摘要
本文以2004—2013年所有A股上市公司为研究对象,分析独立董事在年报中的排序方式度量公司中是否存在论资排辈的现象,并考察论资排辈对股价崩盘风险的影响。研究发现:论资排辈和个股收益的负偏态系数显著正相关,说明论资排辈的传统文化增加了股价崩盘风险;论资排辈对股价崩盘风险的影响在第一大股东持股比例较低的情况下更加突出,揭示了大股东对管理当局的监督程度负向调节了论资排辈对股价崩盘风险的影响;利用配对样本和公司层面的固定效应模型对内生性问题进行控制后,结论依然成立。研究结论对全面认识论资排辈这一儒家文化具体维度的经济后果以及如何降低中国的股价崩盘风险具有重要的理论意义和现实意义。
Using a sample of A-share listed firms over 20042013,this paper analyze independent directors in the annual report to measure whether there is a phenomenon of seniority ranking in the company,and then examines the impact of seniority ranking on stock price crash risk.The findings show that:(1)Seniority ranking is significantly positively associated with the negative coefficient of skewness,suggesting that the traditional culture of seniority ranking increases stock price crash risk.(2)The positive effect of seniority ranking on stock price crash risk is more pronounced when the largest shareholder has a lower ratio of shareholding,meaning that the large shareholder can monitor management effectively and thus reduce stock price crash risk.(3)The findings are still valid after using the matched sample and the firm-level fixed effect model to cmtrol the potential endogeneity issue.The findings contribute to the literature on the economic consequences of seniority ranking as a specific confucian culture dimension,which may have important theoretical and practical implications for reducing stock price crash risk in China.
作者
杜兴强
蔚锐
殷敬伟
Du Xingqiang;Yu Rui;Yin Jingwei
出处
《金融学季刊》
2022年第3期24-45,共22页
Quarterly Journal of Finance
基金
国家自然科学基金重大项目课题“制度变革、非正式制度因素与会计审计行为研究”(批准号71790602)的资助
关键词
论资排辈
儒家文化
股价崩盘风险
大股东
seniority ranking
confucian culture
stock price crash risk
large shareholder
