企业资金“脱实向虚”对其股价崩盘风险的影响  

The Influence of the Enterprise s Funds Removing Reality to Virtual on its Stock Price Crash Risk

作　　者：王翌秋 王新悦 WANG Yiqiu;WANG Xinyue(School of Finance,Nanjing University of Agriculture,Nanjing 210095,China)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《审计与经济研究》2022年第1期94-105,共12页Journal of Audit & Economics

基　　金：江苏高校哲学社会科学研究重大项目(2020SJZDA074);中央高校基本业务费创新项目(SKCX2019004)。

摘　　要：实体企业过度地将资金投资于虚拟经济导致实体经济与虚拟经济发展失衡,制约了我国经济高质量发展。基于此,关注企业资金“脱实向虚”对其资本市场股价表现的影响,采用2008—2018年A股上市公司数据研究发现:近年来企业资金“脱实向虚”增加了股价崩盘的风险,并且这种影响在代理冲突严重、信息不对称程度高以及股票流动性高的样本企业中更为明显。进一步验证了企业资金“脱实向虚”的资本套利动机,并发现如果企业将资金适度投资于虚拟经济领域则不会导致股价崩盘风险。研究结果对政府完善资本市场制度,引导实体企业科学、适度地投资虚拟经济具有一定意义。The enterprise s funds that excessively invest in the virtual economy leads to an imbalance between the development of real economy and virtual economy,which hinders the high-quality development of China s economy.This paper focuses on the impact of enterprises funds removing reality to virtual on the stock price performance in the capital market.Based on the data of A-share listed companies from 2008 to 2018,it is estimated that the enterprise funds removing reality to virtual increases the risk of stock price crash,which is more severe in the enterprises with serious agency conflict,high degree of information asymmetry and strong liquidity.Furthermore,the capital arbitrage motive of the enterprise funds removing reality to virtual is also demonstrated,and if enterprise s funds are moderately invested in the virtual economy,it will not bring the stock price crash.The results are significant for the government to improve the capital market system and guide the enterprises to invest in the virtual economy moderately and scientifically.

关 键 词：脱实向虚 股价崩盘风险 信息不对称 代理冲突 股票流动性 

分 类 号：F830[经济管理—金融学]