共同机构所有权对涉海上市企业股价崩盘风险的影响研究
Research on the Impact of Joint Institutional Ownership on the Risk of Stock Price Collapse of Maritime Listed Companies in the Sea
于文倩1
作者信息
- 1. 中国海洋大学经济学院 青岛 266100
- 折叠
摘要
海洋是高质量发展的战略要地,涉海企业是海洋经济发展的主战场,共同机构所有权对涉海企业股价崩盘风险具有一定影响.基于固定效应的面板模型,实证研究了2003-2020年我国涉海上市公司共同机构所有权与股价崩盘风险的关系.研究发现:(1)共同机构所有权能够显著降低股价崩盘风险.(2)共同机构所有权通过负面信息融入和退出威胁对涉海企业进行监督治理.(3)共同机构所有权对涉海企业股价崩盘风险的抑制效果在单一大股东的涉海企业中更为显著.经工具变量法、因变量替代法、Heckman两阶段模型稳健性检验,上述结论依然成立.本文研究结论能够为政府防范金融体系风险、公司合理设置和优化股权结构、个体投资者识别股市风险提供理论依据和经验支持.
Abstract
The ocean is a strategic place for high-quality development,and maritime enterprises are the main battlefield for the development of marine economy.The ownership of joint institutions has a certain impact on the risk of stock price collapse in maritime enterprises.Based on the fixed effect panel model,this paper empirically studies the relationship between the joint institutional ownership and the risk of stock price collapse of China's maritime listed companies from 2003 to 2020.The results show that:(1)the ownership of joint institutions can significantly reduce the risk of stock price collapse.(2)The ownership of joint institutions supervises and governs the maritime enterprises through the threat of negative information integration and withdrawal.(3)The inhibition effect of joint institutional ownership on the risk of stock price collapse in maritime enterprises is more significant in the enterprises with a single major shareholder.Through the robustness test of instrumental variable method,dependent variable substitution method,and Heckman two-stage model,the above conclusions are still valid.It provides theoretical evidence and empirical support for the government to prevent risks in the financial system,companies to reasonably set up and optimize equity structures,and individual investors to identify stock market risks.
关键词
共同机构所有权/涉海上市公司/股价崩盘风险/监督治理Key words
Common institution ownership/Sea related listed companies/Stock price collapse risk/Ssupervision and governance引用本文复制引用
出版年
2024
NETL
NSTL
万方数据