代理成本、媒体关注与股价暴跌风险  

Agency Costs,Media Coverage and Stock Price Crash Risk

作　　者：陈翔宇[1] 万鹏[2] 

机构地区：[1]浙江财经大学会计学院,浙江杭州310018 [2]浙江工商大学财务与会计学院,浙江杭州310018

出　　处：《会计与经济研究》2016年第3期45-65,共21页Accounting and Economics Research

基　　金：浙江省哲学社会科学规划课题(16NDJC192YB);国家自然科学基金青年项目(71502166);浙江省自然科学基金项目(LQ14G020002);浙江省教育厅科研项目(Y201534414)

摘　　要：股价暴跌严重损害投资者利益,阻碍资本市场平稳健康发展,探究股价暴跌风险的内在根源及治理机制,已成为当前理论界和实务界关注的焦点。选取2002-2014年我国A股上市公司为样本,考察代理成本与股价暴跌风险的内在关系,以及媒体关注度对这种关系的影响。研究发现:(1)上市公司代理成本与其未来股价暴跌风险显著正相关;(2)媒体关注能够削弱代理成本与股价暴跌风险间的正向关系。研究有助于从根源上理解上市公司股价暴跌的原因,同时为从公司内部和外部多措并举来降低股价暴跌风险提供理论依据。The stock price crash risk severely damages the interests of investors and hinders the stable and healthy development of capital markets. To examine the internal reason and risk management mechanisms has become the focus of both the theoretical and practical field. With the sample of A shares from 2002 to 2014,this study examines the relationship between agency costs and the stock price crash risk,and the effect of media coverage on the above relationship. The findings show that the stock price crash risk is positively associated with the agency costs and that the media coverage weakens such an effect.This study will benefit the understanding of reasons behind the stock price crash risk and provide the theoretical support to the internal and external approaches to reduce the risk.

关 键 词：代理成本 媒体关注 股价暴跌风险 

分 类 号：F271.5[经济管理—企业管理]