股权投资撬动效应会加剧公司股价崩盘风险吗  

Will the Prying Effect of Equity Investment Deteriorate the Risk of Stock Price Crash?

作　　者：李庆德[1,2] 刘嫦[1,2] 李瑾[3] LI Qingde;LIU Chang;LI Jin(School of Economics and Management,Shihezi University,Shihezi Xinjiang 832000)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000 [2]石河子大学公司治理与管理创新研究中心,新疆石河子832000 [3]石河子大学经济与管理学院会计学系,新疆石河子832000

出　　处：《国际商务（对外经济贸易大学学报）》2021年第1期111-124,共14页INTERNATIONAL BUSINESS

基　　金：国家社会科学基金项目“创新驱动战略下企业费用粘性与创新绩效研究”(17BJY030)。

摘　　要：利用合并报表和母公司个别报表数据计算我国上市公司股权投资撬动程度并研究其撬动程度是否导致公司股价崩盘风险的加剧,进而评价"以小撬大"式股权投资的经济后果。研究发现:公司股权投资撬动行为加重了母公司控股股东掏空行为和子公司管理层的代理问题,使得公司股权投资撬动程度与公司股价崩盘风险呈现正相关关系;公司内部控制水平、股权集中度及机构投资者持股提高有助于抑制因企业股权投资扩张而引发的股价崩盘风险。建议加强公司治理机制建设并继续进行会计准则改革,为企业利益相关者提供更多决策信息。This article calculates the leverage degree of equity investment in Chinese listed companies by using the consolidated statements and individual statements of the parent company,and studies whether the degree of leverage has increased the risk of the company’ s stock price collapse,and then evaluates the economic consequences of equity investment of "the small levers the big". The study found that the company’ s equity investment leveraging behavior aggravated the parent company’ s controlling shareholder’ s tunneling behaviors and subsidiary management’ s agency problems,making the company’ s equity investment leveraging a positive correlation with the company’ s stock price collapse risk;furthermore,the company’ s internal control level,equity concentration degree,and increased institutional investors’ shareholding can help curb the risk of stock price collapse caused by the expansion of corporate equity investment. Therefore,we should strengthen the construction of corporate governance mechanisms and the reform of accounting standards,and provide more useful decision-making information for the benefit of enterprises stakeholders.

关 键 词：股权投资 撬动效应 股价崩盘风险 

分 类 号：F275[经济管理—企业管理] F830.41[经济管理—国民经济]