摘要
选取2008—2015年A股上市公司数据,实证分析经营现金流透明度与公司股价崩盘风险之间的关系,结果表明,相比于应计会计盈余,经营现金流具有更多的信息含量,对股价崩盘风险具有更强的解释力。进一步,考察市场关注度对经营现金流透明度与公司股价崩盘风险关系的调节效应,发现市场关注度对股价崩盘风险存在双重影响,主要表现为:一方面,市场关注度的提高增大了企业管理层的经营压力,使其更倾向于操纵现金流信息,进而导致现金流透明度降低,股价崩盘风险升高;另一方面,随着市场关注度的逐步提高,投资者消化、吸收与理解信息的能力也在不断提升,企业隐藏坏消息的能力受到限制,从而降低了经营现金流透明度对股价崩盘风险的影响,即表现为市场关注度越高,经营现金流透明度对股价崩盘风险的影响越弱。
This paper examines the relation between the transparency of cash flow from operations(CFO)and stock price crash risk based on a sample of A-share listed companies during 2008-2015.The results show that compared with accounting earnings,CFO provides more information content and has stronger explanatory power of stock price crash risk.Further study of moderating effect of market attention on the relationship between the transparency of CFO and stock price crash risk demonstrates that market attention has double impacts on the risk of stock price crash.On the one hand,the improvement of market attention increases the pressure on business management to make it more likely to manipulate cash flow information,thereby reducing cash flow transparency and increasing the risk of stock price collapse.On the other hand,with the improvement of market attention,investors’ability to digest,absorb and understand information is enhanced,and the ability of companies to hide bad news is limited,which reduces the impact of CFO transparency on future stock price risk,that is,the higher the market attention,the less the impact of transparency of CFO on stock price crash risk.
作者
曾爱民
冷虹雨
魏志华
ZENG AiMin;LENG HongYu;WEI ZhiHua(School of Accounting, Zhejiang Gongshang University, Hangzhou 310018;School of Economics, Xiamen University, Xiamen 361005)
出处
《财贸研究》
CSSCI
北大核心
2020年第6期98-110,共13页
Finance and Trade Research
基金
教育部人文社会科学规划基金项目“宏观房价波动与微观企业股利政策:基于财务柔性理论视角的研究”(18YJA630004)
浙江省自然科学基金面上项目“企业社会责任对股价崩盘风险影响机理研究”(LY15G020002)。
关键词
经营现金流透明度
应计盈余透明度
市场关注度
股价崩盘风险
operating cash flow transparency
accrual earnings transparency
market attention
stock price crash risk
