摘要
以2007—2019年中国沪深A股非金融上市公司为样本,考察了董事高管责任保险对公司股价崩盘风险的影响。结果发现,董事高管责任保险发挥了股价稳定效应,降低了公司未来的股价崩盘风险。渠道机制研究表明,董事高管责任保险通过提升信息质量来降低股价崩盘风险。进一步分析发现,董事高管责任保险对股价崩盘风险的抑制效应在法律环境较差、金融科技发展不佳的地区更明显。
Will directors and officers insurance maintain stability or promote crash of the stock price?Based on the sample of A-share non-financial listed companies in Shanghai and Shenzhen stock markets from 2007 to 2019,this paper investigates the impact of directors and officers insurance on the risk of the stock price crash.It is found that when listed companies purchase directors and officers insurance,the risk of future stock price crash decreases significantly.After the robustness test and endogenous treatment,the above conclusion is still valid.This supports the“stock price stability”hypothesis and opposes the“crash boost”hypothesis.Channel mechanism research shows that directors and officers insurance reduces the risk of the stock price crash by improving the information quality.Further analysis indicates that the inhibitory effect of directors and officers insurance on the stock price crash risk is more obvious in the regional samples with poor legal environment and less developed financial technology.
作者
张春鹏
王小腾
徐璋勇
ZHANG Chunpeng;WANG Xiaoteng;XU Zhangyong(School of Economics and Management,Northwest University,Xi'an 710127,China;School of Finance,Shanxi University of Finance and Economics,Taiyuan 030008,China)
出处
《财经论丛》
CSSCI
北大核心
2022年第2期48-56,共9页
Collected Essays on Finance and Economics
基金
国家社会科学基金重点项目(19AJL010)。
关键词
股价崩盘风险
董事高管责任保险
信息质量
法律环境
金融科技
Stock Price Crash Risk
Directors’ and Officers’ Insurance
Information Quality
Legal Environment
Financial Technology
