董監高特徵與企業風險承擔水準的關聯性研究──以中國上市公司交通運輸行業為例

The Impact of the Characteristics of the Board Committee, Supervisors’Board, and Executives on the Risk-Taking Level

基於新冠疫情對整體經濟的重大影響，也引起了企業對風險承擔能力的重視。本文以2019年至2021年度中國上市公司交通運輸業為樣本，探討董監高特徵與企業風險承擔水準的關係。研究發現：(1)整體看來董事會規模對風險承擔水準有負向顯著性。(2)獨立董事在重大突發事件衝擊時風險承擔水準極低的企業中會對企業風險承擔水準有正向顯著影響。(3)男性董監高占比在總體平均狀況來說明顯會導致公司承擔更大的經營風險，尤其在一般情况下風險承擔水準較低與重大突發事件衝擊時風險承擔水準極低的企業中作用更為顯著。(4)董監高的平均年齡在整體看來與公司風險水準呈正向顯著關係。(5)董監高的財務金融背景在風險承擔水準較低的企業中呈現顯著負向影響，然而在重大突發事件的衝擊下，應變能力不足。(6)在重大突發事件的衝擊下，交通運輸業的董監高並未發揮應有的功能。本文也針對研究發現提出了相應的建議。

In view of the significant impact of the COVID-19 epidemic on the economy as a whole, it has also drawn attention to the risk-taking ability of enterprises. This paper explores the relationship between director and supervisor characteristics and corporate risk-taking standards using a sample of Chinese-listed companies in the transportation industry from 2019 to 2021. The study finds that: (1) Overall, the size of the board of directors has a negative significance on the level of risk-taking. (2) Independent directors have a significant positive impact on the level of risk-taking in enterprises with extremely low levels of risk-taking during major emergencies. (3) The high proportion of male directors and supervisors in the overall average situation clearly leads to companies taking on greater operational risks, especially in enterprises with generally low levels of risk-taking and extremely low levels of risk-taking during major emergencies. (4) The average age of Directors, Supervisors, and Senior Management is positively and significantly correlated with the company's risk level as a whole. (5) The financial and financial background of Directors, Supervisors, and Senior Management has a significant negative impact on enterprises with lower levels of risk-taking, but under the impact of major emergencies, the ability to adapt is insufficient. (6) Under the impact of major emergencies, Directors, Supervisors, and Senior Management in the transportation industry have not played their due role. This article also proposes corresponding suggestions based on the research findings.