Research On The Influence Of Corporate Risk Taking On Debt Financing Cost

The cost of corporate debt financing is an important factor affecting the development of enterprises,as well as the quality of national economic development and the upgrading of industrial structure.In order to improve the quality of enterprise development,the cost of enterprise debt financing must be reduced.Corporate risk taking is the level of risk that an enterprise is willing to take in order to pursue a high return on investment.Theoretically,corporate risk taking will affect the cost of corporate debt financing,so it is a research topic of practical significance to explore and analyze the development law of corporate risk taking and corporate debt financing cost,as well as in-depth analysis of the influence process and degree of corporate risk taking on corporate debt financing cost.In this context,on the basis of consulting relevant literatures,this thesis summarizes current academic literatures on the impact of corporate risk taking on debt financing cost,designs the research framework and research methods,and scientifically defines corporate risk taking and debt financing cost.This thesis analyzes the change law of enterprise risk bearing and debt financing cost over time and the law they present in different industries and enterprise scale,and preliminarily analyzes the relationship between them.In this thesis,debt financing cost is taken as the explained variable,enterprise risk taking as the core explanatory variable,and enterprise size,enterprise research and development,executive compensation,number of employees,financial leverage and capital turnover as the control variable,to build a panel model that controls enterprise individuals and years.Further,this thesis collected data of 1015 A-share listed enterprises from 2010 to 2021,carried out empirical regression on the model,carried out heterogeneous,robust and endogenous processing,and in-depth analyzed the moderating effect of equity concentration on corporate risk taking affecting debt financing cost.Through the research,this thesis draws the following conclusions:Firstly,the trend of enterprise risk taking decline,and the risk taking of tertiary industry is higher than that of other industries;Second,the cost of debt financing has decreased significantly,and the cost of debt financing of large-scale enterprises is higher than that of small-scale enterprises.Thirdly,corporate risk taking plays a positive role in promoting debt financing costs.Fourthly,equity concentration has a negative moderating effect on the degree of corporate risk taking affecting debt financing cost.