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控制股东掠夺行为是股价崩盘的推手?——基于创业板上市公司股价崩盘风险的实证检验 被引量:6

Controlling Shareholder Tunneling is the Driving Force behind the Stock Price Crash?——Empirical Test Based on the Risk of Stock Price Crash of Listed Companies on the GEM
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摘要 基于公司治理行为视角,聚焦控制股东掠夺行为与股价崩盘风险关系问题,从直接和间接两个方面探析控制股东剥夺行为是否为股价崩盘风险的"推手",研究公司治理行为风险。研究结果表明:我国创业板上市公司控制股东掠夺行为会随着大股东持股比例上升而减弱,但不管大股东持股比例如何,第二至第三大股东都有较强的掠夺动机;股价崩盘风险受控制股东掠夺行为直接作用不显著,其风险主要来自于股票市场作用,但控制股东掠夺行为显著加大了公司的成长性风险和财务风险,且二者风险对股价崩盘风险的影响具有显著性,表明控制股东掠夺风险会间接传染至股价崩盘,揭示出这种间接的风险作用使控制股东更易隐藏占款背后的"掏空"动机。 Starting from the corporate governance behavior, focusing on controlling the relationship between shareholder predation behavior and stock price collapse risk, it analyzes whether controlling shareholder deprivation behavior is the'pushing hand'of stock price collapse risk from both direct and indirect aspects, and studies corporate governance behavior risk. The research results show that the controlling shareholder plunder behavior of China’s GEM listed companies will weaken with the increase of shareholding ratio of major shareholders, but regardless of the shareholding ratio of major shareholders, the second to third largest shareholders have strong plundering motives;The risk of collapse is not directly affected by the plundering behavior of controlling shareholders. The risk is mainly from the role of the stock market, but controlling the plundering behavior of shareholders significantly increases the company’s growth risk and financial risk, and the impact of the two risks on the stock price collapse risk has Significantness indicates that controlling shareholder plunder risk will be indirectly transmitted to the stock price crash, revealing that this indirect risk effect makes it easier for control shareholders to hide the' Tunneling'motive behind the occupation.
作者 张长征 方卉 Zhang Changzheng;Fang hui
出处 《投资研究》 CSSCI 北大核心 2018年第9期136-146,共11页 Review of Investment Studies
基金 江苏省高校哲学社会科学研究重点项目(2016ZDIXM008) 教育部人文社会科学研究一般项目16YJC630172) 国家自然科学基金青年项目(71603070) 江苏省社科应用研究精品工程(财经发展)专项课题(17SCB-29)
关键词 控制股东 掠夺行为 掏空 股价崩盘风险 Controlling shareholders predatory behavior Tunneling Stock crash risk
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