【摘要】 本文以2007-2016年中国交通物流上市公司为样本,实证检验了经营风险和财务风险对物流企业降低成本的驱动效应.结果表明,经营风险和财务风险驱动物流企业降低成本,并且两种风险具有交互作用.然后,本文实证分析了三种不同股权结构情境下经营风险和财务风险对物流企业成本的影响,包括股权性质,股权制衡度和机构投资者持股.结果发现,相对于非国有物流企业,国有物流企业经营风险和财务风险对降低成本驱动效应更显著;股权制衡度和机构投资者持股仅对财务风险驱动物流企业降低成本具有调节效应,即股权制衡度和机构投资者持股比例越高,财务风险对物流企业降低成本越显著,但对经营风险驱动物流企业降低成本无调节作用.更多还原

【Abstract】 Using data from Chinese traffic logistics listed companies for the years 2007-2016,this paper empirically examines the driving effect of operating risk and financial risk on the cost reduction of logistics enterprises.The results show that operating risk and financial risk drive logistics enterprises to reduce costs,and the two kinds of risks have an interactive effect on the cost reduction of logistics enterprises.Then,this paper empirically analyzes the impact of operational risk and financial risk on the cost of logistics enterprises under three different ownership structure scenarios,including the nature of ownership,equity restriction and institutional investors holding.The results show that operating risk and financial risk have more significant driving effect on cost reduction in state-owned logistics enterprises compared with non-state-owned logistics enterprises;equity restriction and institutional investors holding have moderating effect on financial risk driving cost reduction in logistics enterprises,that is,the higher the equity restriction and the proportion of institutional investors holding,the more significant the financial risk to reduce the cost of logistics enterprises,but they have no moderating effect on operating risk driving cost reduction in logistics enterprises.更多还原