控制人权力、制度环境与股价崩盘风险——基于创业板上市公司的经验证据

发布时间：2018-01-11 13:12

本文关键词：控制人权力、制度环境与股价崩盘风险——基于创业板上市公司的经验证据　出处：《现代财经(天津财经大学学报)》2017年12期 　论文类型：期刊论文

【摘要】：近年来,屡见不鲜的股价崩盘现象已经严重影响了中国资本市场的正常发展,不但打击了普通市场投资者的信心,也影响了上市公司的正常经营,从而成为学术界与实务界关注的焦点问题。本文利用2010-2015年间1 305个创业板上市公司样本,实证检验了实际控制人权力、制度环境对股价崩盘风险的影响。研究发现,在中国创业板上市公司中,对股价崩盘风险产生实质影响的是"内因",而"外因"却并没有起到应有的治理作用。具体而言,控制人权力与股价崩盘风险间存在正相关关系,控制人权力越高,则创业板上市公司股价崩盘风险越大;制度环境却并没有对股价崩盘风险产生明显的影响,而且在考虑制度环境的影响后,控制人权力对股价崩盘风险的正向影响反而变大。研究结论表明,创业板上市公司股价崩盘问题与主板上市公司存在明显的差异,需要重点抑制创业板上市公司实际控制人对于权力的掌控。本文的结论对于通过创业板上市公司内部与外部因素制约股价崩盘风险具有重要的参考价值。
[Abstract]:In recent years, the frequent stock price collapse has seriously affected the normal development of China's capital market, not only hit the confidence of ordinary market investors, but also affected the normal operation of listed companies. This paper uses 1,305 gem listed companies from 2010 to 2015 to empirically test the power of actual controllers. The impact of institutional environment on the risk of stock price collapse. The study found that in China's gem listed companies, the real impact on the risk of stock price collapse is the "internal cause". In particular, there is a positive correlation between the power of the controller and the risk of the stock price collapse. The higher the power of the controller, the greater the risk of the share price collapse of the gem listed company. The institutional environment does not have a significant impact on the risk of stock price collapse, and after considering the impact of institutional environment, the positive impact of controlling power on the risk of stock price collapse becomes greater. There are obvious differences between the share price collapse of gem listed companies and the main board listed companies. The conclusion of this paper has important reference value for restricting the risk of stock price collapse through internal and external factors of gem listed companies.
【作者单位】：四川外国语大学国别经济与国际商务研究中心;重庆工商大学管理学院;
【基金】：国家自然科学基金重点项目(71232004) 重庆市教委科学技术项目(KJ1600701)
【分类号】：F832.51
【正文快照】： 理学院,重庆400067)一、引言股价崩盘是指上市公司的股票价格在毫无信息前兆的情况下,短时间内表现出与正常价格较大的分离程度。即使“崩盘”包含股价的暴涨与暴跌,但相较于“暴涨”,股价却往往更容易“暴跌”[1]。从行为金融学的视角来看,相较于同等程度的收益,人们通常会记

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