空气污染、管理者行为与股价崩盘风险  

Air pollution,management behavior and stock price crash risk

作　　者：徐健 张文哲 孔东民[2] Xu Jian;Zhang Wen-zhe;Kong Dong-min(School of Finance,Hubei University of Economics,Wuhan 430205,China;School of Economics,Huazhong University of Science and Technology,Wuhan 430074,China)

机构地区：[1]湖北经济学院金融学院,武汉430205 [2]华中科技大学经济学院,武汉430074

出　　处：《管理科学学报》2024年第8期148-158,共11页Journal of Management Sciences in China

基　　金：中央高校基本科研业务费专项资金(2022WKFZZX015)。

摘　　要：本文基于管理者行为视角,研究了空气污染对公司股价崩盘风险的影响及作用机制.利用秦岭淮河政策这一准自然实验形成的空气污染地理断点,本研究引入空间断点回归设计,研究发现:1)空气污染加剧了上市公司的股价崩盘风险;2)其潜在影响机制是空气污染提高了公司管理者的离职率,以及管理层的更替导致了公司积累的“坏信息”被披露.对管理者离职情况的进一步分析发现,位于污染地区公司中由于身体健康原因而离职的管理者比例显著高于非污染地区;3)异质性检验的结果表明,对于管理者薪酬水平更低、位于医疗资源匮乏地区、信息披露质量较差以及非国有的公司,空气污染对其股价崩盘风险的影响更为显著.本研究为外部自然环境通过影响公司管理者行为传导到金融市场这一特殊机制提供了经验证据,为完善环境治理和金融市场发展提供了理论依据.From the perspective of top managers’behavoir,this paper investigates the impacts of local air pollution on a firm’s stock price crash risk.To establish causality,we introduce an exogenous shock of spatial changes for air pollution and conduct spatial regression discontinuity design across the Qinling-Huai River boundary in China.The results show that air pollution has a significant positive effect on a firm’s stock price crash risk.A plausible mechanism behind the effect is that worsened air conditions increase management turnover,leading to the disclosure of accumulated bad information.In addition,firms located in polluted areas have a higher rate of managers leaving due to health reasons than those in less polluted areas.The effects of air pollution on stock price crash risk are more pronounced in firms with lower level of managers’salary,firms located in areas with less medical resources,firms with poorer information disclosure quality and non-state-owned firms.This study adds empirical evidence on how external environment affects financial market through the behavior of firms’managers,and provides policy implications regarding the importance of improving local environmental regulation enforcement and financial market development.

关 键 词：空气污染 股价崩盘风险 断点回归 管理者离职 

分 类 号：F832.5[经济管理—金融学]