摘要
本文考察公司战略对股价崩盘风险的影响。以2003—2013年中国上市公司为样本,本文发现,公司战略对股价崩盘风险存在正向影响,并且民营企业的上述影响显著强于国有企业。进一步地,本文对公司战略影响股价崩盘风险的内在机理进行了探讨,发现公司战略通过融资需求和管理层股权激励这两条路径影响股价崩盘风险。本文的研究丰富了公司战略经济后果的相关文献,同时,找到了新的股价崩盘风险影响因素,对公司管理层、投资者及监管层都具有重要的参考价值。
Stock price crash risk has attracted more falls rapidly in recent years and particularly the rapidly and more attention since the stock market always rises or falling price crash risk is considered to be due to the manager＇ s hiding fit motivation. Several factors of stock price crash risk have been ency, internal control information disclosure, mandatory adoption of stock price destroy the investors＇ wealth. Stock the bad information of the company for self - bene found, such as the accounting information transparof IFRS, tax avoidance, financial analysts, account- ing conservatism, controlling shareholders, institutional investors, religion, equity incentive, and the directors＇ and officers＇ liability insurance. However, the above factors, especially the corporate level factors are mainly determined by corporate strategy. Therefore, it is important to explore whether corporate strategy impacts stock price crash risk. Strategy determines the corporate operation and corporations with different strategy usually operates differently. For example, Miles and Snow （1978,2003） divide corporate strategy into three kinds ,prospect, analysis and defend. They find that the prospect corporations usually develop new products, explore new markets and keep the lead ing position in their industries. However, the defend corporations usually have the fixed products and they compete by the price and quality. Although all kinds of decisions, especially the financial decisions are based on the strategy, we haven＇ t pay enough attention on it. Extant literature have defined several different kinds of strategy, and Miles and Snow＇ s definition of strategy can be measured by archival data and then can be used to explore the economic consequences of corporate strategy using the sample of listed companies. Several studis begin to explore the impact of corporate strategy on financial policies, such as earnings management, financial reporting irregulations and tax be- havior. This paper explores the relationship between corporate strategy and stock price crash risk. Using a sample of Chinese A share listed companies from 2003 to 2013, and following the measurement of corporate strategy by Bent- ley et al. （2013） and Sun et al. （2016） ,this paper finds that corporate strategy has a positive impact on stock price crash risk, and this effect is robust when using another mearsurement of corporate strategy. This paper also find that the above effect is much more stronger in non-SOEs which seek competition advantage from a right strategy than the SOEs which is protected by the government. Furthermore, this paper explores the economic mechanisms of the above relationship between corporate strategy and stock price crash risk and finds that corporate strategy impacts stock price crash risk through financial demand and equity incentive. This study contributes to the extant literature in three ways. First, this study extends the field of corporate strat- egy on accounting research and enriches the literature about the economic consequence of corporate strategy. The existing literature mainly focus on management accounting research using the survey method, and only a few litera- ture explore the impact of corporate strategy on corporate finance and accounting behavior using the archival data, such as the impact of financial report irregular, tax and earnings management. This paper find corporate strategy can impact stock price crash risk through both financial demand and equity incentive, thus providing new evidence to the economic consequence of corporate strategy. Second,this study find that corporate strategy is a fundamental corporate level factor of stock price crash risk, enriching the literature on the factors that impact stock price crash risk. Third, this study broadly complements both the strategy and stock price crash risk literature by exploring the economic mechanisms through which corporate strategy could affect stock price crash risk. We find that prospect corporations have more financial demand and more equity incentive in the management compensation. These findings also contribute to the factors that impact financial demand and equity incentive.
出处
《经济管理》
CSSCI
北大核心
2016年第12期47-61,共15页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目"股权激励
企业资本配置行为及其经济后果研究"(71102122)
国家自然科学基金项目"预算管理程序公平:决定因素与影响后果"(71672208)
国家自然科学基金项目"机构投资者股权集中度影响股价崩盘风险的传导路径研究"(71602053)
关键词
公司战略
股价崩盘风险
融资需求
股权激励
corporate strategy
stock price crash risk
financial demand
equity incentive
