实际控制人性质与股价崩盘风险  

Ultimate Controlling Shareholders' Nature and Stock Price Crash Risk

作　　者：孙凌霞 亓先玲 Sun Lingxia;Qi Xianling(International School of Business&Finance,Sun Yat-sen University,Zhuhai,519082;School of Finance,Nankai University,Tianjin,300350)

机构地区：[1]中山大学国际金融学院,珠海519082 [2]南开大学金融学院,天津300350

出　　处：《珞珈管理评论》2020年第2期79-104,共26页Luojia Management Review

基　　金：国家自然科学基金青年项目“非财务信息披露、股价信息含量与股价效率”(项目批准号:71802112)。

摘　　要：选取2009—2018年A股上市公司为样本研究实际控制人的特征,包括产权性质和现金流权,对股价崩盘风险的影响及作用机制。研究发现,当上市公司的实际控制人为中央或地方政府、国有企业等国有实体时,股价崩盘风险显著更低,并且实际控制人的现金流权能够显著降低国有上市公司的股价崩盘风险,表明国有实际控制人具有一定的治理效应。进一步分析和检验作用机制,发现国有实际控制人可以通过约束高管行为、CEO决策行为特征及信息披露质量三种机制降低股价崩盘风险。使用工具变量、控制内外部公司治理变量、控制公司固定效应及对产权性质发生变化的子样本回归分析等方法解决内生性问题,结果依然稳健。本文拓展了股价崩盘风险影响因素的研究,为政府在调整股价风险方面的重要作用提供了证据。Using the sample of A-share companies over the period of 2009-2018,this paper examines the impact of ultimate controfling ownership,including the type of ownership and its cash flow rights,on stock price crash risk.We find that stock price crash risk is significantly lower in state-controfled companies than in non-state-controfled companies.In addition,cash flow rights of ultimate controfling sharehofders can significantly reduce crash risk of state-controfled companies,suggesting some governance effect of the state controfling ownership.Further analyses on the three mechanisms show that the state controfling ownership impacts managerial behavior,decision characteristics,and the quality of information disclosure,which effectively lower crash risk.This paper extends researches on the impacting factors of stock price crash risk and provides evidence for the important rofe of state-controfled sharehofders in controfling stock price risk.

关 键 词：实际控制人 股价崩盘风险 现金流权 高管行为 

分 类 号：F83[经济管理—金融学]