管理层能力与股价崩盘风险——基于盈余管理中介效应的检验  

Managerial Ability and Stock Price Crash Risk Based on the Mediating Effect of Earnings Management

作　　者：崔云[1] 董延安[1] CUI Yun;DONG Yanan(School of Accounting, Guizhou University of Finance and Economics, Guiyang, Guizhou 550025, China)

机构地区：[1]贵州财经大学会计学院

出　　处：《财经理论与实践》2019年第5期47-54,共8页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金项目(71562004);贵州省教育厅青年科技人才成长项目(黔教合KY字[2016]176);贵州省科技计划项目(黔科合支撑[2018]20012)

摘　　要：利用2007-2016年我国证券市场上市公司A股数据,研究管理层能力与股价崩盘风险之间的关系,并在此基础上探究不同盈余管理方式在两者关系中发挥的作用。结果表明:上市公司管理层能力越强,股价崩盘风险越小;真实盈余管理程度在管理层能力与股价崩盘风险关系中表现的中介效应更显著。Using the data from 2007 to 2016 in China stock market as samples, this paper examines the relationship between managerial ability and stock price crash risk and the role of different earning management type in the relationship. The results show that: the higher managerial ability is associated with a lower likelihood of a firm’s future stock price crashes. In order to inhibit the stock price crashes risk, the mediating effects of real earning management is significantly.

关 键 词：管理层能力 股价崩盘 盈余管理方式 

分 类 号：F831[经济管理—金融学]