上市公司现金流操控行为会加剧股价崩盘风险吗  

Does Cash Flow Manipulation Result in the Stock Price Crash Risk

作　　者：周冬华[1] 赖升东[1] 

机构地区：[1]江西财经大学会计学院,江西南昌330013

出　　处：《山西财经大学学报》2016年第2期100-111,共12页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71262005;71462011;71462012);中国博士后基金项目(2013M540352);江西省社会科学研究"十二五"规划项目(13YJ52)

摘　　要：以我国沪深交易所2002-2012年的非金融类上市公司为样本,分析了现金流操控行为对股价崩盘风险的影响,发现现金流操控行为与股价崩盘风险显著正相关。进一步的研究显示,机构投资者和高质量审计能够较好地发挥公司治理作用,有效提高现金流信息的透明度,避免现金流操控行为导致的股价崩盘风险。Cash flow from operation would be manipulated by companies＇ management, which is similar with earnings. Cash flow ma- nipulation reduces the opacity of cash flow information, resulting in the stock price crash risk. Based on data of non-financial listed companies＇ from 2002 to 2012 in China, this paper studies the effect of listed companies＇ cash flow manipulation on stock price crash risk. The results show that the relationship between cash flow manipulation and the stock crash risk is significant positive. We further find that institutional shareholders and high quality audit play a role of mechanism. They improve the transparency of cash flow, and alleviate the negative relationship between cash flow manipulation and the stock price crash risk.

关 键 词：现金流操控 股价崩盘风险 机构投资者 高质量审计 

分 类 号：F275.5[经济管理—企业管理]