暴跌风险感知、公司信息操纵与资本结构动态调整
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| Title | The perception of stock Crash risk, Firm information manipulation and Dynamic adjustment of capital structure
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| 作者 | 顾小龙 张霖琳 李东辉 |
| Author | Xiaolong Gu, Linlin Zhang, Donghui Li |
| 作者单位 | 广东财经大学会计学院；中山大学管理学院；暨南大学管理学院 |
| Organization | Guangdong university of Finance and Economics; Sun Yat-Sen University; Jinan University |
| 作者Email | pawdragon@163.com；shui_zi_liu@163.com；lidonghui@jnu.edu.cn |
| 中文关键词 | 股价暴跌 风险感知 真实盈余管理 资本结构调整 市场化进程 |
| Key Words | Crash Risk; Risk Perception; Real Earnings Management; Speed of Leverage Adjustment; Marketization |
| 内容提要 | 资本结构的持续优化是公司决策的重要内容。本文选用2006-2014年1656家沪深A股上市公司数据，考察投资者和债权人对公司未来股价暴跌风险存在不同感知情境下，公司融资活动的应激调整行为。我们发现：（1）投资者与债权人对公司未来股价暴跌可能性的预期越强烈，公司资本结构调整的速度越慢；（2）真实盈余管理有助于缓解这一关系。这说明，面临较大股价暴跌风险的公司有可能通过真实盈余管理操纵盈余信息，影响资金供给方的风险预期；同时，这种调节效应在市场化水平较高地区表现明显。本文立足行为金融学理论，检验了公司特定风险向资金融出方的传导机制与外部条件，扩展了股价暴跌风险的研究视角。 |
| Abstract | The continuous optimization of capital structure of is an important financial decision. We employ a panel of 1656 Chinese A-share listed companies from 2006 to 2014, studying how firms adjust its capital structure under different crash risk exposure. We find that SOA is slower in firms with higher crash risk exposure which is consistent with An et al., (2015). Furthermore, REM mitigates the negative correlation between crash risk exposure and SOA. And, the above findings are more announced in regions with high marketization index. Based on behavioral finance theory, our paper examines the transmission mechanism and external conditions with which firms ‘specific risk is transferred to capital suppliers, further extending the research perspective for stock price crash risk. |
| 文章编号 | WP1231 |
| 登载时间 | 2017-10-20 |
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