论文部分内容阅读
以深圳证券交易所中小板上市的非国有控股企业为研究样本,考察了不同市场化程度下,中小企业的企业家初始财富集中度和风险厌恶程度等异质性特征对企业投资水平的影响。研究发现,中小企业的企业家异质性特征是影响企业投资水平的重要因素,随着市场化进程的加深,企业家异质性特征对企业投资水平的影响作用表现有所差异。对该问题的研究有助于更为全面的理解市场环境、企业家异质性对企业投资水平的影响,对企业家投资决策行为具有重要的借鉴意义。
Taking the non-state-controlled enterprises listed on the SME board of Shenzhen Stock Exchange as the research sample, the paper investigates the influence of the heterogeneity of entrepreneurial wealth concentration and risk aversion on the investment level of SMEs under different degrees of marketization. The study finds that the entrepreneurial heterogeneity of SMEs is an important factor affecting the level of investment in enterprises. With the deepening of marketization, the effect of entrepreneurial heterogeneity on the level of investment in enterprises is different. The research on this issue will help to understand the market environment more completely, the influence of heterogeneity of entrepreneurs on the investment level of enterprises, and it will be of great reference to the investment decision-making behavior of entrepreneurs.