关键词: 风险偏好, 杠杆率, 企业价值

Abstract: Risk preference stems from the investment of enterprises in projects with higher risks but positive expected net present value, which reflects the full utilization of investment opportunities by enterprises and has a great significance for both micro-enterprises and macro-economy. From a micro perspective, a higher risk preference reflects the risk-taking and innovative spirit of managers, which is specifically manifested in higher R&D expenditures and capital expenditures, which is conducive to enterprises gaining competitive advantages. Moreover, the essence of profit is the return on risk. In order to obtain high returns, corresponding risks must be taken. For the macro-economy, the higher risk preference of enterprises can accelerate the accumulation of social capital, improve production efficiency, and benefit the long-term growth of the economy. In a perfect market, enterprises should choose all projects with positive expected net present value to maximize the value of enterprises. However, the existence of risk aversion will cause some enterprises to give up some projects with higher risks but positive expected net present value, which is not conducive to maximizing the value of enterprises. For Chinese enterprises in the period of structural transformation, how to make executives have a moderate risk-taking spirit while avoiding excessive risk-taking behavior is worthy of research by the theoretical and practical circles.
From the perspective of agency cost and precautionary motivation, this paper examines the relationship between mechanism of risk preference and corporate value, and conducts further research based on the nature of property rights and equity concentration. Using China’s A-share listed companies from 2009 to 2020 as a sample, the results find that: first, risk preference is significantly positively correlated to enterprise value. When risk preference increases, enterprise value will also increase; second, leverage ratio has a positive impact on risk preference and enterprise value. The positive correlation between them has a mediating effect that is, as risk preference increases, the leverage ratio will increase, thereby promoting corporate value. Furthermore, compared with non-state-owned enterprises and companies with low ownership concentration, the incentive effect of risk preference on corporate value is obvious in state-owned enterprises and companies with high ownership concentration. This article relatively completely explores the logic of risk preference affecting corporate value. From the perspective of leverage ratio, it explores the channels through which risk preference affects corporate value, refines the research on the relationship between risk preference and corporate value, and has implications for corporate investment and financial decision-making.
Different from the existing literature, which mainly studies the impact on corporate value from the perspective of asset structure, decision-making power allocation and ownership nature, this paper directly analyzes and tests whether corporate risk preference will enhance corporate value, and deepens the value-related research into corporate risk preference from the perspective of risk preference. In addition, some studies have explored the impact of corporate governance, equity incentives and other factors on corporate risk-taking. Corporate value is mentioned in the article as the economic consequence of risk preference. However, existing research is not enough on the mechanism through which risk preference affects corporate value. In depth, this article explores the channels of risk preference on corporate value from the perspective of leverage ratio, and details the research on the relationship between the two. Finally, in view of the particularity of China’s institutional background and the reality of high ownership concentration, this paper explores the moderating effects of the nature of property rights and ownership concentration, and finds that the incentive effect of risk preference on corporate value occurs mostly in state-owned enterprises, and in non-state-owned enterprises. It is not significant among enterprises, but compared with enterprises without concentrated equity, the promoting effect of risk preference is obvious in enterprises with concentrated equity, which can add new perspectives for theoretical and practical circles to improve enterprise value and manage enterprise risk preference in the Chinese context.

Key words: risk preference, leverage ratio, enterprise value