供应链金融如何影响股价同步性
How Supply Chain Finance Affects Stock Price Synchronicity
杨小伟 1张娆1
作者信息
- 1. 南京农业大学金融学院 南京,210095
- 折叠
摘要
本文利用中国A股上市企业披露的"应收款项融资"数据,构建多期双重差分模型,探究供应链金融对股价同步性的影响.结果发现:企业披露"应收款项融资"数据能显著降低股价同步性,该效应在上期债务期限较短、投资水平较低及代理成本较高的企业中影响更大.机制检验发现,企业披露"应收款项融资"数据从融资渠道、未来发展前景及财务报告信息质量等方面作用于股价同步性.经济后果检验发现,企业披露"应收款项融资"数据还有助于降低股价崩盘风险.
Abstract
Using the data of"accounts receivable financing"disclosed by Chinese A-share listed companies,this paper constructs Multi-Period DID model to explore the impact of supply chain finance on stock price synchronicity.The results show that disclosing"accounts receivable financing"data by enterprises can significantly reduce stock price synchronicity,and this effect has a greater impact on enterprises with shorter debt maturities,lower investment levels,and higher agency costs in the previous period.Mechanism testing finds that the disclosure of"accounts receivable financing"data by enter-prises affects stock price synchronicity in terms of financing channels,future development prospects,and financial report information quality.The economic consequences test reveals that disclosing"accounts receivable financing"data by enter-prises helps lower the stock price crash risk.
关键词
供应链金融/应收款项融资/股价同步性/股价崩盘风险Key words
supply chain finance/accounts receivable financing/stock price synchronicity/stock price crash risk引用本文复制引用
出版年
2024
NETL
NSTL
万方数据