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以2010—2015年深沪A股为研究对象,考察股权结构和产品市场竞争对公司特质风险的作用。结果表明:第一大股东持股比例、股权制衡度与公司特质风险呈正“U”型关系,说明二者对特质波动既有抑制效应也有刺激作用;国有股权比例与公司特质风险呈正相关关系;产品市场竞争通过会计信息质量对公司特质风险存在正向作用;随着产品市场竞争程度的上升,股权结构对公司特质风险的公司治理效应下降。
Taking Shenzhen and Shanghai A shares in 2010-2015 as the research object, this paper examines the role of ownership structure and product market competition in the trait risk of the company. The results show that: the proportion of the largest shareholder holding shares, equity balance and the company trait risk positive “U ” type of relationship, indicating that both the trait fluctuations have both the inhibitory effect and stimulating effect; the proportion of state-owned equity and corporate trait risk was positively correlated The product market competition plays a positive role in the idiosyncratic risk of the company through the quality of accounting information; as the degree of competition in the product market increases, the corporate governance effect of the ownership structure on the idiosyncratic risk of the company declines.