Performance Expectation Gap,Financial Flexibility And Enterprise Risk-taking Level

In recent years,the global political,economic and social environment has become more complex and unstable,and the outbreak of the COVID-19 epidemic has made many enterprises face the challenge of survival.In order to resist the risks and impacts brought by the changes in the external environment,and accurately grasp the favorable business opportunities and investment opportunities,enterprises need to carefully choose the behavioral strategies that are conducive to their own development,improve their ability to bear risks,and strengthen their adaptability to the changes in the internal and external environment.The outbreak of the epidemic has caused a large number of enterprises to fall into a situation of poor performance.Whether an enterprise can grow and develop in this economic environment and stand out in the industry depends on whether the enterprise has the ability to adjust in time and the courage to take risks.Therefore,it is necessary to explore and tap the relationship between performance feedback and enterprise risk-taking.This paper attempts to clarify the relationship between performance expectation gap,financial flexibility and enterprise risk-taking level,further clarify the motivation sources that affect enterprise risk-taking level,and provide new ideas for improving the current situation of enterprise management and improving enterprise risk-taking willingness and ability,so as to promote the continuous development of industry and social economy.From a theoretical perspective,the core ideas of enterprise behavior theory and performance feedback theory provide a theoretical basis for the view that the performance expectation gap will affect the enterprise risk-taking level.Further combing the relevant literature and research results,it is found that there are conflicting research conclusions on the relationship between performance expectation gap and enterprise risk-taking level in the academic community.This paper puts forward the research hypothesis by comprehensively analyzing the perspective of prospect theory and threat rigidity theory and combining the existing research results;At the same time,based on the enterprise behavior theory and prospect theory,this paper analyzes the regulatory effect of equity concentration and equity checks and balances between performance expectation gap and enterprise risk-taking level,as well as the regulatory effect of industry competition on the relationship between performance expectation gap and enterprise risk-taking level.In order to test the research hypothesis of this paper,the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 are taken as the research sample,and the corresponding regression model is constructed for empirical test.The results show that there is an inverted U-shaped relationship between the performance expectation gap and enterprise risk-taking level;Financial flexibility plays an intermediary role in the path that the performance expectation gap affects the enterprise risk-taking level;The degree of equity balance positively regulates the relationship between performance expectation gap and enterprise risk-taking level;Equity concentration and industry competition negatively adjust the relationship between performance expectation gap and enterprise risk-taking level;The more intense the industry competition is,the more significant the negative regulatory effect of equity concentration on the relationship between performance expectation gap and enterprise risk-taking level is.Combined with theoretical analysis and empirical results,this paper attempts to give relevant suggestions,in order to optimize the corporate governance structure and improve the decision-making efficiency of management.Also,this paper tries to enrich the research results of performance feedback and corporate behavior theory,and provide certain enlightenment significance for improving the corporate risk-taking level and strengthening the awareness of corporate risk prevention.