高管团队异质性、多元化经营战略与股价崩盘风险——基于盈余管理和过度投资路径的研究

发布时间：2018-05-08 12:54

本文选题：高管团队异质性 + 多元化经营战略　；参考：《财会月刊》2017年35期

【摘要】：以2008～2016年沪深两市A股上市公司为研究样本,实证考察多元化经营战略对股价崩盘风险的影响。结果表明:首先,多元化经营战略与股价崩盘风险呈正相关关系,即多元化经营程度越高,股价崩盘风险越大;其次,高管团队任期异质性通过负向影响多元化经营战略来抑制股价崩盘风险,而性别异质性不存在显著的调节作用;最后,多元化经营战略对股价崩盘风险的影响是通过盈余管理的路径进行的,且盈余管理是多元化经营战略与股价崩盘风险之间的完全中介因子。研究结论不仅能为我国企业多元化经营战略的实施提供借鉴意义,而且有利于我国资本市场的建设与发展。
[Abstract]:Taking the A-share listed companies of Shanghai and Shenzhen stock markets from 2008 to 2016 as the research samples, this paper empirically investigates the influence of diversification strategy on the risk of stock price collapse. The results show that: first, the diversification strategy is positively correlated with the risk of stock price collapse, that is, the higher the degree of diversification, the greater the risk of stock price collapse; secondly, The term heterogeneity of executive team can restrain the risk of stock price collapse by negatively influencing diversification strategy, but gender heterogeneity has no significant regulating effect; finally, The influence of diversification strategy on the risk of stock price collapse is carried out through the path of earnings management, and earnings management is the complete intermediary factor between diversification strategy and the risk of stock price collapse. The conclusion can not only provide reference for the implementation of diversification strategy, but also benefit the construction and development of Chinese capital market.
【作者单位】：吉林省科技金融研究中心;长春金融高等专科学校教务处;长春理工大学财务处;
【基金】：吉林省教育厅“十二五”社会科学重点研究项目“企业研发支出资本化动因研究——以吉林省上市公司为例”(项目编号:吉教科文合字[2012]314号)
【分类号】：F272.91;F275;F832.51

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