摘要
本文以2010—2017年沪深两市非金融类上市公司为样本,基于上市公司的年报文本,采用文本分析法,构建衡量企业竞争文化的指标,并研究企业竞争文化对于股价崩盘风险的影响。研究结果表明,企业在年报中越强调竞争,股价崩盘风险越大。在采用双重差分法及工具变量法解决可能存在的内生性问题后,结论依然稳健。机制检验发现,企业内部有意识的文化建设及机会主义行为是影响股价崩盘风险的潜在渠道。进一步的研究表明,竞争文化的作用强度受到行业竞争力、员工裁员压力及代理问题的影响。本文不仅从企业文化的微观视角丰富了股价崩盘风险影响因素的研究,为文化金融提供了新的微观经验证据,而且为市场各方洞悉独特的企业文化对金融市场稳定的规制作用提供实证参考。
Stock price crash refers to the phenomenon that stock price or index declines sharply in a short term. The previous research on causes for stock price crash risk mainly discussed from the perspective of formal system. However, there are few discussions on the influence of the informal system linked by micro culture on stock price crash risk. According to the behavioral finance theory, culture can affect the micro enterprise decision-making and the construction of enterprise culture is a process of “internally rooted in mind and externally expressed in behaviors” for enterprise employees. One of the causes for stock price crash risk is that managers conceal the negative information. The motivation for such a decision-making behavior may be influenced by the enterprise culture or enterprise assessment method under a certain cultural norm. Therefore, the influence of enterprise culture on stock price crash risk cannot be negligible.Among many different characteristics of enterprise culture, competition culture is a type of enterprise culture that is relatively highly correlated with stock price crash risk. In accordance with the competition value framework, competition culture emphasizes the individual autonomy and independence, the view that individual achievements are superior to collective interests, and highlights that competitive companies usually require the productivity improvement and shareholder value realization within a short term. From the perspective of practical cases, the enterprise culture of Enron Corporation is “success only, results first” and the competition-oriented high pressure culture enforces the managers to misrepresent the performance and conceal the financial information for satisfying personal interest, which eventually leads to the collapse of Enron Corporation. Theoretically speaking, firstly, the competition culture atmosphere may exacerbate the mistrust among members inside the organization, lead to the impossibility of reaching a consensus inside the enterprise, distort the kind reminders and amplify the risk factors in interpersonal relationship, which further underestimates the project risk and overestimates the returns. Secondly, competition culture makes the internal members with inconsistent interests become more inclined to start from the perspective of self-interest realization and increase the agency costs. In order to avoid the forced termination of projects due to damages to shareholder interests, managers may conceal the negative information of investment projects, leading to over investment and other opportunistic behaviors. Thirdly, under the competition system of “improve or quit”, out of career concerns, managers are more inclined to pursue for short-term benefits, report the positive information only and hide the negative information. When negative information is released in a centralized way, stock price crash risk can be triggered. Contrarily, competition culture may also improve the effectiveness of internal enterprise supervision and increase information disclosure so as to restrain the stock price crash risk.In order to further clarify the influence mechanism of enterprise competition culture on stock price crash risk, in this paper, with non-financial listed companies in Shanghai and Shenzhen during 2010 and 2017 as samples, based on the annual report texts of listed companies, using text analysis method, the indexes to measure the enterprise competition culture are constructed and the influence of enterprise competition culture on stock price crash risk is researched. The research results show that the more enterprises emphasize competition in the annual report, the greater the risk of stock price crash is. After solving the possible endogenous problems using the double difference method and instrumental variable method, the conclusion remains robust. The mechanism test finds out that the conscious cultural construction and opportunistic behavior within enterprises are the potential channels to influence the stock price crash risk. Further research indicates that the effect strength of competition culture is affected by industry competitiveness, staff layoff pressure and agency problems. Generally speaking, this research expands the research on micro enterprise culture. Compared to the previous digging on annual reports that are mostly based on the perspectives of information disclosure and management tones, competition culture is explored through annual reports in this paper, which owns a larger and more objective sample compared to questionnaire. This paper enriches the research on influence of micro enterprise culture on stock crash and overcomes the influence of system, geography, humanities and other interference factors between countries that are impossible for national culture to avoid, which enlightens the construction of enterprise culture of listed companies to some extent and provides theoretical foundation and empirical support for countries to formulate the policy and strategy of building a socialist cultural power.
作者
谢陈昕
叶德珠
叶显
XIE Chenxin;YE Dezhu;YE Xian(School of Management,Jinan University,Guangzhou 510632,China;School of Economics,Jinan University,Guangzhou 510632,China;Department of Finance,College of Economics Jinan University,Guangzhou 510521)
出处
《管理工程学报》
CSSCI
CSCD
北大核心
2022年第1期111-123,共13页
Journal of Industrial Engineering and Engineering Management
基金
国家社会科学基金重点项目(19AJY026)
中央高校基本科研业务费专项资金资助(19JNLH07)
广东省自然科学基金面上项目(2019A1515012064)。
关键词
竞争
企业文化
股价崩盘风险
公司年报
Competition
Corporate culture
Stock price crash risk
Annual company report
