客户信息披露降低了企业股价崩盘风险吗  

Can Customer Information Disclosure Reduce Supplier's Stock Price Crash Risk

作　　者：彭旋[1] 王雄元[1] 

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《山西财经大学学报》2016年第5期69-79,89,共12页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金面上项目(71172221;71472188);教育部新世纪优秀人才计划(2012);财政部会计领军(后备)人才计划;中南财经政法大学研究生创新教育计划项目(2014B0904;2015B1101;2015B1109)

摘　　要：以我国2007-2014年A股上市公司为样本,实证检验客户信息披露与企业股价崩盘风险的内在关系。研究发现,随着客户明细信息和具体名称披露程度的提高,企业股价崩盘风险显著下降。进一步分析发现,在企业信息透明度较高、公司治理较差的情况下,客户信息披露与企业股价崩盘风险之间的负相关关系更显著。本研究不仅丰富了股价崩盘风险相关文献,还为近年来证监会加强客户等非财务信息披露的制度效果提供了经验证据。Using the samples of A- share listed companies from 2007 to 2014, this paper empirically exames the relationship between the customer information disclosure and the supplier’s stock price crash risk. We find that the supplier’s stock price crash risk is siginificantly and negatively associated with the disclosure of the sale amount to customer or the name. Further analysis reveals that the negatively relationship between thecustomer information disclousure and the supplier’s stock price crash risk is more pronounced for firms with more information transparency or with worse corporate governance. Our findings contribute to the stock price crash risk literatures, and provide newempirical evidencefor enhancingthenonfinancial information disclosurerequirements.

关 键 词：客户信息披露 股价崩盘风险 信息不对称 公司治理 

分 类 号：F276[经济管理—企业管理]