摘要
政策出台如何影响资本市场稳定及其经济影响是各界关注的重要问题。本文基于2011年《中华人民共和国社会保险法》实施的政策冲击发现,社会保险征管力度的增强会使劳动密集型企业的股价崩盘风险显著上升。这一效应在税收努力程度更高的地区和市场表现更差的企业中更为显著。进一步地,法律实施后,劳动密集型企业的经营风险提升,通过操纵业绩降低信息披露质量的动机增强。本文的发现表明:社会保险征管的增强会增加上市企业的经营压力,从而提升其股价崩盘风险。上述发现对实现“鼓励好公司、紧盯坏公司”的改革目标,提升上市企业质量提供了有益参考。
How the introduction of policies affects the stability of the capital market and its.economic impact attracts much attention.We find that stock price crash risk increases significantly for labor-intensive firms following the enforcement of social insurance collection induced by enactment of the Social Insurance Law in 2011.This relation is more pronounced for firms located in regions with stronger tax efforts and with worse market performances.Furthermore,the adoption of the 1aw improves firms’operating risk and incentivizes firms to manipulate earnings and reduce the quality of information disclosure.Our findings indicate that the enforcement of social insurance collection can increase operating pressures of listed firms.However,the effect is divergent,which reflects ex-post punishment from the market to some extent.Our findings throw light on realizing the aim of“Encouraging good companies and keeping a close eye on bad ones”and improve the overall quality of listed firms.
作者
许红梅
倪骁然
Xu Hongmei;Ni Xiaoran
出处
《金融学季刊》
2023年第4期177-198,共22页
Quarterly Journal of Finance
基金
国家自然科学基金项目(71802113)
广东省哲学社会科学规划项目(GD22CYJ21)的资助
国家自然科学基金项目(72272126)的资助
关键词
社会保险征管
经营压力
股价崩盘风险
social insurance collection
operating pressure
stock price crash risk
