企业政治关联对股价崩盘风险的影响——基于盈余管理的中介机理分析

发布时间：2018-08-08 11:29

【摘要】：近年来我国上市企业的股价崩盘事件愈演愈烈,有效加强其风控刻不容缓。鉴于我国企业普遍与政府存在特殊政企关系的现实,本文将企业股价崩盘影响因素研究的视角引入企业政治关系的层面,以2009-2012年间于创业板上市的企业为样本,进行政治关联对企业股价崩盘风险影响作用的考察以及基于盈余管理角度的影响机制分析。研究结果表明:政治关联存在股价崩盘效应,其与企业股价崩盘风险间显著正向相关,提高了企业股价崩盘的概率;创业板企业政治关联对股价崩盘风险的影响存在部分的实际盈余管理路径和完全的应计盈余管理路径,表明政治关联为企业提供了盈余操控空间,使得企业财务信息质量风险加剧,为企业股价未来崩盘埋下隐患。本文的研究视角具有中国本土特色,对该问题提出了新的思考。
[Abstract]:In recent years, the stock price collapse of listed enterprises in China has become more and more serious, so it is urgent to strengthen its wind control effectively. In view of the fact that there is a special relationship between the government and the government, this paper introduces the perspective of the factors influencing the stock price collapse into the political relationship of the enterprises, taking the enterprises listed on the gem from 2009-2012 as a sample. The influence of political connection on the risk of stock price collapse is investigated and the influence mechanism based on earnings management is analyzed. The results show that the political association has a stock price collapse effect, which is significantly positively correlated with the risk of enterprise stock price collapse, and increases the probability of enterprise stock price collapse; There are some actual earnings management paths and complete accrual earnings management paths, which indicates that political association provides earnings control space for enterprises. Make enterprise financial information quality risk aggravation, for the future stock price collapse buried hidden danger. The research angle of this paper has the Chinese native characteristic, has proposed the new thought to this question.
【作者单位】：西安交通大学经济与金融学院;
【基金】：教育部哲学社会科学研究重大课题攻关项目“新常态下中国经济运行机制的变革与中国宏观调控模式重构研究”,项目编号:15JZD012 国家自然科学基金项目“基于样本外追踪效果的股票市场指数优化复制问题研究”,项目编号:71171158
【分类号】：F275;F832.51

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