环境不确定性、财务报告透明度和股价暴跌风险  

Environmental Uncertainty,Financial Reporting Transparency and Stock Price Crash Risk

作　　者：周晓苏[1] 王磊[1] 陈沉[1] 

机构地区：[1]南开大学商学院,天津300071

出　　处：《审计与经济研究》2016年第6期57-66,76,共11页Journal of Audit & Economics

基　　金：国家自然科学基金项目(70872053)

摘　　要：选取2008年至2013年A股上市公司数据,从市场信息的角度,通过考察公司微观环境不确定性如何影响公司的披露策略及两者的交互作用对股价暴跌风险的影响,探索微观环境不确定性与信息环境之间的互动关系。研究结果表明,环境不确定性与公司股价暴跌风险显著正相关,财务报告透明度对环境不确定性与股价暴跌风险之间的关系具有调节作用,高财务报告透明度可以降低环境不确定性对股价暴跌风险的影响。进一步研究发现,随着环境不确定性的增加,公司财务报告透明度呈现先降后升的趋势。Based on the Chinese listed A-share firms from 2008 to 2013 ,we take market information views to study the effects of miuncertainty on the disclosure strategies and the effects of interaction of both of them on stock price crash risk. Resuits show that there is a positive correlation between environmental uncertainty and stock price crash risk,financial reporting transparency has a moderate effect on the relatiomhip between environmental uncertainty and stock price crash risk,it rmam that with higher extent of financial reporting transparency,the affect of enviromental uncertainty on stock price crash risk is less pronfinent. We further find that financial reporting transparency is up after a decline with the increasing of the level of environmental uncertainty.

关 键 词：环境不确定性 财务报告透明度 治理机制 信息不对称 股价暴跌风险 会计信息质量 盈余管理程度 财务重述 内部控制缺陷 

分 类 号：F235.99[经济管理—会计学]