战略联盟与股价崩盘风险  

Strategic Alliances and Stock Price Crash Risk

作　　者：陈红[1,2] 赵荣权 朱震 胡耀丹 CHEN Hong;ZHAO Rong-quan;ZHU Zhen;HU Yao-dan(Yunnan University of Finance and Economics,Kunming 650221;Zhaotong University,Zhaotong 657000,China)

机构地区：[1]云南财经大学会计学院,云南昆明650221 [2]昭通学院管理学院,云南昭通657000

出　　处：《当代财经》2023年第5期52-64,共13页Contemporary Finance and Economics

基　　金：云南省教育厅科学研究基金项目“战略联盟与股价崩盘风险”(2023Y0615);云南省地方本科高校基础研究联合专项面上项目“研发要素流动影响云南省科技创新水平的理论分析与实证检验”(202101BA070001-098);云南省哲学社会科学规划重点项目“云南新型社区治理数字化转型研究”(ZD202212)。

摘　　要：随着加入战略联盟的上市公司数量与日俱增,战略联盟的资本市场效应及其作用机制成为重要的研究议题。基于我国2009—2021年上市公司战略联盟合作公告相关数据的实证研究表明,加入战略联盟总体上抑制了企业未来的股价崩盘风险,这种抑制作用在全要素生产率低、财务风险高、管理层权力大和媒体关注度低的样本中更显著。这表明,提升企业的资源配置效率和经营稳定性、强化联盟内外部监督是战略联盟降低股价崩盘风险的重要路径。进一步研究发现,股权式战略联盟和契约式战略联盟均能显著抑制企业的股价崩盘风险。在区分联盟各方特征后发现,当联盟对象为上市公司、企业性质为非龙头企业时,战略联盟对股价崩盘风险的抑制效应更显著。因此,政府部门有必要为上市公司开展战略联盟合作创造有利的政策环境,规范联盟运行机制,充分发挥战略联盟降低股价崩盘风险、促进资本市场平稳健康发展的功能。With the increasing number of listed companies joining strategic alliances,the capital market effects of strategic alliances and their function mechanisms have become significant research topics.This paper conducts an empirical test based on the related data of strategic alliance cooperation announcements issued by listed companies in China from 2009 to 2021.The findings show that joining strategic alliances can generally inhibit the future stock price crash risks faced by the enterprises.This inhibition effect is more significant in the samples with lower total factor productivity,higher financial risks,greater management power,and lower media attention,which indicates that improving enterprises'resource allocation efficiency andoperational stability,and strengthening internal and external supervision of the alliance are important paths for strategic alliances to reduce stock price crash risks.Further examination reveals that both equity strategic alliances and contractual strategic alliances can inhibit the stock price crash riskssignificantly.It is found after distinguishing the characteristics of the allied partiesthat this inhibition effect is more significant when the alliance object is a listed company and the nature of the enterprise is not a leading one.Therefore,the relevant government departments should create a favorable policy environment for listed companies to carry out strategic alliance cooperation,regulate the operation mechanism of the alliance,and give full play to the function of the strategic alliances to reduce the stock price crash risks and promote the steady and healthy development of the capital markets.

关 键 词：战略联盟 股价崩盘风险 资源配置效率 监督机制 

分 类 号：F272.1[经济管理—企业管理]