摘要
预防与监测上市公司资产质量,对提升我国金融市场资产配置效率,增强服务实体经济能力,推动我国经济高质量发展具有重大意义。本文通过选用2017-2021年我国深、沪两地上市公司作为样本,以盈余管理为中间传导变量,实证研究上市公司不良资产对股价同步性的影响。研究结果表明:上市公司不良资产正向显著影响股价同步性,并且盈余管理的中介效应显著。有效控制上市公司不良资产、提升财务透明度、加强财务监管,可以为改善当前市场环境下上市公司股票同步性。因此,上市公司在发展过程中可通过加强内部不良资产的预防与管理、建设不良资产处置团队等方式合理有效控制不良资产比重;投资者也可从不良资产角度丰富自身投资价值体系;相关监管部门可进一步加强财务监管,提升上市公司财务透明度。
Preventing and monitoring the asset quality of listed companies is of great significance to improving the efficiency of asset allocation in China’s financial market,enhancing the ability to serve the real economy,and promoting the high-quality development of China’s economy.This paper selects listed companies in China from 2017 to 2021 as samples,and uses earnings management as the mediating variable to conduct empirical research on the impact of NPL on Stock price synchronicity.The results show that the NPL have a positive and significant impact on Stock price synchronicity,and the mediating effect of earnings management is significant.Effectively controlling the NPL of listed companies,improving financial transparency and strengthening financial supervision can improve the Stock price synchronicity in the current market environment.Therefore,listed companies can reasonably and effectively control the proportion of NPL by strengthening the prevention and management of internal NPL and building a non-performing asset disposal team in the process of development;Investors can also enrich their investment value system from the perspective of NPL;Relevant regulatory authorities can further strengthen financial supervision and improve financial transparency of listed companies.
出处
《价格理论与实践》
北大核心
2023年第1期96-99,203,共5页
Price:Theory & Practice
基金
广东省教育厅2021重点建设学科科研能力提升项目“横琴粤澳深度合作区人民币兑葡语国家货币汇率期货市场的实践路径研究”(项目编号:2021ZDJS117)
关键词
不良资产
资产质量
盈余管理
股价同步性
NPL
asset quality
earnings management
stock price synchronicity
