摘要
以2008~2017年A股非金融类上市公司为研究样本,考察高管舆情危机对股价崩盘风险的影响,研究表明,高管舆情危机扩大了公司股价崩盘风险,且相对于高管非财经性质舆情危机,财经性质舆情危机对公司股价崩盘风险影响更显著。进一步研究发现,国有企业高管两类舆情危机对股价崩盘风险的影响都更为显著;企业的市场势力削弱了高管财经性质舆情危机对股价崩盘风险的扩大效应;高管财经性质舆情危机和非财经性质舆情危机均会加剧公司的业绩波动水平。研究结论为企业和政府防范市场极端反应和系统性风险提供了微观证据。
Using A-share non-financial listed companies from 2008 to 2017 as samples,this study examined the effect of public opinion crises facing top executives on stock price crash risk.This study showed that it increases stock price crash risk,whereas finance-related public o・pinion crises have a more significant effect on stock price crash risk than non-finance-related public opinion crises.Further research found that both types of public opinion crises facing top executives at state-owned companies have a more significant effect on stock price crash risk;the market power of companies weakens the effect of finance-related public opinion crises facing top executives on increasing stock price crash risk;whereas both finance-and non-finance-related public opinion crises facing top executives exacerbates the volatility of companies'performance.The conclusions of this study provided micro一level evidence for companies and governments to prevent extreme market reactions and systemic risks.
作者
王虹
何佳
Wang Hong;He Jia(School of Business,Sichuan University,Chengdu,Sichuan 610064,China)
出处
《金融经济学研究》
CSSCI
北大核心
2019年第6期70-82,共13页
Financial Economics Research
基金
国家社会科学基金项目(17BJY176)。
关键词
高管舆情危机
股价崩盘风险
市场势力
public opinion crises facing top executives
stock price crash risk
market power
