股价崩盘风险、信息环境与企业现金调整  

Stock Price Crash Risk,Information Environment and Dynamic Cash Holdings Adjustments

作　　者：白旻[1] 王仁祥[1] BAI Min;WANG Renxiang(School of Economics,Wuhan University of Technology,Wuhan 430070,China)

机构地区：[1]武汉理工大学经济学院,湖北武汉430070

出　　处：《审计与经济研究》2018年第5期118-127,共10页Journal of Audit & Economics

基　　金：国家社会科学基金项目(13BJY023);国家留学基金委公派留学基金(201606950028)

摘　　要：以我国2009—2016年沪深上市公司数据为样本,探究了股价崩盘风险、信息环境对企业现金调整的影响。研究发现:股价崩盘风险越大,企业现金调整速度越快,且这种正相关关系对于分析师跟踪数量较少、机构投资者持股比例少的企业而言更为显著。进一步考察股权性质在企业现金调整速度中的影响,发现国有企业与民营企业面对股价崩盘风险的现金调整速度并不具有显著差异,但是对于民营企业而言,更多的分析师跟踪和机构投资者持股将显著降低企业应对股价崩盘风险的现金调整速度,信息环境对于国有企业的作用并不显著。As the exterior environment becomes more and more complex,the Chinese stock market crashed several times in recent years,which naturally raises a question that how do firms change their cash holdings strategy to maintain liquidity in such a complicated environment.This paper investigates the effect of stock price crash risk on firm cash holdings adjusting speed by using the data of Chinese listed firms from 2009-2016.We find that firms with greater stock price crash risk change their cash holdings faster,and the positive relationship is more pronounced for firms with fewer follow-up analysts and with fewer institutional investors.Further,we analyze whether the nature of equity has an impact on such positive relationship or not,and the result Indicates that there is no significant difference in adjusting speed of cash between State-Owned Enterprises(SOEs)and non-SOEs.However,we find the fact that more follow-up analysts and more institutional investors can significantly reduce the cash adjusting speed of private firms,while it has no impact on SOEs.

关 键 词：股价崩盘风险 信息环境 现金持有 融资约束 现金调整 资本结构 信息披露 

分 类 号：F235.19[经济管理—会计学]