风险投资持股对股价崩盘风险的影响研究  

Influence of venture capital ownership on stock price crash risk

作　　者：权小锋[1] 尹洪英[1] 

机构地区：[1]苏州大学东吴商学院,江苏苏州215021

出　　处：《科研管理》2017年第12期89-98,共10页Science Research Management

基　　金：国家自然科学基金青年项目(71302121);教育部人文社会科学研究规划基金项目(17YJA630081);江苏高校哲学社会科学重大项目(2017ZDAXM017);江苏省软科学基金项目(BR2017015);江苏省社会科学基金青年项目(14EYC007)

摘　　要：本文基于倾向配对PSM方法,切入风险考察的创新视角,系统分析了风险投资持股及其属性特征对被投资企业股价崩盘风险的影响效应及其机理。研究发现:风险投资持股显著降低了被投资企业的股价崩盘风险。其次,风险投资的控制属性会强化风险投资持股与被投资企业股价崩盘风险之间的负向关系;而联合属性会弱化风险投资持股与被投资企业股价崩盘风险之间的负向关系。最后通过机理分析发现,风险投资持股通过抑制股价崩盘风险的内因(管理层信息披露操纵倾向)而非外因(信息不透明度)对股价崩盘风险产生了显著的抑制作用。总体而言,本文证实了风险投资持股符合"监督"而非"逐名"的推测。Based on PSM method,this paper analyzes the effect of venture capital and its ownership characteristics on stock price crash risk from the risk perspective. The results show that the future stock price crash risk of venture capital backed firms is lower than non-venture capital backed firms. Furthermore,the results also show that the controlling attribute of venture capital can strengthen the monitoring effect of venture capital and the syndication attribute of venture capital can mitigate the monitoring effect of venture capital. Finally,the mechanism analysis finds that venture capital plays a monitoring role on stock price crash risk by agency cost channel not by information channel. In conclusion,the results make clear that venture capital has played an effective monitoring function,not grandstanding function for listed firms in Chinese capital market.

关 键 词：风险投资 股价崩盘风险 监督假说 逐名假说 

分 类 号：F830.59[经济管理—金融学]