控制性投资及其扩张效应与股价崩盘风险
Controlling Investments and Their Expansion Effects on Stock Price Crash Risk
冯体一 1张诗玥 2杨志杰 1眭健3
作者信息
- 1. 上海对外经贸大学金融管理学院
- 2. 东方电气集团东方锅炉股份有限公司
- 3. 中铁上海工程局集团有限公司
- 折叠
摘要
企业通过控制性投资可建立内部资本市场、实现对外扩张,从而影响企业价值并引起股价波动.本文以 2008-2021 年A股中实施控制性投资的上市公司为研究对象,实证研究了控制性投资及其扩张效应对股价崩盘风险的影响.结果发现上市公司通过控制性投资建立内部资本市场可缓解融资约束,从而抑制股价崩盘风险;控制性投资扩张效应在集团内部可产生协同效应,压缩经理人对负面消息的隐藏空间,从而降低股价崩盘风险;但过于激进的扩张因降低了"效率促进"效果,反而削弱了控制性投资对股价崩盘风险的抑制作用.本文丰富了股价崩盘风险相关文献,深入探讨了股市健康稳定发展的影响因素,具有一定的现实意义.
Abstract
Firms can establish internal capital markets and achieve external expansion through controlling investments,thereby influencing firm value and causing stock price fluctuations.This study investigates the impact of controlling investments and their expansion effects on stock price crash risk,using A-share listed companies that implemented controlling investments between 2008 and 2021 as the research sample.The empirical results show that listed companies establishing internal capital markets through controlling investments can alleviate financing constraints,thereby mitigating stock price crash risk.The expansion effects of controlling investments within a corporate group can generate synergies,reducing managers'ability to conceal negative information and thus lowering the risk of a stock price crash.However,overly aggressive expansion weakens the"efficiency-enhancing"effect,thereby diminishing the mitigating impact of controlling investments on crash risk.This research enriches the literature on stock price crash risk and provides insights into factors that influence the healthy and stable development of the stock market,which has a certain practical significance.
关键词
控制性投资/内部资本市场/扩张效应/股价崩盘风险/融资约束Key words
Controlling investments/Internal capital markets/Expansion effects/Stock price crash risk/Financing constraints引用本文复制引用
出版年
2024
NETL
NSTL
万方数据