摘要
平滑收益是管理层基于有效契约理论的会计信息传递,还是基于机会主义理论的自利行为?本文以2007—2015年的沪深A股上市公司为研究样本,实证检验了平滑收益与未来股价崩盘风险的关系。研究发现:在公司内部,平滑收益与未来股价崩盘风险显著负相关,即平滑收益有"崩盘抑制器"的功能。进一步研究发现,当公司的信息不对称程度越高、股权制衡度越高时,平滑收益与股价崩盘风险的负相关关系越显著。本文拓宽了股价崩盘风险影响因素研究,同时为平滑收益的经济后果提供了增量的经验证据,对于深入理解平滑收益在资本市场中扮演的角色、有效防范股价崩盘风险具有重要意义。
Earnings smoothing is the management of private information based on effective contract theory,or based on opportunistic theory of self-interest behavior?This paper examines the relationship between smooth earnings and the risk of future stock price crash by taking a sample of Shanghai and Shenzhen A-share listed companies from 2007 to 2015.The study found that:within the company,earnings smoothing and the risk of future stock price crash was significantly negative,that is,the earnings smoothing has the function of“crash suppressor”.Further research found that when the company s information asymmetry is higher,the higher the equity balance,the more significant the negative correlation between the smooth return and the risk of the stock price crash.This paper extends the research on the influencing factors of stock price collapse risk,and provides empirical evidence for the economic consequences of smoothing returns.It is of great significance to understand the role of smooth profit in capital market and effectively prevent the risk of stock price crash.
作者
杨棉之
张涛
YANG Mian-zhi;ZHANG Tao
出处
《中央财经大学学报》
CSSCI
北大核心
2018年第11期71-81,共11页
Journal of Central University of Finance & Economics
基金
国家自然科学基金项目:"会计信息质量对股价崩盘风险的影响机理及经济后果研究"(项目编号:71472002)
