摘要
本文采用中国A股上市公司的数据,研究公司战略差异对股价崩盘风险的影响。研究发现公司实行差异化的战略可以显著降低股价崩盘风险,并验证了其影响路径主要是通过真实活动盈余管理造成的。本文的研究较为清楚的梳理了公司战略差异、真实盈余管理和股价崩盘风险三者之间的关系,加强了资本市场对公司战略选择及其背后影响的认识,对恢复投资者信心,促进股市健康平稳发展具有重要的理论和现实意义。
This study examines the impacts of firms' deviant strategy on stock price crash risk. We find that different corporate strategy can significantly reduce the risk of stock collapse, and we also verify its path is mainly caused by the real activities manipulation. This study clearly reviews the relationship among company's strategic differences, real activities manipulation and stock price crash risk, which strengthened capital market's awareness to firms' strategic choice and its underlying effects.Meanwhile, our discovery also has important theoretical and practical significance to restore investors' confidence and promote stock market development in a healthy and steady way.
出处
《财会通讯（下）》
北大核心
2018年第4期3-8,共6页
Communication of Finance and Accounting
关键词
战略差异
股价崩盘风险
真实盈余管理
Deviant strategy
Stock price crash risk
Real earnings manipulation
