分类类 分 F275 UDC 类 类类类类 005.1 分分分分分分 分分分分分 分 分 分分 类类类类类类类类类类类类类 分分分分DANGTUANTU 分 分分 分分分 分 分分 分分分 分分分分分 分分分分 2018 分 分 分类类:F275 分分分类分10512 分 分 分2015181112000001 分分☆ 分 分分分分分分分分分分 分分分分分分分分分分分分分 分分分分分分分分 分分分分分分分分分分分分分 分分 分分分分分分分分分分 分分分分分分 分分分分分分分分分 分分分分分分: 分分 分分分分分分: 分分分分分分分分分 分分分分分分分 分分分分分分分分 分分分分 Ownership Structure分Growth and Corporate Risk A Thesis Submitted for the Degree of Master Candidate分Deng Junxiu Supervisor分Huang Xiaobo Hu Bei University Wuhan分China 分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分(分分分分“分分”分分 www.cnki.net)分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分 分分分分分分分分分 CNKI分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分“分分”分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分 分分010分62791817分62793176分62701179分分分分分分分分 分分分分分分 84-48 分分 分分分分 分 分分100084 分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分 分 分分分分分 分 分 分 分 分 分分分分分分分分分分分分分分分 分分分分 分 分 分分分分 分分分分 分分 分分□ 分分□√ 分分 分分 分分分分 分分 E_mail 分分分分分分(分分分)分 分分分 分 分 分 分分分分分分分分分分分分分分分 分分分分分分分) 分分分分分分 分 分分(分分分分分分分分分分 分分分分分分分分分分分分分 分 分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分 分分分分分分分分分分分 2003-2015 分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分 分分分分分分分分分分分分分分分 分分分分分分分分分分1分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分2003-2015 分分分分分分 分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分2分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分 2003 分 2007 分分分分分分分分分分分分分分分分分分分分分分分分分分2008 分 分分分分分分 2008 分分 2010 分分 分分分分分分分分 2011 分分 2013 分分分分分分分分分 分分分分分 2013 分分 2015 分分分分分分分分分3分分分分分分分 分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分2003-2010 分分分 分分分分分分分分分分 分分分分分分分分2010-2014 分分分分分分分分2014-2015 分分分分 分分分分 分分分分分分分分分分分分分分1分分分分分分分分分分分分分分分分分分分分分分分分 A 分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分2分分分分分分分分分分分分分分分分分分 分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分3分分分分分分 分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分A 分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分 I 分分分分分分分分分分分分分分分分分分分分分分分分分1分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分2分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分 II Ownership Structure分Growth and Corporate Risk Abstract Socialism with distinct Chinese characteristics has entered a new era China's economic development has also entered a new era China's economy has shifted from high speed growth stage to high quality development stage Therefore分the enterprise should control the risk better分 continuously optimizing the corporate governance structure and pursuing sustainable development This paper uses the samples of listed manufacturing companies of two cities分 Shanghai and Shenzhen分from 2003 to 2015 in order to statistically analyze and empirically test on equity structure分growth and corporate risk The statistical analysis showed that: (1) the risk of the listed companies in the manufacturing industry has a wave type change The change is not large分and the trend of the listed companies is declining in general The average value of financial risk分operating risk and total risk at the Shanghai stock exchange is larger than the Shenzhen Stock Exchange during the period of time from 2003 to 2015 (2) There are some ups and downs in the risk level of the listed companies on the Shanghai Stock Exchange分but the change is relatively gentle From 2003 to 2007分financial risks分operating risks and total risks showed a slow upward trend that increased sharply in 2008分 showed a slow downward trend from 2008 to 2010 and a downward trend from 2013 to 2015.(3) The volatility of the financial risk分operating risk and total risk of the Shenzhen stock exchange is larger than the volatility of the Shanghai Stock Exchange The financial risk分the operating risk and the total risk showed a downward trend from 2003 to 2010分a upward trend from 2010 to 2014分a downward trend from 2014-2015 The regression analysis of all samples showed that : (1) The more the executives hold分the smaller the financial risk The greater the proportion of A shares 分 the greater the financial risk III 分分分分 Structure[J] Social Science Electronic Publishing分1976分3(4):305-360 [20] Sanford J Grossman and Oliver D Hart 分Oliver Takeover Bids分The Free-Rider Problem分and the Theory of the Corporation[J] The Bell Journal of Economics分1980分11(1):42-64 [21] Cho M H Ownership Structure分Investment分and the Corporate Value: An Empirical Analysis[J] Journal of Financial Economics分1998分47(1):103-121 [22] Clifford G Holderness分Randall S Kroszner分Dennis P Sheehan Were the Good Old Days That Good? Changes in Managerial Stock Ownership since the Great Depression[J] The Journal of Finance分1999分 54(2):435-469 [23] David L Kang分Aege B Sorensen Ownership Organization And Firm Performance[J] Annual Review of Sociology分1999分25(1):121-144 [24] Jahmani Y分Ansari M Managerial Ownership分Risk and Corporate Performance[J] International Journal of Commerce & Management分2006分16(2):86-94 [25] Al‐Najjar B分Taylor P The Relationship between Capital Structure and Ownership Structure[J] Managerial Finance分2008分34(12):919-933 [26] Paligorova T分Xu Z Complex Ownership and Capital Structure[C] China International Conference in Finance分2009:701-716 [27] Ekramy Said Mokhtar分Howard Mellett Competition分Corporate Governance分Ownership Structure and Risk Reporting[J].Managerial Auditing Journal分2013分28分9分分838-865 [28] Dongyun Lin分John Jahera分and Keven Yost Cross-border Bank Mergers and Acquisitions: What Factors Pull and Push Banks Together?[J].Review of Pacific Basin Financial Markets and Policies分2013分 16(4):1-23 [29] Stepanov S分Suvorov A Agency Problem and Ownership Structure: Outside Blockholder as a Signal [J] Journal of Economic Behavior & Organization分2017(133):87-107 [30] Ducassy I分Montandrau S Corporate Social Performance 分Ownership Structure分and Corporate Governance in France[J] Research in International Business & Finance分2015分34(5):383-396 [31] Lozano M B分Martínez B分Pindado J Corporate Governance分Ownership and Firm Value: Drivers of Ownership as a Good Corporate Governance Mechanism[J] International Business Review分2016分 25(6):1333-1343 分分分分分分分分分分 [32] Larry Lang分Eli Ofek分Rene M Stulz Leverage 分Investment and Firm Growth [J] Journal of Financial Economics分1996分40 (1): 3-29 [33] Jonathan Berk分Richard C Green分Vasant Naik Optimal Investment分Growth Options分and Security Returns [J] The Journal of Finance分1999分54(5): 1553 – 1608 [34] Kimberly Frank The effect of growth on the value relevance of accounting data[J] Journal of Bussiness Research分2002分55(1): 69-78 [35] Ramezani C A分Soenen L分Jung A Growth分Corporate Profitability and Value Creation [J].Financial Analyst Journal分2002分46(6): 56-67 [36] Antonio E Bernado分Bhagwan Chowdhry分and Amit Goyal Growth Options分Beta分and the Cost of Capital [J] Financial Management分2007分36 (2): 1-13 分 分 分 分分 分分 4-1 分分分分分分分分分分分分 分分 4-2 分分分分分分分分分分分分分分分分分 分分 4-2 分分分分分分分分分分分分分分分分分 分分分分分分分分分分 分分 5-2 分分分分分分分分分分分分分 logout, save(2) excel replace: /// > tabstat dfl dol dtl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds,stats(mean max sd > p50) col(s) f(%6.4f) variable mean max sd p50 dfl dol dtl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds 1.3458 1.4874 2.2160 0.3676 0.1153 0.0771 0.6113 14.2382 0.7988 0.1402 0.4338 21.5534 0.6073 0.5309 0.2224 0.0000 0.0000 0.0000 0.2030 0.2304 0.0457 -0.2468 0.0000 19.9861 3.6126 2.9136 8.4557 0.7500 0.5997 0.5091 1.0000 50.1800 1.7620 0.7215 1.0000 23.7263 0.7129 0.5503 1.9574 0.2768 0.1988 0.1553 0.2808 15.9686 0.5562 0.2435 0.4956 1.0096 1.0927 1.3498 1.5075 0.4023 0.0000 0.0000 0.5776 5.8503 0.7531 0.1009 0.0000 21.4364 分 分 分分 5-3 logout, save(2) > pwcorr_a excel replace: ///ẽạỉãệẻử ớ6-3 dfl dol dtl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds year,sig dfl dfl 1.000 dol 0.451*** dol dtl wlt gyg gjgl aglt 1.000 0.0000 dtl 0.908*** 0.660*** 0.0000 0.0000 1.000 wlt -0.135*** 0.0000 -0.112*** 0.0000 -0.144*** 0.0000 gyg 0.060*** 0.071*** 0.069*** 0.377*** 0.0000 0.0000 0.0000 0.0000 gjgl -0.157*** -0.111*** -0.150*** 0.0000 0.0000 0.0000 0.131*** 0.106*** 0.138*** 0.0000 0.0000 0.0000 wzzb 0.065*** 0.0000 0.073*** 0.0000 zhd -0.068*** 0.0000 zsr kzr aglt 1.000 0.346*** 0.0000 -0.962*** 1.000 -0.268*** 1.000 0.0000 -0.385*** -0.314*** 1.000 0.0000 0.0000 0.0000 0.081*** 0.0000 -0.762*** 0.0000 -0.338*** 0.0000 -0.242*** 0.0000 0.722*** 0.0000 -0.083*** 0.0000 -0.079*** 0.0000 0.515*** 0.0000 0.200*** 0.0000 0.183*** 0.0000 -0.489*** 0.0000 -0.033*** 0.0001 -0.042*** 0.0000 -0.062*** 0.0000 0.106*** 0.0000 0.108*** 0.0000 -0.023*** 0.0058 -0.099*** 0.0000 0.127*** 0.122*** 0.147*** -0.156*** 0.565*** -0.419*** 0.118*** 0.0000 0.0000 0.0000 zcds 0.133*** 0.0000 0.096*** 0.0000 0.123*** 0.0000 -0.287*** 0.0000 0.042*** 0.0000 -0.209*** 0.0000 0.231*** 0.0000 year -0.062*** 0.0000 -0.038*** 0.0000 -0.400*** 0.0000 -0.565*** 0.0000 0.303*** 0.0000 0.412*** 0.0000 wzzb wzzb zhd -0.013 0.1174 zhd zsr 0.0000 kzr 0.0000 zcds 0.0000 year 1.000 -0.683*** 1.000 0.0000 zsr -0.090*** 0.0000 0.075*** 1.000 0.0000 kzr 0.138*** 0.0000 -0.106*** 0.0000 0.019** 0.0234 1.000 zcds 0.344*** 0.0000 -0.263*** 0.0000 0.075*** 0.0000 0.230*** 0.0000 year 0.428*** -0.322*** -0.161*** -0.309*** 0.0000 0.0000 0.0000 0.0000 1.000 0.204*** 0.0000 1.000 0.0000 分分分分分分分分分分 分分 5-4 分分分分分分 DFL 分分分分分分分分分分分 "C:\Users\Lenovo\AppData\Local\Temp\STD01000000.tmp" xi:reg dfl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds i.year i.year _Iyear_2003-2015 (naturally coded; _Iyear_2003 omitted) Source SS df MS Model Residual 435.789444 21 20.7518783 6747.26568 14111 478156451 Total 7183.05513 14132 508282984 dfl Coef wlt gyg gjgl aglt wzzb zhd zsr kzr zcds _Iyear_2004 _Iyear_2005 _Iyear_2006 _Iyear_2007 _Iyear_2008 _Iyear_2009 _Iyear_2010 _Iyear_2011 _Iyear_2012 _Iyear_2013 _Iyear_2014 _Iyear_2015 _cons -.1231679 0364091 -.1485145 3811244 -.0048395 -.05541 -.1480922 0364164 0886712 0109976 -.0268164 -.0069818 -.0690773 -.0568569 -.1881854 -.2188753 -.2225114 -.2151415 -.2016638 -.1806377 -.2979236 -.4661201 Std Err .0865233 0475245 0498379 0783553 0006909 0144406 0249523 0167713 0066137 0386568 0386656 0381664 0376944 0376992 0382797 0371699 037161 0373541 0376649 0376168 0374484 1722228 t -1.42 0.77 -2.98 4.86 -7.01 -3.84 -5.94 2.17 13.41 0.28 -0.69 -0.18 -1.83 -1.51 -4.92 -5.89 -5.99 -5.76 -5.35 -4.80 -7.96 -2.71 Number of obs F( 21, 14111) Prob > F R-squared Adj R-squared Root MSE = = = = = = 14133 43.40 0.0000 0.0607 0.0593 69149 P>|t| [95% Conf Interval] 0.155 0.444 0.003 0.000 0.000 0.000 0.000 0.030 0.000 0.776 0.488 0.855 0.067 0.132 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.007 -.2927649 -.0567452 -.2462034 2275377 -.0061937 -.0837154 -.1970019 0035424 0757074 -.0647749 -.1026061 -.0817931 -.1429634 -.1307523 -.2632187 -.2917333 -.295352 -.2883604 -.275492 -.2543716 -.3713275 -.8036995 0464291 1295635 -.0508256 5347112 -.0034853 -.0271046 -.0991824 0692904 101635 0867701 0489733 0678294 0048087 0170384 -.1131521 -.1460173 -.1496709 -.1419226 -.1278355 -.1069038 -.2245198 -.1285406 分 分 分分 5-4 分分分分分分 DOL 分分分分分分分分分分分 xi:reg dol wlt gyg gjgl aglt wzzb zhd zsr kzr zcds i.year i.year _Iyear_2003-2015 (naturally coded; _Iyear_2003 omitted) Source SS df MS Model Residual 177.038415 21 8.43040071 4102.06775 14111 290700003 Total 4279.10616 14132 302795511 dol Coef wlt gyg gjgl aglt wzzb zhd zsr kzr zcds _Iyear_2004 _Iyear_2005 _Iyear_2006 _Iyear_2007 _Iyear_2008 _Iyear_2009 _Iyear_2010 _Iyear_2011 _Iyear_2012 _Iyear_2013 _Iyear_2014 _Iyear_2015 _cons -.2010397 1722331 -.0415 0926275 -.0025773 -.0590922 -.0966279 0454756 0323073 -.0080299 -.0092954 -.0054103 -.121291 -.1162354 -.1227275 -.1368701 -.1458559 -.1012127 -.0731833 -.0448727 -.0796408 9513488 Std Err .0674637 0370557 0388595 061095 0005387 0112596 0194557 0130769 0051568 0301414 0301483 029759 029391 0293947 0298474 0289821 0289751 0291256 029368 0293305 0291992 1342852 t -2.98 4.65 -1.07 1.52 -4.78 -5.25 -4.97 3.48 6.26 -0.27 -0.31 -0.18 -4.13 -3.95 -4.11 -4.72 -5.03 -3.48 -2.49 -1.53 -2.73 7.08 Number of obs F( 21, 14111) Prob > F R-squared Adj R-squared Root MSE = = = = = = 14133 29.00 0.0000 0.0414 0.0399 53917 P>|t| [95% Conf Interval] 0.003 0.000 0.286 0.130 0.000 0.000 0.000 0.001 0.000 0.790 0.758 0.856 0.000 0.000 0.000 0.000 0.000 0.001 0.013 0.126 0.006 0.000 -.3332775 099599 -.1176698 -.0271269 -.0036332 -.0811624 -.1347637 0198432 0221991 -.067111 -.06839 -.063742 -.1789013 -.1738529 -.1812323 -.1936788 -.202651 -.1583027 -.1307485 -.1023643 -.1368751 688132 -.0688019 2448672 0346697 2123818 -.0015215 -.0370219 -.0584921 0711081 0424154 0510513 0497992 0529214 -.0636808 -.0586178 -.0642227 -.0800614 -.0890609 -.0441226 -.0156181 0126189 -.0224065 1.214566 分分分分分分分分分分 分分 5-4 分分分分分分 DTL 分分分分分分分分分分分 xi:reg dtl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds i.year i.year _Iyear_2003-2015 (naturally coded; _Iyear_2003 omitted) Source SS df MS Model Residual 3289.41584 21 156.638849 50857.0375 14111 3.6040704 Total 54146.4533 14132 3.83147844 dtl Coef wlt gyg gjgl aglt wzzb zhd zsr kzr zcds _Iyear_2004 _Iyear_2005 _Iyear_2006 _Iyear_2007 _Iyear_2008 _Iyear_2009 _Iyear_2010 _Iyear_2011 _Iyear_2012 _Iyear_2013 _Iyear_2014 _Iyear_2015 _cons -.6032733 3203161 -.3116635 7573754 -.0118835 -.1514924 -.575357 216406 1865614 0342381 -.0318067 0338281 -.2995668 -.2108411 -.4507398 -.5250735 -.5193848 -.4475256 -.3695525 -.2936153 -.5703292 -1.44126 Std Err .2375442 1304756 1368269 2151196 0018967 0396457 0685049 0460446 0181576 1061299 1061541 1047836 1034877 1035007 1050946 1020478 1020233 1025533 1034067 1032746 1028123 472827 t -2.54 2.45 -2.28 3.52 -6.27 -3.82 -8.40 4.70 10.27 0.32 -0.30 0.32 -2.89 -2.04 -4.29 -5.15 -5.09 -4.36 -3.57 -2.84 -5.55 -3.05 Number of obs F( 21, 14111) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.011 0.014 0.023 0.000 0.000 0.000 0.000 0.000 0.000 0.747 0.764 0.747 0.004 0.042 0.000 0.000 0.000 0.000 0.000 0.004 0.000 0.002 = = = = = = 14133 43.46 0.0000 0.0608 0.0594 1.8984 [95% Conf Interval] -1.068891 0645666 -.5798622 3357125 -.0156013 -.2292032 -.7096356 1261524 1509701 -.1737906 -.2398827 -.1715616 -.5024164 -.4137162 -.656739 -.7251007 -.719364 -.6485435 -.5722433 -.4960471 -.7718549 -2.368063 -.1376552 5760655 -.0434648 1.179038 -.0081656 -.0737815 -.4410784 3066595 2221527 2422668 1762693 2392177 -.0967172 -.0079661 -.2447406 -.3250464 -.3194056 -.2465077 -.1668617 -.0911835 -.3688036 -.5144563 分 分 分分 6-1 分分分分分分分分分分 DFL 分分分分分分分 xi:reg dfl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds i.year i.year _Iyear_2003-2015 (naturally coded; _Iyear_2003 omitted) note: kzr omitted because of collinearity Source SS df MS Model Residual 149.835158 20 7.49175792 5607.46536 6110 917752104 Total 5757.30051 6130 939200737 dfl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds _Iyear_2004 _Iyear_2005 _Iyear_2006 _Iyear_2007 _Iyear_2008 _Iyear_2009 _Iyear_2010 _Iyear_2011 _Iyear_2012 _Iyear_2013 _Iyear_2014 _Iyear_2015 _cons Coef Std Err .0905781 1743999 -.023461 1022143 -133.6267 24.54895 4971382 1343799 -.003532 0013889 -.0136431 0306755 -.2148963 0538924 (omitted) 0956345 0121665 0016873 0635028 -.0216595 063751 -.0177076 0642395 -.0721342 0649671 -.0502028 0660923 -.2070381 0701703 -.1918613 0705145 -.1847426 0730979 -.1339149 0750418 -.1458165 0760667 -.0854315 0767382 -.2895485 0768768 -.7037545 3130385 Number of obs F( 20, 6110) Prob > F R-squared Adj R-squared Root MSE = = = = = = 6131 8.16 0.0000 0.0260 0.0228 95799 t P>|t| [95% Conf Interval] 0.52 -0.23 -5.44 3.70 -2.54 -0.44 -3.99 0.604 0.818 0.000 0.000 0.011 0.657 0.000 -.2513072 -.2238372 -181.7513 2337062 -.0062548 -.073778 -.3205443 4324634 1769151 -85.50212 7605702 -.0008092 0464917 -.1092482 7.86 0.03 -0.34 -0.28 -1.11 -0.76 -2.95 -2.72 -2.53 -1.78 -1.92 -1.11 -3.77 -2.25 0.000 0.979 0.734 0.783 0.267 0.448 0.003 0.007 0.012 0.074 0.055 0.266 0.000 0.025 0717838 -.1228007 -.1466339 -.1436396 -.1994926 -.179767 -.3445965 -.3300946 -.3280403 -.2810233 -.294934 -.2358655 -.4402541 -1.31742 1194852 1261752 1033149 1082244 0552242 0793614 -.0694796 -.053628 -.0414449 0131934 003301 0650025 -.1388429 -.0900888 分分分分分分分分分分 分分 6-1 分分分分分分分分分分 DOL 分分分分分分分 xi:reg dol wlt gyg gjgl aglt wzzb zhd zsr kzr zcds i.year i.year _Iyear_2003-2015 (naturally coded; _Iyear_2003 omitted) note: kzr omitted because of collinearity Source SS df MS Model Residual 36.5633848 20 1.82816924 2815.7119 6110 460836645 Total 2852.27529 6130 465297763 dol wlt gyg gjgl aglt wzzb zhd zsr kzr zcds _Iyear_2004 _Iyear_2005 _Iyear_2006 _Iyear_2007 _Iyear_2008 _Iyear_2009 _Iyear_2010 _Iyear_2011 _Iyear_2012 _Iyear_2013 _Iyear_2014 _Iyear_2015 _cons Coef Std Err -.1887908 1235825 0705458 0724307 -60.00059 17.39577 0072688 0952237 -.002117 0009842 -.0629983 0217372 -.0463381 038189 (omitted) 0385593 0086214 0106933 0449991 0044105 045175 -.0009872 0455211 -.1131393 0460367 -.1525266 0468341 -.1390841 0497238 -.0867672 0499677 -.1423377 0517983 -.1555903 0531758 -.1409844 053902 -.0779231 0543779 -.139422 0544761 9478181 221824 t Number of obs F( 20, 6110) Prob > F R-squared Adj R-squared Root MSE = = = = = = 6131 3.97 0.0000 0.0128 0.0096 67885 P>|t| [95% Conf Interval] -1.53 0.97 -3.45 0.08 -2.15 -2.90 -1.21 0.127 0.330 0.001 0.939 0.032 0.004 0.225 -.4310561 -.0714439 -94.10243 -.1794032 -.0040464 -.1056108 -.121202 0534745 2125355 -25.89875 1939409 -.0001875 -.0203858 0285258 4.47 0.24 0.10 -0.02 -2.46 -3.26 -2.80 -1.74 -2.75 -2.93 -2.62 -1.43 -2.56 4.27 0.000 0.812 0.922 0.983 0.014 0.001 0.005 0.083 0.006 0.003 0.009 0.152 0.011 0.000 0216583 -.0775208 -.0841484 -.0902246 -.2033875 -.2443378 -.2365602 -.1847215 -.2438807 -.2598336 -.2466514 -.184523 -.2462144 5129649 0554603 0989075 0929693 0882502 -.0228912 -.0607153 -.041608 0111871 -.0407947 -.051347 -.0353174 0286768 -.0326297 1.382671 分 分 分分 6-1 分分分分分分分分分分 DTL 分分分分分分分 xi:reg dtl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds i.year i.year _Iyear_2003-2015 (naturally coded; _Iyear_2003 omitted) note: kzr omitted because of collinearity Source SS df MS Model Residual 1100.03089 20 55.0015446 44654.1455 6110 7.30837078 Total 45754.1764 6130 7.46397657 dtl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds _Iyear_2004 _Iyear_2005 _Iyear_2006 _Iyear_2007 _Iyear_2008 _Iyear_2009 _Iyear_2010 _Iyear_2011 _Iyear_2012 _Iyear_2013 _Iyear_2014 _Iyear_2015 _cons Coef Std Err -.3280305 4921459 1300683 2884426 -374.5878 69.27563 72172 3792119 -.0076597 0039195 -.0411227 0865645 -.7813867 152081 (omitted) 2361777 0343332 0183893 1792011 0162676 1799014 0319964 1812798 -.3150507 1833332 -.1927699 1865084 -.4687843 1980162 -.3858181 1989877 -.4541564 2062779 -.3237442 2117634 -.2936528 2146555 -.0848364 2165506 -.6268057 2169416 -2.291809 8833754 t Number of obs F( 20, 6110) Prob > F R-squared Adj R-squared Root MSE P>|t| = = = = = = 6131 7.53 0.0000 0.0240 0.0208 2.7034 [95% Conf Interval] -0.67 0.45 -5.41 1.90 -1.95 -0.48 -5.14 0.505 0.652 0.000 0.057 0.051 0.635 0.000 -1.29281 -.4353809 -510.3924 -.021669 -.0153433 -.2108196 -1.079519 6367488 6955174 -238.7831 1.465109 0000239 1285742 -.4832543 6.88 0.10 0.09 0.18 -1.72 -1.03 -2.37 -1.94 -2.20 -1.53 -1.37 -0.39 -2.89 -2.59 0.000 0.918 0.928 0.860 0.086 0.301 0.018 0.053 0.028 0.126 0.171 0.695 0.004 0.009 1688724 -.3329081 -.3364025 -.323376 -.6744483 -.5583922 -.8569659 -.775904 -.8585337 -.738875 -.7144532 -.5093519 -1.052088 -4.023536 303483 3696867 3689377 3873688 0443469 1728523 -.0806026 0042679 -.049779 0913865 1271477 3396792 -.2015237 -.5600817 分分分分分分分分分分 分分 6-2 分分分分分分分分分分分 DFL 分分分分分分分 xi:reg dfl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds i.year i.year _Iyear_2003-2015 (naturally coded; _Iyear_2003 omitted) note: kzr omitted because of collinearity Source SS df MS Model Residual 190.933217 20 9.54666087 1961.29745 7981 245745828 Total 2152.23067 8001 268995209 dfl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds _Iyear_2004 _Iyear_2005 _Iyear_2006 _Iyear_2007 _Iyear_2008 _Iyear_2009 _Iyear_2010 _Iyear_2011 _Iyear_2012 _Iyear_2013 _Iyear_2014 _Iyear_2015 _cons Coef Std Err -.2598878 103528 4631151 2445049 -.0962998 0358498 2041909 1006785 -.0054846 0007119 -.0724302 013724 -.1016074 0234676 (omitted) 0868325 0071265 0191765 0516424 -.0417564 0513222 0441579 049113 -.0240625 0474492 007039 046972 -.1149747 0460154 -.1650469 044093 -.1810531 0436127 -.1873184 043611 -.1559919 0437213 -.1477942 0435954 -.2326567 0434349 -.3328488 1927102 t Number of obs F( 20, 7981) Prob > F R-squared Adj R-squared Root MSE P>|t| = = = = = = 8002 38.85 0.0000 0.0887 0.0864 49573 [95% Conf Interval] -2.51 1.89 -2.69 2.03 -7.70 -5.28 -4.33 0.012 0.058 0.007 0.043 0.000 0.000 0.000 -.4628297 -.0161784 -.1665748 0068348 -.00688 -.0993327 -.14761 -.0569458 9424086 -.0260249 4015471 -.0040891 -.0455277 -.0556048 12.18 0.37 -0.81 0.90 -0.51 0.15 -2.50 -3.74 -4.15 -4.30 -3.57 -3.39 -5.36 -1.73 0.000 0.710 0.416 0.369 0.612 0.881 0.012 0.000 0.000 0.000 0.000 0.001 0.000 0.084 0728626 -.0820561 -.1423614 -.0521165 -.1170753 -.0850384 -.2051769 -.2514807 -.2665453 -.2728074 -.241697 -.2332526 -.3178004 -.7106111 1008023 120409 0588486 1404323 0689502 0991165 -.0247724 -.078613 -.0955609 -.1018294 -.0702867 -.0623359 -.1475129 0449136 分 分 分分 6-2 分分分分分分分分分分分 DOL 分分分分分分分 xi:reg dol wlt gyg gjgl aglt wzzb zhd zsr kzr zcds i.year i.year _Iyear_2003-2015 (naturally coded; _Iyear_2003 omitted) note: kzr omitted because of collinearity Source SS df MS Model Residual 101.203371 20 5.06016853 1448.00418 7981 181431422 Total 1549.20755 8001 193626741 dol wlt gyg gjgl aglt wzzb zhd zsr kzr zcds _Iyear_2004 _Iyear_2005 _Iyear_2006 _Iyear_2007 _Iyear_2008 _Iyear_2009 _Iyear_2010 _Iyear_2011 _Iyear_2012 _Iyear_2013 _Iyear_2014 _Iyear_2015 _cons Coef Std Err -.1748702 0889551 -.0629462 2100878 -.0672126 0308035 1467657 0865067 -.0031337 0006117 -.0579274 0117921 -.1412234 0201642 (omitted) 0210244 0061234 -.0506377 0443731 -.0510139 044098 -.0122079 0421998 -.1381539 0407701 -.0669822 0403601 -.1080822 0395382 -.1628938 0378864 -.1410587 0374736 -.0729327 0374722 -.0416803 037567 -.0282116 0374588 -.0524667 0373209 1.156372 1655838 Number of obs F( 20, 7981) Prob > F R-squared Adj R-squared Root MSE = = = = = = 8002 27.89 0.0000 0.0653 0.0630 42595 t P>|t| [95% Conf Interval] -1.97 -0.30 -2.18 1.70 -5.12 -4.91 -7.00 0.049 0.764 0.029 0.090 0.000 0.000 0.000 -.3492456 -.4747731 -.1275955 -.0228101 -.0043327 -.0810431 -.1807506 -.0004949 3488807 -.0068297 3163415 -.0019347 -.0348118 -.1016963 3.43 -1.14 -1.16 -0.29 -3.39 -1.66 -2.73 -4.30 -3.76 -1.95 -1.11 -0.75 -1.41 6.98 0.001 0.254 0.247 0.772 0.001 0.097 0.006 0.000 0.000 0.052 0.267 0.451 0.160 0.000 009021 -.1376205 -.1374575 -.0949304 -.218074 -.1460986 -.1855873 -.237161 -.2145168 -.146388 -.1153214 -.1016406 -.1256254 8317845 0330279 0363451 0354297 0705146 -.0582339 0121341 -.0305771 -.0886266 -.0676006 0005227 0319608 0452175 0206919 1.48096 分分分分分分分分分分 分分 6-2 分分分分分分分分分分分 DTL 分分分分分分分 xi:reg dtl wlt gyg gjgl aglt wzzb zhd zsr kzr zcds i.year i.year _Iyear_2003-2015 (naturally coded; _Iyear_2003 omitted) note: kzr omitted because of collinearity Source SS df MS Model Residual 1182.68122 20 59.1340611 12855.5185 7981 1.61076539 Total 14038.1998 8001 1.75455565 dtl Coef wlt gyg gjgl aglt wzzb zhd -.6119072 7312019 -.2472655 6694383 -.0139442 -.1798487 Std Err t Number of obs F( 20, 7981) Prob > F R-squared Adj R-squared Root MSE P>|t| = = = = = = 8002 36.71 0.0000 0.0842 0.0820 1.2692 [95% Conf Interval] 2650519 6259803 0917824 2577566 0018225 035136 -2.31 1.17 -2.69 2.60 -7.65 -5.12 0.021 0.243 0.007 0.009 0.000 0.000 -1.131478 -.4958831 -.4271831 164168 -.0175168 -.2487245 -.0923361 1.958287 -.067348 1.174709 -.0103717 -.110973 zsr kzr zcds _Iyear_2004 _Iyear_2005 _Iyear_2006 _Iyear_2007 _Iyear_2008 _Iyear_2009 _Iyear_2010 -.4346676 0600816 (omitted) 1462863 0182453 0121981 1322146 -.120209 131395 0897271 1257389 -.2247338 1214791 -.0542106 1202575 -.3009093 1178084 -.4508534 1128868 -7.23 0.000 -.5524432 -.3168921 8.02 0.09 -0.91 0.71 -1.85 -0.45 -2.55 -3.99 0.000 0.926 0.360 0.475 0.064 0.652 0.011 0.000 1105208 -.246977 -.3777774 -.1567541 -.4628645 -.2899468 -.5318446 -.672141 1820518 2713732 1373595 3362083 013397 1815255 -.0699739 -.2295658 _Iyear_2011 _Iyear_2012 _Iyear_2013 _Iyear_2014 -.4271284 -.3700522 -.2669087 -.2287296 1116569 1116527 111935 1116127 -3.83 -3.31 -2.38 -2.05 0.000 0.001 0.017 0.040 -.6460051 -.5889208 -.4863306 -.4475197 -.2082517 -.1511837 -.0474868 -.0099395 _Iyear_2015 _cons -.4132294 -.675959 1112018 4933757 -3.72 -1.37 0.000 0.171 -.631214 -1.643104 -.1952448 2911863 分 分 分 分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分!分分分分分分分分分分分分分分 分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分 ... management mechanism and vigorously promote equity incentive Third 分 optimize the ownership structure and improve corporate governance Fourth分create conditions to promote the growth of enterprises 分... financial risk分the better the growth分the smaller the financial risk.(2) The larger the proportion of untradeable shares分the smaller the operating risk; the greater the proportion of state-owned shares... operational risk; the better the growth分the smaller the operating risk.(3) Non tradable shares and the greater the proportion of the total risk is small; the greater the proportion of state-owned shares