摘要
探索区域发展不平衡的内在机制与治理路径是新时代的重大课题。本文基于省域边界地区的强外部性特征,从信息成本视角探讨地理区位如何影响边界企业资源获取,并作用于其策略性信息披露与股价崩盘风险。研究发现,相较非边界企业,边界企业股价崩盘风险更高。路径检验显示,边界企业的信贷可得性更低、融资成本更高、政府补贴额度更小;且应计盈余管理水平较高、会计稳健性较低、管理层讨论语调更积极,这说明资源匮乏与激进性信息披露是导致上述边界效应的重要缘由。拓展研究发现,一体化区域内与相邻于直辖市的边界地区不存在上述效应,且推进政府数字化转型与新型基础建设,以及强化分析师跟踪、媒体关注、高质量审计等外部治理,可部分缓解该效应。本文从资本市场的角度,为“边界之困”的形成及治理提供经验证据与理论支撑。
Exploring the internal mechanism behind unbalanced regional development is an important issue in the new era.Based on externalities in the allocation of interprovincial resources, we examine how geographic location affects firms’ access to resources and thus their information disclosure and stock price crash risk.The results show that border firms have a higher stock price crash risk than non-border firms, and this finding holds after a series of robustness tests.Mechanism tests find that border firms have lower available credit, higher financing costs, and smaller fiscal subsidies;they also have higher accrual earnings management, lower accounting conservatism, and a more positive tone in the management discussion and analysis section of the annual report.This indicates that resource shortages and aggressive information disclosure are important drivers of the higher stock price crash risk of border firms.Additional tests find no border effect in the borders of integrated areas or in the borders of areas adjacent to municipalities.Accelerating the digital transformation of the government and the infrastructure construction of information, and strengthening external governance(such as analyst following, media attention, and high-quality auditing)can partially alleviate the stock price crash risk of border firms.From the perspective of the capital market, this paper provides microscopic empirical evidence and theoretical support for the formation and governance mechanisms underlying the border trap.
出处
《会计研究》
CSSCI
北大核心
2022年第7期154-170,共17页
Accounting Research
基金
国家自然科学基金面上项目(72072045)
国家自然科学基金重点项目(72132002)
海南省自然科学基金青年项目(720QN242)的资助。
关键词
省域边界
外部性
资源配置
信息成本
股价崩盘风险
Provincial Border
Externality
Resource Allocation
Information Cost
Stock Price Crash Risk
