摘要
基金公司实地调研是否会遏制上市公司的负面信息隐藏行为,降低上市公司的股价崩盘风险。为回答这一问题,本文在负面信息隐藏理论的框架下,检验基金公司实地调研与股价崩盘风险之间的关系。通过对深证A股2013～2016年相关数据的检验,发现:(1)基金公司实地调研有助于降低上市公司的股价崩盘风险;(2)在熊市状态下,基金公司实地调研的尽责程度和谨慎性更高,降低上市公司股价崩盘风险的效果更佳;(3)基金公司集体实地调研有助于基金公司之间信息的交流,能更加显著地降低上市公司的股价崩盘风险。这说明基金公司实地调研可以降低上市公司的负面信息隐藏程度。通过进一步的中介效应检验,发现基金公司实地调研影响上市公司股价崩盘风险的中介渠道有信息渠道和公司治理渠道,但主要渠道是信息渠道。本文研究为认识基金公司实地调研带来的影响提供了重要支撑,同时也为推动基金公司实地调研健康发展提出了相应对策。
Facing the rapid development of fund company’s field investigation, we testify whether the field investigation of huge fund and manpower can really play a role. In order to answer this problem, based on the theory of negative information hiding, this study uses manually collected data to test the relationship between fund company’s field investigation and stock price crash risk. Through the discovery of Shenzhen A shares of the relevant data of 2013-2016 test:(1) the fund company’s field investigation can reduce the stock price crash risk of listed companies;(2) in the bear market conditions, the fund company’s field investigation can better reduce the listed company stock price crash risk;(3) the fund company collective field investigation can significantly reduce the stock price crash risk of listed companies. Through further mediation test, it is found that the intermediary channel of the fund company’s investigation on the stock price crash risk is information channel and corporate governance channel, but the main channel is information channel. This study provides an important support for a clear understanding of the impact of a fund company’s field investigation, and also puts forward corresponding countermeasures for promoting the healthy development of a fund company’s field research.
出处
《证券市场导报》
CSSCI
北大核心
2019年第1期37-47,共11页
Securities Market Herald
基金
国家社会科学基金项目"我国PPP模式社会资本收益问题研究"(16BJY174)
中央高校基本科研业务费专项资金"分形市场下股价异常波动
惯性风险及监控研究"(2015KXKYJ01)
广东省自然科学基金项目"分形市场下股价惯性风险测度及形成机理研究"(2016A030313512)
关键词
实地调研
崩盘风险
信息渠道
治理渠道
基金公司
fund company field investigation
stock price crash risk
information channel
corporate governance channel
fund company
