| At present,it is an indisputable fact that the market competition is increasingly fierce and the risk is prevailing.To survive in such a complex and changeable environment,enterprises undoubtedly need a certain level of risk-taking.Enterprise's risk taking level is affected by various factors.First of all,the development of the enterprise can not be separated from the surrounding environment.Correspondingly,the decision-making of the enterprise will inevitably be affected by the uncertainty of the surrounding environment.Second,the property rights of enterprises,size,governance structure and other characteristics of the enterprise itself will also affect the enterprise's risk tolerance.Moreover,managers are operators of enterprises,the enterprise behavior is the reflection of the management behavior,there is no doubt that their risk orientation and professional competence will also cause differences in risk-taking level.However,at present,most of the literature focuses on the relationship between enterprise-level factors and risk taking,relatively little research on individual factors that are more relevant to risk management in decision making.Therefore,It is meaningful to study the relationship between the financial background of managers and risk-taking.In order to study the relationship between the financial background of managers and the level of corporate risk-taking,this paper can be specifically divided into six chapters for writing.The first chapter is the introduction,which mainly states the research background,research significance,research idea and research framework,and points out the article's possible innovation points.Definition of the core concept and literature review is the second chapter.After defining the core concept,it mainly discusses the measurement methods and influencing factors of risk-taking,the financial background of managers and enterprise risk management,reviews the literature,and clear the research content of this article.Next chapter is the theoretical analysis and hypothesis.The theoretical basis of this paper is the high-level echelon theory,principal-agent theory,incentive theory,and foreground theory.After introducing and analyzing these four theories that could provide theoretical support for the follow-up research,research assumptions of this article are put forward.Empirical research design is the following chapter,which mainly explains the process of samples selection and the source of data,the definition of each variable and the construction of models.The fifth chapter is the analysis of empirical test results,including descriptive statistical analysis,correlation analysis,multiple regression analysis and robustness test.The penultimate chapter is the conclusion and research prospect.Based on the empirical results in the previous chapter,I reach the conclusion of this article,and put forward the relevant suggestions.The last chapter points out the shortcomings in the research and what can be further discussed in the near future.Taking A-share non-financial listed companies from 2010 to 2015 as the research object,this paper studies the relationship between the financial background of managers and the level of risk-taking.The empirical results of this paper show that:(1)The financial background of managers is positively related to the risk taking level;(2)In non-state-owned enterprises,the positive correlation between the financial background of managers and the level of enterprise risk taking is more significant;(3)When enterprises implement equity incentives for managers,the positive correlation between the financial background of the manager and the level of enterprise risk taking is more significant.Compared with the previous researches on risk-taking,the research perspective of this article is more novel.The conclusions can enrich the research field of risk-taking factors,provide some reference value for recruiting enterprise managers and reduce the opportunity cost of selecting personnel,besides,provide an entry point for enterprises to increase their level of risk-taking. |
