摘要
企业通过控制性投资可建立内部资本市场、实现对外扩张,从而影响企业价值并引起股价波动。本文以2008—2021年A股中实施控制性投资的上市公司为研究对象,实证研究了控制性投资及其扩张效应对股价崩盘风险的影响。结果发现上市公司通过控制性投资建立内部资本市场可缓解融资约束,从而抑制股价崩盘风险;控制性投资扩张效应在集团内部可产生协同效应,压缩经理人对负面消息的隐藏空间,从而降低股价崩盘风险;但过于激进的扩张因降低了“效率促进”效果,反而削弱了控制性投资对股价崩盘风险的抑制作用。本文丰富了股价崩盘风险相关文献,深入探讨了股市健康稳定发展的影响因素,具有一定的现实意义。
Firms can establish internal capital markets and achieve external expansion through controlling investments,thereby influencing firm value and causing stock price fluctuations.This study investigates the impact of controlling investments and their expansion effects on stock price crash risk,using A-share listed companies that implemented controlling investments between 2008 and 2021 as the research sample.The empirical results show that listed companies establishing internal capital markets through controlling investments can alleviate financing constraints,thereby mitigating stock price crash risk.The expansion effects of controlling investments within a corporate group can generate synergies,reducing managers'ability to conceal negative information and thus lowering the risk of a stock price crash.However,overly aggressive expansion weakens the"efficiency-enhancing"effect,thereby diminishing the mitigating impact of controlling investments on crash risk.This research enriches the literature on stock price crash risk and provides insights into factors that influence the healthy and stable development of the stock market,which has a certain practical significance.
作者
冯体一
张诗玥
杨志杰
眭健
FENG Tiyi;ZHANG Shiyue;YANG Zhijie;SUI Jian(School of Financial Management,Shanghai University of International Business and Economics;Dongfang Electric Group Dongfang Boiler Co.,LTD;China Railway Shanghai Engineering Bureau Group Co.,LTD)
出处
《金融经济》
2024年第10期38-51,共14页
Finance Economy
关键词
控制性投资
内部资本市场
扩张效应
股价崩盘风险
融资约束
Controlling investments
Internal capital markets
Expansion effects
Stock price crash risk
Financing constraints
