风险投资网络下股价崩盘风险传染效应研究  

Research on the risk contagion effect of stock price collapse under the venture capital network

作　　者：胡磊 张家豪 杜克锐 HU Lei;ZHANG Jiahao;DU Kerui(School of Finance,Hunan University of Technology and Business,Changsha 410205,China;School of Management,Xiamen University,Xiamen 361005,China)

机构地区：[1]湖南工商大学财政金融学院,长沙410205 [2]厦门大学管理学院,厦门361005

出　　处：《系统工程理论与实践》2023年第12期3441-3460,共20页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金青年项目(71903055);湖南省自然科学基金青年项目(2023JJ40243);湖南省教育厅优秀青年项目(19B322)。

摘　　要：基于2009年至2021年中国A股上市公司数据,考察股价崩盘风险在风险投资网络中的传染效应.研究发现:当公司与发生股价崩盘风险的公司具有共同的风投联结时,更可能发生股价崩盘风险.机制分析表明,风投网络中的股价崩盘风险主要通过影响信息披露质量和委托代理关系进行传染.进一步分析表明,网络位置会负向调节股价崩盘风险传染效应,且在具有国有背景、内部控制水平低、未聘请四大会计师事务所审计和分析师关注度高的公司中该传染效应更强.研究拓宽了我国风投网络“传染”问题的研究范畴,为降低股价崩盘风险及传染效应提供了新思路.Based on the data of China’s A-share listed companies from 2009 to 2021,the contagion effect of stock price crash risk in venture capital network is investigated.The study found that the risk of stock price crash is more likely to occur when the firm has a common venture capital connection with the company at risk of stock price crash.Mechanism analysis shows that the risk of stock price crash in venture capital network is mainly transmitted through affecting the quality of information disclosure and the principal-agent relationship.Further analysis shows that network location negatively moderates the contagion effect of stock price crash risk,and the contagion effect is stronger in companies that are state-owned,have low level of internal control,do not employ Big Four accounting firms and have high analyst attention.The research expands the research scope of“contagion”in venture capital network and provides new ideas for reducing stock price crash risk and contagion effect.

关 键 词：风险投资网络 股价崩盘风险 风险传染 

分 类 号：F832.5[经济管理—金融学]