高管媒体从业经历与股价大跌风险--基于上市公司的实证研究  

Corporate Senior Executives'Media Experience and Stock Price Crash Risk

作　　者：钱先航[1,2] 刘芸 王营 QIAN Xianhang;LIU Yun;WANG Ying(School of Economics,Shandong University;School of Finance,Shandong University of Finance and Economics)

机构地区：[1]山东大学经济学院,山东济南250100 [2]山东财经大学金融学院,山东济南250014

出　　处：《金融研究》2023年第3期150-168,共19页Journal of Financial Research

基　　金：国家社科基金(19CJY059)资助;山东省泰山学者青年专家项目(tsqn202103011);山东大学齐鲁青年学者项目的部分研究成果。

摘　　要：基于高管媒体从业经历影响公司信息披露的视角,本文以我国上市公司2010-2019年数据为样本,考察了高管媒体从业经历对公司股价大跌风险的影响。研究发现,当公司的高管具有媒体从业经历时,其股价大跌风险更高。同时,高管媒体从业经历的作用在不同公司中存在差异,其在经营状况差、有管理层持股、外部审计质量差、有分析师关注的公司中更为明显。影响路径分析发现,高管媒体从业经历会通过降低公司信息披露质量和掩盖负面信息引致公司股价大跌风险增加。本文的结论表明,加强对有媒体从业经历高管的监管是提高上市公司质量、降低公司股价大跌风险的重要着力点.The stability of the capital market is vital for economic growth,and the substantial drop in the stock price of listed firms will reduce the operating efficiency of the capital market and weaken its financing function for the real economy.The Central Economic Work Conference in 2020 pointed out that it is necessary to"promote the healthy development of the capital market and improve the quality of listed firms."Therefore,it is important to identify the determinants of listed firms'stock price crash risk to prevent systemic financial risk.In this paper,we manually collect the resume data of senior executives of A-share listed firms in China in 2010-2019,identify their working experiences,and examine the impact of senior executives'media experience on stock price crash risk from the perspective of executives'media experience and corporate information disclosure.The results show that senior executives'media experience will increase corporate stock price crash risk.We conduct multiple tests to address the endogeneity concerns,including the use of propensity score matching and a treatment effect model.The results of these tests confirm the robustness of the conclusions.We find that the effect of executives'media experience is more pronounced in firms with poorer operating performance,with executive shareholding,with poorer external auditing,and with analyst following.We further investigate the mechanisms through which executives'media experience affects stock price crash risk,and find that executives'media experience can increase stock price crash risk through a reduction in the quality of corporate information disclosure and negative information being covered up.This paper contributes to the literature in three aspects.First,this paper expands the studies on the determinants of corporate stock price crash risk.Existing studies have focused on management behavior,investor behavior,and the external environment,but have rarely looked at executives'media experience,which directly affects information asymmetry.Second,this

关 键 词：高管媒体从业经历 信息不对称 股价大跌风险 

分 类 号：G206[文化科学—传播学] F832.51[经济管理—金融学] F272.91