摘要
目前股价崩盘风险的影响因素已得到国内外学术界的充分研究,然而鲜有学者深入探讨股价崩盘风险的经济后果。本文以2014—2018年中国A股上市公司为样本,就股价崩盘风险对信息披露质量的影响进行实证分析,并进一步考察权益资本成本对崩盘风险与信息披露质量之间关系的影响。通过多元回归和固定效应模型得出结论:(1)股价崩盘风险增大会抑制公司盈余管理水平,从而大大提高信息披露质量。(2)区分股权性质后,与国有企业相比,股价崩盘风险对信息披露质量的正向促进作用在非国有企业中更为显著。
At present,the influencing factors of stock price crash risk have been fully studied by academic circles at home and abroad,but few scholars have discussed the economic consequences of stock price crash risk in depth.This article uses China’s A-share listed companies as a sample from 2014 to 2018 to conduct an empirical analysis of the impact of stock price crash risk on the quality of information disclosure,and further examine the impact of the cost of equity capital on the relationship between crash risk and the quality of information disclosure.Through multiple regression and fi xed-effects models,the conclusions are drawn:First,the increased risk of stock price crash will inhibit the company's earnings management level,thereby greatly improving the quality of information disclosure.Second,after distinguishing the nature of equity,compared with state-owned enterprises,the positive effect of stock price crash risk on the quality of information disclosure is more signifi cant in non-state-owned enterprises.
作者
胡若琳
HU Ruolin(International Education College,Henan University)
出处
《中国商论》
2021年第12期77-84,共8页
China Journal of Commerce
关键词
股价崩盘风险
信息披露质量
盈余管理
股权
国有企业
stock price crash risk
quality of information disclosure
earnings management
equity
state-owned enterprises
