参股企业现金股利分配与上市公司股价崩盘风险  

Cash Dividend Distribution of Associates/Joint Ventures and Listed Firms’Stock Price Crash Risk

作　　者：程小可[1] 张子溪 武迪 高升好 Cheng Xiaoke

机构地区：[1]北京交通大学经济管理学院,100044 [2]首都经济贸易大学会计学院,100070 [3]西南财经大学会计学院/教育部哲学社会科学实验室-西南财经大学金融安全与行为大数据实验室,611130

出　　处：《会计研究》2024年第10期110-122,共13页Accounting Research

基　　金：国家自然科学基金面上项目(72272008);中央高校基本科研业务费专项资金(JBK2202039)的资助。

摘　　要：对参股企业进行股权投资是上市公司获取收益的重要方式。由于上市公司缺乏对参股企业的控制权,权益法下投资收益能否转化为实际经济利益流入成为评价公司股权投资质量的关键,显著影响了资本市场信息效率的提升。本文以参股企业现金股利分配为切入点,考察权益法下投资收益实现性对公司股价崩盘风险的影响机理。研究发现,参股企业现金股利分配水平越高,公司股价崩盘风险越低。机制检验表明,参股企业现金股利分配通过缓解投资收益下方风险降低公司股价崩盘风险。截面检验证实,权益法下投资收益占净利润比例、参股企业行业特征、股权投资透明度和投资者异质性均会影响参股企业现金股利分配对公司股价崩盘风险的抑制作用。本文验证了权益法下投资收益实现性对信息效率的提升作用,为改善公司信息环境、优化会计准则实施提供了经验证据。Equity investment in associates/joint ventures is an important way for listed firms to obtain income.Due to the lack of control over the associates/joint ventures,whether the investment income under the equity method can be converted into the inflow of actual economic benefits has become the key to evaluate the quality of the firm's equity investment,which significantly affects the improvement of information efficiency in the capital market.This paper takes the cash dividend distribution of associates/joint ventures as the point of penetration to examine the impact mechanism of the realization of investment income under the equity method on the stock price crash risk.The study finds that the higher cash dividend distribution of associates/joint ventures,the lower the risk of stock price crash of listed firms.Mechanism tests show that the cash dividend distribution of associates/joint ventures alleviates the risk of stock price crash of firms by mitigating downside risk of investment income.Cross-sectional tests prove that the proportion of investment income under the equity method to net profit,industry characteristic of associates/joint ventures,equity investment transparency,and investor heterogeneity can affect the inhibitory effect of cash dividends of associates/joint ventures on the firms'stock price crash risk.This paper verifies the role of the realization of investment income under the equity method in improving information efficiency,and provides empirical evidence for improving the firm's information environment and optimizing the implementation of accounting standards.

关 键 词：权益法 股价崩盘风险 现金股利 参股企业 

分 类 号：F27[经济管理—企业管理]