企业竞争文化与股价崩盘风险  

Corporate competition culture and stock price crash risk

作　　者：谢陈昕 叶德珠[2] 叶显 XIE Chenxin;YE Dezhu;YE Xian(School of Management,Jinan University,Guangzhou 510632,China;School of Economics,Jinan University,Guangzhou 510632,China;Department of Finance,College of Economics Jinan University,Guangzhou 510521)

机构地区：[1]暨南大学管理学院,广东广州510632 [2]暨南大学经济学院,广东广州510632 [3]广东金融学院经济贸易学院,广东广州510521

出　　处：《管理工程学报》2022年第1期111-123,共13页Journal of Industrial Engineering and Engineering Management

基　　金：国家社会科学基金重点项目(19AJY026);中央高校基本科研业务费专项资金资助(19JNLH07);广东省自然科学基金面上项目(2019A1515012064)。

摘　　要：本文以2010—2017年沪深两市非金融类上市公司为样本,基于上市公司的年报文本,采用文本分析法,构建衡量企业竞争文化的指标,并研究企业竞争文化对于股价崩盘风险的影响。研究结果表明,企业在年报中越强调竞争,股价崩盘风险越大。在采用双重差分法及工具变量法解决可能存在的内生性问题后,结论依然稳健。机制检验发现,企业内部有意识的文化建设及机会主义行为是影响股价崩盘风险的潜在渠道。进一步的研究表明,竞争文化的作用强度受到行业竞争力、员工裁员压力及代理问题的影响。本文不仅从企业文化的微观视角丰富了股价崩盘风险影响因素的研究,为文化金融提供了新的微观经验证据,而且为市场各方洞悉独特的企业文化对金融市场稳定的规制作用提供实证参考。Stock price crash refers to the phenomenon that stock price or index declines sharply in a short term. The previous research on causes for stock price crash risk mainly discussed from the perspective of formal system. However, there are few discussions on the influence of the informal system linked by micro culture on stock price crash risk. According to the behavioral finance theory, culture can affect the micro enterprise decision-making and the construction of enterprise culture is a process of “internally rooted in mind and externally expressed in behaviors” for enterprise employees. One of the causes for stock price crash risk is that managers conceal the negative information. The motivation for such a decision-making behavior may be influenced by the enterprise culture or enterprise assessment method under a certain cultural norm. Therefore, the influence of enterprise culture on stock price crash risk cannot be negligible.Among many different characteristics of enterprise culture, competition culture is a type of enterprise culture that is relatively highly correlated with stock price crash risk. In accordance with the competition value framework, competition culture emphasizes the individual autonomy and independence, the view that individual achievements are superior to collective interests, and highlights that competitive companies usually require the productivity improvement and shareholder value realization within a short term. From the perspective of practical cases, the enterprise culture of Enron Corporation is “success only, results first” and the competition-oriented high pressure culture enforces the managers to misrepresent the performance and conceal the financial information for satisfying personal interest, which eventually leads to the collapse of Enron Corporation. Theoretically speaking, firstly, the competition culture atmosphere may exacerbate the mistrust among members inside the organization, lead to the impossibility of reaching a consensus inside the enterprise, distort the

关 键 词：竞争 企业文化 股价崩盘风险 公司年报 

分 类 号：F83[经济管理—金融学] F27