摘要
基于媒体人特质与信息披露质量的视角,实证检验了媒体背景独立董事对股价崩盘风险的抑制作用。进一步研究发现,其影响路径主要是通过对公司高管的监督以及提升公司内外部信息沟通质量来实现的。同时,年龄大、学历高的媒体背景独立董事更能抑制股价崩盘风险。最后,媒体背景独立董事具有替代外部治理机制在抑制股价崩盘风险中的作用。该研究有助于深入了解独立董事抑制股价崩盘风险的内在机理,为媒体人在资本市场的治理作用研究提供参考。
From the perspectives of the features of media professionals and the quality of information disclosure, this paper conducts an empirical test of the inhibiting effect of independent directors with media background on stock price crash risks. Further study finds out that this effect is mainly realized through the supervision on company senior managers and improving the quality of internal and external information communication. Meanwhile, the independent directors with media background who are older or highly educated can be more able to inhibit the risks of stock price crash.Finally, independent directors with media background can replace the external governance mechanism to play a role of inhibiting stock price crash risks. This study is conducive to a deep understanding of the internal mechanism of independent directors to curb stock price crash risks and provides reference to the study of the governing effect of media professionals in capital markets.
作者
郑宇新
薛茗元
欧鹏
ZHENG Yu-xin;XUE Ming-yuan;OU Peng(Southwestern University of Finance and Economics,Chengdu 611130,China)
出处
《当代财经》
CSSCI
北大核心
2019年第12期84-95,共12页
Contemporary Finance and Economics
基金
国家自然科学基金面上项目“独立董事，高管腐败与外部环境”（71672152）
教育部人文社会科学研究青年基金项目“企业风险、政治关联董事聘任及其后果”(17YJC630081)
关键词
独立董事
股价崩盘风险
媒体背景
independent director
stock price crash risk
media background
