摘要
本文以企业集团为对象,研究违规事件的传染效应。利用2003-2015年我国上市公司违规样本,本文发现:(1)当公司发生违规行为而被证监会等监管机构进行处罚公告后,违规公司股价显著下跌的同时,同一集团内其他公司的股价也显著下跌,即违规事件在集团内存在传染效应,而这一传染效应主要存在于与信息披露相关的财务违规事件中;(2)进一步的路径检验发现"被传染公司"较低的盈余质量和集团内财务公司的存在能够解释传染效应的发生;(3)分组检验结果表明:集团内的传染效应在地区市场化程度较低、分析师跟踪人数较少、股权集中度较高的公司和国有企业中更为明显。借助违规事件的传染效应研究视角,本文的研究结果有助于进一步认识新兴市场中的企业集团。
Group-affiliated companies are linked in various formal and informal ways. At the same time,with the acceleration of company diversification, the organizational structure of business groups has gradually developed into a network structure including vertical and horizontal relationships. The literature has extensively explored the advantages and disadvantages of business groups from the perspective of operating efficiency and firm value( Bertrand et al.,2002). However,limited attention has been paid to the economic consequences of the network structure among group-affiliated companies.This study examines the contagion effect of an irregularities announcement among group-affiliated companies in the capital market. First,companies in the same business group have similar organizational structure and corporate governance characteristics. As studies have shown that irregularities are related to organizational structure and weak corporate governance,an irregularity in one group-affiliated company may indicate a greater likelihood of irregular behavior among other companies in the group. In addition,group-affiliated companies are connected through various ties( i. e.,related party transactions,common personnel relations,and the establishment of financial companies). These ties provide group-affiliated companies with more channels through which to learn from and imitate each other,increasing the likelihood of a contagion effect within the group. Finally,an irregularities announcement provides new information to the market,based on which investors update their valuation of the other listed companies within the same business group( Chen and Goh,2010). Therefore,when one group-affiliated company announces an irregularity event,investors reassess the reliability of the corporate governance and accounting performance of other companies in the same group,causing a contagion effect.Using the data of firms listed on the Shanghai and Shenzhen Stock Exchanges from 2003 to 2015,we find that:( 1) a company’s irregularity announceme
作者
刘丽华
徐艳萍
饶品贵
陈玥
LIU Lihua;XU Yanping;RAO Pingui;CHEN Yue(School of Economics,Huazhong University of Science and Technology;Management School,Jinan University;School of Accountancy,Central University of Finance and Economics)
出处
《金融研究》
CSSCI
北大核心
2019年第6期113-131,共19页
Journal of Financial Research
基金
国家自然科学基金项目(批注号:71872071、71472073、71728006和71802092)
中央高校基本科研业务费专项资金(编号:19JNLH08)的资助
关键词
企业集团
违规行为
传染效应
Business Group
Irregularities
Contagion Effects
