盈余持续性、公司治理与股价崩盘风险——来自中国证券市场的经验证据

发布时间：2018-03-25 00:31

本文选题：盈余持续性　切入点：盈余质量　出处：《现代财经(天津财经大学学报)》2017年01期

【摘要】：本文以2007-2015年中国沪深两市A股主板上市公司为研究样本,对盈余持续性、公司治理与未来股价崩盘风险三者间的关系进行实证研究,研究结果表明:我国上市公司盈余持续性水平与其股价崩盘风险显著负相关,此关系在"熊市"中更为明显。进一步考虑公司治理对盈余持续性与股价崩盘风险之间关系的影响,发现随着公司治理水平的提高,盈余持续性与股价崩盘风险之间的负相关关系减弱,表明较高的公司治理水平能够有效降低信息不对称程度,减少管理层隐藏坏消息的行为,提升盈余质量,在一定程度上减弱了盈余持续性较差公司发生股价崩盘的风险。本文的结论丰富了盈余持续性经济后果方面的研究,同时对于如何降低股价崩盘风险具有一定的借鉴作用。
[Abstract]:This paper makes an empirical study on the relationship between earnings persistence, corporate governance and the risk of future stock price collapse, taking the A-share main Board listed companies in China's Shanghai and Shenzhen stock markets from 2007 to 2015 as the research samples. The results show that the persistence of earnings of listed companies in China is negatively correlated with the risk of stock price collapse. This relationship is more obvious in "bear market". Considering the influence of corporate governance on the relationship between earnings persistence and the risk of stock price collapse, it is found that with the improvement of corporate governance level, The negative correlation between the persistence of earnings and the risk of stock price collapse is weakened, which indicates that higher corporate governance level can effectively reduce the degree of information asymmetry, reduce the behavior of the management to hide bad news, and improve the quality of earnings. The conclusion of this paper enriches the research on the economic consequences of earnings sustainability and provides some reference for how to reduce the risk of stock price collapse.
【作者单位】：安徽大学商学院;
【基金】：国家自然科学基金面上项目(71472002) 教育部人文社会科学规划基金项目(14YJA630082)
【分类号】：F275;F271;F832.51

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