Abstract：Taking Chinese A-share listed companies as samples, we empirically test the impact of chain shareholders on corporate risk-taking. It is found that cross-ownership can increase corporate risk-taking by supervision effect, information effect and resource effect. The positive effects are more significant in the situation of high industry competition and low economic policy uncertainty. Compared with state-owned, institutional and foreign cross-ownership are more helpful to improve corporate risk-taking. Although the shareholding of cross-ownership is positively correlated with corporate risk-taking, the appointment of directors by cross-ownership leads to over supervision effect, which reduces corporate risk-taking. Economic consequence shows that cross-ownership can enhance corporate value by enhancing corporate risk-taking.
杜善重，马连福 . 连锁股东对企业风险承担的影响研究[J]. 管理学报, 2022, 19(1): 27-.
DU Shanzhong，MA Lianfu. Research on the Impact of Cross-Ownership on Corporate Risk-Taking. Chinese Journal of Management, 2022, 19(1): 27-.
