管理层能力与股价崩盘风险——基于盈余管理中介效应的检验

利用2007—2016年我国证券市场上市公司A股数据,研究管理层能力与股价崩盘风险之间的关系,并在此基础上探究不同盈余管理方式在两者关系中发挥的作用。结果表明：上市公司管理层能力越强,股价崩盘风险越小;真实盈余管理程度在管理层能力与股价崩盘风险关系中表现的中介效应更显著。     

机构调研、真实盈余管理与金融市场稳定研究

本文利用深市A股上市公司2014-2021年的相关数据，考察了机构调研行为对股价崩盘风险的影响。研究发现，机构调研与股价崩盘风险存在U型关系，低于阈值的机构调研行为将会降低股价崩盘风险，超过阈值的机构调研行为将会加剧股价崩盘风险。进一步分析发现，真实盈余管理水平在U型关系中发挥了完全中介作用，且U型关系在民营企业中更加显著。     

股价崩盘风险与线上投资者关系管理——基于危机公关的视角

本研究以2009—2017年我国A股上市公司为样本,实证检验股价崩盘风险是否会对上市公司未来线上投资者关系管理产生影响。研究结果表明,当上市公司股价崩盘风险较高时,其后续在线上与投资者沟通互动的效率更高,说明公司通过加强线上投资者关系管理建立事后补救机制以进行危机公关。进一步分析表明,公司信息透明度和高管是否拥有金融会计类工作背景对上述关系具有调节作用,即当上市公司信息透明度较低和拥有较多金融会计类工作背景的高管时,股价崩盘风险对线上投资者关系管理的正向影响更显著,尤其体现在对线上投资者问答回复率的正向影响。本研究反映了测算股价崩盘风险在公司治理角度的信号作用与预测意义,并揭示了信息时代投资者关系管理来自资本市场的决定因素,具有重要的理论和现实意义。     

上市公司敷衍投资者对股价崩盘风险的影响北大核心

基于深圳证券交易所"互动易"平台上的问答数据,实证检验上市公司敷衍投资者的行为对公司股价崩盘风险的影响,结果显示:上市公司回答投资者提问的及时性和切题性越低,其股价崩盘风险便越高。进一步分析显示,上市公司敷衍投资者行为通过两条途径加剧了股价崩盘风险,一是敷衍行为不利于投资者获取公司信息,加剧市场信息不对称;二是敷衍行为有损公司声誉和投资者信任,容易导致投资者在上市公司面临利空消息影响时"用脚投票"、加剧股价波动。上述研究结论的政策启示在于:要推动上市公司主动加强自愿性信息披露和投资者关系管理,实现与投资者之间的良性互动,在与投资者沟通中避免敷衍、搪塞的行为;监管当局可考虑采取"引导优先"的策略,发挥声誉机制的激励和约束作用,引导上市公司自觉重视、及时处理投资者的网络提问,充分发挥网络平台的信息沟通功能、促进资本市场的平稳发展。     

机构投资者降低了股价崩盘风险吗?

本文以2003-2013年中国A股上市公司为样本,考察了机构投资者持股比例与股价崩盘风险之间的关系。研究发现,机构投资者持股显著增大了公司股价未来崩盘的风险。在考虑了机构投资者异质性和内生性等因素的影响后,该结论依然成立。进一步研究发现,在信息不对称程度较高的公司中,机构投资者持股比例与股价崩盘风险之间的正相关关系更强;公司所在地区的制度环境越完善,上述正相关关系越弱。渠道分析表明,机构投资者对股价崩盘风险的正向影响一定程度上源于它加剧了信息不对称。本文拓展了股价崩盘风险影响因素研究,丰富了机构投资者持股经济后果的相关文献,对监管部门积极引导机构投资者、维护资本市场平稳健康发展,具有一定的启示意义。     

企业对外担保与股价崩盘风险——基于A股上市公司的经验证据

近年来,企业债务违约造成的"担保危机"接连爆发,而上市公司因对外担保所引发的股价崩盘事件也层出不穷,在此背景下,本文探讨企业对外担保与股价崩盘风险之间的内在关系,并对其作用机理进行了展开分析.研究发现,企业对外担保比重与股价崩盘风险呈显著正相关关系,且在信息透明度较低、公司治理较差和行业竞争程度较低的情况下,企业对外担保比重对股价崩盘风险的影响更为显著.进一步研究发现,企业对外担保引发股价崩盘风险提升的作用机制在于:(1)对外担保使得借款方的违约风险向担保方进行转移,加剧了担保企业的信用风险;(2)对外担保比例越高,管理层更倾向于通过信息披露采取机会主义行为——发布更加乐观的业绩预告隐藏公司的负面信息.本文拓展和深化了企业对外担保和股价崩盘风险等领域的研究,为监管部门、上市公司和投资者更深刻地理解企业对外担保的经济后果及其作用机制,提供了实证依据与重要启示.     

互动式信息沟通降低了股价崩盘风险吗? ——基于交易所网络平台的研究

以2016—2019年我国A股上市公司为样本,实证检验了交易所网络平台互动式信息沟通对上市公司股价崩盘风险的影响.研究发现,网络平台上投资者提问次数和上市公司回答次数越多,上市公司与投资者互动交流越频繁,上市公司股价崩盘风险越低;在信息不对称程度高的公司中,两者间的负相关关系更加显著.进一步分析上市公司信息环境发现,机构投资者持股比例较低、分析师关注度较低时,网络平台上的信息交流对股价崩盘的抑制效果更加显著.     

股价崩盘风险与权益资本成本——来自中国上市公司的经验证据

本文以沪深两市2008-2012年A股上市公司为研究样本,基于我国特殊制度背景和上市公司实际,实证检验股价崩盘风险对权益资本成本的影响。研究结果表明,股价崩盘风险越大,权益资本成本越大,且这种关系在民营上市公司中更显著。进一步考虑信息披露因素,发现高质量的信息披露并不会显著减弱股价崩盘风险对权益资本成本的负面影响,而机构投资者在一定程度上发挥着资本市场上信息传递的作用,改善信息披露环境,增加信息披露,作为信息披露质量外的一种有效的替代机制,其行为显著降低了股价崩盘风险对权益资本成本的作用。     

投资者情绪异质性能影响股价崩盘风险吗?

本文选取1999—2016年沪深A股市场交易数据以及与投资者情绪相关的数据,从市场层面研究了股价崩盘风险与投资者情绪之间的关系。实证研究发现,投资者情绪是股价崩盘风险的单向格兰杰原因,且股价崩盘风险往往要滞后于投资者情绪3期左右。进一步研究表明,投资者情绪对股价崩盘风险具有非对称性影响,即乐观情绪对崩盘风险具有显著影响,而悲观情绪对崩盘风险影响不显著。     

并购商誉减值对股价崩盘风险的影响研究

本文以2009年至2018年中国上市公司为样本,对商誉减值如何影响股价崩盘风险进行研究。结果显示:商誉减值与股价崩盘风险在0.01水平上显著正相关,说明商誉减值促进了股价崩盘风险。进一步研究结论显示:当公司内部治理水平越差时,商誉减值对公司股价崩盘风险的正向影响越明显;当公司机构投资者持股比例越低时,商誉减值对公司股价崩盘风险的正向影响越明显。本文结论丰富了股价崩盘风险的影响因素、商誉减值的经济后果等相关文献,为公司缓解股价崩盘风险提供了科学依据。     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...     

The case for management history

This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory.     

The life and career of John Spence Ogilvy (1805-71), the first chartered accountant to emigrate to Australia

So far as the available evidence allows, this paper examines the life and career of John Spence Ogilvy, foundation member of the Society of Accountants in Edinburgh in 1854, who emigrated to Melbourne in 1856, but did not play a part in the development of an organized accounting profession in Australia. The paper also attempts to explain the gap of thirty-two years between the formation of the first accounting bodies in Edinburgh and Melbourne.     

Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses

Based on signaling and gender discrimination theory, we examine whether chief financial officer(CFO) gender matters to bank–firm relationships and the designing...     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

<正>The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin...     

The Impact of IFRS Adoption on an Agribusiness Company's Financial Statements

This fictional case is based on a Canadian public company that produces greenhouse vegetables. Focusing on the differences between International Financial Reporting Standards (IFRS) and Canadian Accounting Standards for Private Enterprises (ASPE), this case provides students an opportunity to (1) apply IFRS in a real world setting; (2) prepare and reconcile financial statements under ASPE and IFRS; (3) analyze the impact of IFRS adoption on key financial ratios; and (4) detect and explain differences in financial statements under ASPE and IFRS through common size analysis.