本文主要探討跨境上市與政治連結對公司風險承擔之影響，並以2008至2015年中國上市公司為樣本，進行分析與討論。本文從組織跨界取得資源的能力出發，探討跨境上市與政治連結對公司風險承擔的影響。經由文獻探討，本文提出三個相關的研究假說。假說一為跨境上市對公司風險承擔的影響;假說二為政治連結對公司風險承擔的影響；假說三則探討政治連結是否可以調節跨境上市與風險承擔間之關係。本文研究發現，當公司進行海外上市，其資金與公司監理將更豐沛與完善，因此會限制公司風險承擔的能力；其次在政治連結影響風險承擔能力上，本文研究結果顯示政治連結會提高公司的風險承擔能力。最後，在政治連結調節跨境上市與風險承擔間關係的實證上，本文研究結果顯示政治連結會影響跨境上市與風險承擔間之關係，亦即跨境上市公司會因政治連結的屬性，會有不同的策略需求，因此降低公司的風險承擔能力。本文在公司管理與實務上產生貢獻，亦即當公司追求成長進而承擔風險時，外部環境對風險承擔的利弊與衝擊，是管理者必須深思與斟酌的重要考量因素。
This paper mainly explores the impact of cross-listing and political connections on corporate risk taking. Based on the sample of Chinese listed companies from 2008 to 2015 to analyze and discusses. The article start with obtaining ability of resources by company to explore the impact of the cross-listing and political connection on corporate risk taking. This paper presents three hypotheses by literature review. Hypothesis 1 is the impact of cross-listing on corporate risk taking. Hypothesis 2 is the impact of political connections on corporate risk taking. Hypothesis 3 explores whether political connections can moderate the relationship between cross-listing and risk taking. The study found that when the company go to cross-listing, the funds and supervision will be powerful and lead firms to limit the ability of corporate risk-taking. Second, we found that firms with political connections increase the firms risk taking. Finally, When the impact of the political connections is taken into consideration in the relationship between cross listing and the risk takings, we found that political connections can’t increase the risk taking for cross- listings firms.
