Research On The Relationship Between Social Capital Of Top Management Team,Marketization Degree And Enterprise Risk-taking

Reasonable risk-taking is the cornerstone of the company's development.As the main force of company decision-making and operation,top management team can bring benefits and create value for the company by identifying,grasping and utilizing the opportunities in risk investments.However,most of the current studies focus on ownership structure and corporate governance mechanism,there is a lack of research on how the social capital of top management team affect corporate risk-taking.This paper studies the relationship between the social capital of top management team and enterprise risk-taking,and verifies the moderating effect of marketization degree to enrich existing literature,which has a great practical significance on enterprise development.Based on the special market environment of our country,the paper chosen the listed company of A-share as the main research object,used the methods of theoretical and statistical analysis to conduct the research.First of all,the paper deduced the relationship between the various dimensions of social capital owned by top management team and enterprise risk-taking through the method of literature research,and then adjustment the effects of marketization degree,proposed research hypotheses respectively and established a theoretical model for study.Secondly,based on the theoretical model,the paper established variable system and used the panel data of the listed company for empirical analysis to verify the research hypothesis.Finally,the study made a conclusion from the empirical result and put forward targeted suggestions.The main conclusions of this paper are as follows.Political,financial,academic and oversea social capital have a significant positive correlation with the corporate risk-taking.The degree of marketization can strengthen the positive correlation between executives' oversea social capital and corporate risk-taking,and weaken the positive correlation between executives' political,financial,academic social capital and corporate risk-taking.According to the research of this paper,the following suggestions are summarized.As for the top management team,social capital can promote the level of risk-taking of enterprise,therefore,executives can develop and accumulate social capital actively according to their own conditions.As for the corporate,they should make reasonable selection of managers according to their own market environment.Also,they should pay attention to those high-risk investment projects but expected net present value investment in the process of decision-making,and rationally allocate capital to high-risk investment fields with valuable growth,so as to enhance the core competitive and ultimately maximum enterprise value.