论文部分内容阅读
基于动态面板和静态面板方法,以2005-2013年(滞后一期数据为2004-2012年)中国股市全部A股上市公司为研究对象,考察了上市公司实际控制人的股权特征对股价崩溃风险的影响。研究发现:(1)现金流权越高,股价崩溃风险越低;(2)控制权与现金流权的分离程度会削弱现金流权与股价崩溃风险之间的负向关系。这说明在一定的不透明水平下,利益协同效应有助于缓解股价崩溃风险;且这种效应在国有上市公司中得到了更为显著和稳健的体现。
Based on the dynamic panel and the static panel method, this paper studies all the A-share listed companies in China stock market in 2005-2013 (lagged data from 2004 to 2012), examines the ownership characteristics of the actual controller of the listed company on the stock price crash risk influences. The research finds that: (1) the higher the cash flow right, the lower the risk of stock price collapse; (2) The separation of control right and cash flow right will weaken the negative relationship between the cash flow right and the stock price crash risk. This shows that under a certain degree of opacity, the synergistic effect of interest helps to mitigate the risk of stock price collapse; and this effect has been more pronounced and steady in state-owned listed companies.