异质资本持股、内外部治理与国有企业股价崩盘风险  

Heterogeneous Capital Ownership,Internal and External Governance and the Risk of Share Price Collapse of State-Owned Enterprises

作　　者：史金艳[1] 陈馥瑶 李延喜[1] SHI Jinyan;CHEN Fuyao;LI Yanxi(School of Economics and Management,Dalian University of Technology,Dalian 100624,China)

机构地区：[1]大连理工大学经济管理学院,辽宁大连100624

出　　处：《大连理工大学学报（社会科学版）》2024年第3期61-70,共10页Journal of Dalian University of Technology(Social Sciences)

基　　金：国家社会科学基金项目“动态演化视角下供应链网络对企业高质量发展的影响研究”(20BGL090);教育部人文社会科学研究项目“制造业企业的工业化转型升级与金融化的交互作用机理研究”(20YJA630094);辽宁省经济社会发展研究课题“极端冲击下我省企业韧性的提升机制与路径研究”(2024lslybkt-067)。

摘　　要：防范系统性金融风险是经济健康发展的重要保障。鉴于股价崩盘风险与系统性金融风险的关联性,以2014~2020年国有企业为样本,实证检验不同性质的非国有资本参股对国有企业股价崩盘风险的影响,并进一步考察企业内外部治理对非国有资本参股与国有企业股价崩盘风险之间关系的调节效应。研究结果表明,民营资本参股降低了股价崩盘风险,机构投资者参股增加了股价崩盘风险,而外资参股不存在显著影响。在进行一系列稳健性检验之后,结果仍然成立。就内外部治理而言,内部治理水平仅对民营资本持股比例与股价崩盘风险之间的关系有显著的正向调节作用,外部治理环境仅对机构投资者持股比例与股价崩盘风险之间的关系有显著的负向调节作用。Preventing systemic financial risks is an important guarantee for healthy economic development.Based on the correlation between stock price crash risk and systemic financial risk,we empirically test the impact of non-state capital participation of different nature on stock price crash risk of state-owned enterprises(SOEs)using a sample of SOEs from 2014 to 2020,and further examine the moderating effect of internal and external corporate governance on the relationship between non-state capital participation and stock price crash risk of SOEs.The results show that private capital participation reduces the risk of stock price crash risk,and institutional investors’participation increases the risk of stock price crash risk while no significant effect of foreign capital participation is observed.The results still hold after a series of robustness tests.In terms of internal and external governance,the level of internal governance has a significant positive moderating effect on the relationship between private capital ownership and stock price crash risk,and the external governance environment has a significant negative moderating effect on the relationship between institutional investor ownership and stock price crash risk.

关 键 词：系统性风险 股价崩盘 国有企业 异质资本 治理环境 

分 类 号：F830[经济管理—金融学]