摘要
本文选择2013~2019年我国沪深A股上市公司为研究样本,考察了机构投资者持股对股价暴跌风险的影响。研究表明:机构投资者持股比例的增加能够有效抑制上市公司股价暴跌风险与过度投资;过度投资中介了机构投资者持股比例与股价暴跌风险之间的关系;股权制衡能够增强机构投资者持股比例对股价暴跌风险的抑制作用。研究结果为理解股价暴跌风险的影响因素提供了重要的研究视角,对于防范股市崩盘,稳定市场金融秩序具有一定的参考价值。
This paper selects China’s Shanghai and Shenzhen A-share listed companies from 2013 to 2019 as research samples,investigates the impact of institutional investors’shareholding on stock price crash risk.The results show that the increase of institutional investors’shareholding ratio can effectively inhibiting stock price crash risk and over-investment of listed companies;Over-investment mediates the relationship between institutional investors’shareholding ratio and stock price crash risk;Equity balance can enhance the inhibiting effect of institutional investors’shareholding ratio on stock price crash risk.The research results provide an important research perspective for understanding the factors affecting of stock price crash risk,and have certain reference value for preventing the stock market crash and stabilizing the financial order of the market.
作者
肖鹏
XIAO Peng(School of Economics and Management, Wuhan University, Wuhan 430072, China)
出处
《预测》
CSSCI
北大核心
2021年第5期69-75,共7页
Forecasting
关键词
机构投资者
股价暴跌风险
股权制衡
过度投资
institutional investors
stock price crash risk
equity balance
over-investment
