or the external environment,the enterprise is facing high uncertainty,and the change of the external environment also intensifies the risk of enterprises.So,how to bear their own risk? This is not only related to the prospects of the enterprise,but also about the global risk conduction.At present,China's economy is in transition period,it is very important for enterprises to adjust the financial lever,optimize the capital structure and promote the innovation development of enterprises.In this paper,we study the impact of the heterogeneity of debt on firm risk-taking,and further explore whether the improvement of financial ecological environment can optimize the debt mechanism,so as to improve the enterprise risk taking.This paper conducted the following research: first of all,due to different definition of corporate risk-taking,this paper optimized the relevant concepts and presented a new way of measurement.Secondly,according to the heterogeneous debt hypothesis,this paper studied the impact and mechanism of different debt structures and different terms of debt to corporate risk-taking.Finally,the financial ecological environment has a moderating effect on the informal system,which may improve the governance effect of different debt and expand the optimal path of debt governance.This paper further discussed that impact under the background of financial ecological environment.Specifically,the research included definition,literature review,theoretical deduction,model setting,empirical analysis and conclusions.This paper selected the data of Shanghai and Shenzhen stock market from 2007 to 2015 as the research object,the main research conclusion is:Firstly,the operational liability can constrain the behavior of the manager and promote the enterprise risk-taking,but the imperfect credit environment will weaken the enterprise risk-taking.With the improvement of financial ecological environment,the market credit mechanism plays a role,the negative effect of operating debt is weakened,and positive effect is strengthening.Secondly,the financial liability can inhibit the over-investment behavior of enterprises,but will make the under-investment problem become serious.The impact of property rights is mainly reflected in the financial liability.Compared with Non-state enterprises,property rights affects the effect of financial liability and weakens the rigid binding effect of state-owned enterprises,which has a negative impact to enterprises' decision-making and bear a negative impact on enterprise risk-taking.Thirdly,short-term financial liability is positively related to enterprise risk-taking,compare with Non-state enterprise,state-owned enterprises will weaken the impact of short-term financial liability on enterprise risk-taking.However,with the improvement of the financial ecological environment,the influence of property rights will gradually weaken,the role of debt restraint mechanism will be strengthened,which promote the risk-taking of enterprises.Finally,long-term debt has little impact on enterprise risk.In theory,long-term debt includes long-term loans and corporate bonds of enterprises,long-term loans will weaken the risk of enterprises,corporate bonds will improve the risk of enterprises.However,the empirical results are not significant,because the long-term debt ratio is low,and the bond market is not perfect.The contribution of this paper is the following: firstly,new measure of corporate risk-taking is proposed.Then,based on the hypothesis of heterogeneity debt,this paper discusses the impact of debt structure and term difference on enterprise risk-taking,and discusses the impact of financial ecological environment on this problem,which enriched and developed the study between macroeconomic and micro-economic behavior.