机会主义盈余管理、投资者情绪与股价崩盘风险  

Opportunistic Earnings Management,Investor Sentiment and Stock Crash Risk

作　　者：王东岭 刘永涛[2] WANG Dong-ling;LIU Yong-tao(School of Economics,Beijing Wuzi University;School of Public Finance and Taxation,Capital University of Economics and Business)

机构地区：[1]北京物资学院经济学院,北京101149 [2]首都经济贸易大学财政税务学院,北京100070

出　　处：《当代金融研究》2022年第1期20-37,共18页Journal of Contemporary Financial Research

基　　金：国家社会科学基金项目“研发费用所得税加计扣除政策对企业开发支出会计政策选择的影响及经济后果”(16BGL065)。

摘　　要：股价崩盘风险受到哪些因素影响一直是学者和资本市场关注的热点问题之一,本文考察了机会主义盈余管理行为如何影响股价崩盘风险。本文选取2007-2016年中国上市公司数据进行研究,结果发现:上市公司的盈余管理程度与股价崩盘风险呈显著正相关关系;相对于非机会主义,机会主义的盈余管理对股价崩盘风险的影响更大;无论是盈余管理程度、还是机会主义盈余管理行为,对股价崩盘风险的影响都随着投资者情绪高涨而加大。本文拓展了盈余管理与股价崩盘风险之间关系的研究,有助于投资者全面理解机会主义盈余管理对股价崩盘风险的影响。Stock price crash risk has long been a widely concerned research issue.Using a large sample of Chinese listed firm from 2007 to 2016,the article investigates the relation between earning management,investor sentiment and stock price crash risk.The result suggests accrual earning management is positively related to firmspecific stock price crash risk.Moreover,Firm conducting opportunistic earning management are more prone to stock price crashes.As for investor sentiment,the article shows that the positive relation between earning management and crash risk is augmented when the market sentiment is high.This paper deepens the understanding of how earning management would affect stock price crash risk and how investor sentiment would influence the distribution of stock price return.Besides,this paper sheds lights on the path towards reducing stock price crash risk and facilitating stable long-term development of Chinese capital market.

关 键 词：股价崩盘风险 盈余管理动机 投资者情绪 

分 类 号：F830.91[经济管理—金融学] F275.2