CEO股价崩盘经历与企业风险承担:“司空见惯”还是“杯弓蛇影”  

CEO Stock Price Crash Experience and Enterprise Risk Taking:Common Occurrence or Self-Created Suspicion

作　　者：徐飞[1] XU Fei(Anhui Normal University,Wuhu 241000,China)

机构地区：[1]安徽师范大学经济管理学院,安徽芜湖241000

出　　处：《当代财经》2023年第1期94-107,共14页Contemporary Finance and Economics

基　　金：国家自然科学基金青年项目“基于前置形态多样性的股价崩盘分类、归因及预警研究”(71903002);安徽省自然科学基金青年项目“投资者适应性修正、融资约束与股价崩盘传染研究”(1908085QG309)。

摘　　要：股价崩盘严重影响资本市场的健康发展,亟待研究股价崩盘对高管行为和企业经营产生的具体影响。基于感觉适应和恐惧泛化定律,提出“司空见惯”和“杯弓蛇影”两类竞争性假设,构建“股价崩盘经历—CEO行为—企业风险承担”的分析框架,利用2007—2019年A股上市公司的数据进行实证检验,以揭示后股价崩盘阶段的CEO行为特征。主要结论包括:CEO股价崩盘经历能显著降低企业风险承担水平,验证“杯弓蛇影”观;高学历CEO和男性CEO在经历股价崩盘后更可能降低企业风险承担水平,公司内部原因诱发的股价崩盘经历对CEO风险承担的负向影响更明显;CEO股价崩盘经历主要通过降低企业财务杠杆、信用销售、坏账损失、过度投资和投资不足以及提高企业营运资本比例来降低企业风险承担水平。因此,企业管理者不仅要关注股价崩盘的前因,还应重视股价崩盘的后果,从而服务股价崩盘后的企业管理实践。Stock price collapse can seriously affect the healthy development of capital markets;it is urgently needed to study the specific impact of stock price collapse on the executive behaviors and enterprise operation. Based on sensory adaptation and the law of generalized fear, this paper puts forward two kinds of competitive hypotheses:“common occurrence”and“self-created suspicion”. It constructs an analytical framework of“stock price collapse experience--CEO behaviors--enterprise risk taking” to conduct an empirical test by using the data of A-share listed companies from 2007 to2019, so as to reveal CEO’s behavioral characteristics at the post stock price collapse stage. The main conclusions include:(1) CEO stock price collapse experience will significantly reduce the level of enterprise risk-taking, this verifies the view of“ self-created suspicion”;(2) highly educated CEOs and male CEOs are more likely to reduce the level of enterprise risk-taking after experiencing the stock price crash, and the experience of stock price crash induced by corporate internal reasons has a more obvious negative impact on CEO risk-taking;(3) CEO’s share price collapse experience mainly reduces the enterprise risk-taking level by reducing the enterprise’s financial leverage, credit sales, bad debt losses, over investment and underinvestment, and by increasing the proportion of enterprise working capital. Therefore, the enterprise managers should not only pay attention to the antecedents of the stock price collapse, but also pay attention to the consequences of the stock price collapse, so as to serve the enterprise management practice after the stock price collapse.

关 键 词：股价崩盘经历 风险承担 感觉适应 恐惧泛化 

分 类 号：F239.43[经济管理—会计学]