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产业政策对企业股价崩盘风险的影响及其作用机制

Impact of Industrial Policies on the Risk of Corporate Stock Price Collapse and Its Mechanisms

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  • 维普
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为进一步厘清宏观政策影响微观企业行为的作用机制,以2007-2021年我国A股上市公司为研究样本,采用固定效应模型分析产业政策对企业股价崩盘风险影响及其作用机制.结果表明,产业政策的鼓励显著降低了企业股价崩盘风险,且政策效应在非高科技行业、信息透明度低和机构投资者持股比例低的样本中更为显著.政府补助和信贷支持增加了股价崩盘风险,而税收优惠的影响不显著.产业政策对企业股价崩盘风险的影响主要通过企业投资效率和市场竞争这两个中介因素来实施,一方面,产业政策会降低企业投资效率,企业低效投资导致股价崩盘风险增高;另一方面,产业政策通过促进市场竞争降低企业股价崩盘风险.建议通过产业政策建立一个有效的产业政策资源减少和退出机制,引导企业合理、适度投资,营造有效竞争、良性竞争的市场环境,平衡政府补助、信贷支持与税收优惠等不同工具的使用,有效发挥公司信息透明度、高科技行业,以及机构投资者持股比例对产业政策实施效果的影响,以增强我国资本市场的内在稳定性,降低企业股价崩盘风险.
To clarify the mechanism by which macroeconomic policies influence micro-level corporate behavior from the perspective of stock price collapse risk,this study employs a fixed-effects model to examine the impact of industrial policies on the risk of stock price collapse among A-share listed companies from 2007 to 2021.The results indicate that the encouragement from industrial policies significantly reduces the risk of stock price collapse among enterprises,with pronounced policy effect,in particular,in samples from non-high-tech industries,those with low information transparency,and those with a low proportion of institutional investor holdings.While government subsidies and credit support increase the risk of stock price collapse,the impact of tax incentives is not significant.The influence of industrial policies on the risk of stock price collapse in enterprises is primarily implemented through two intermediary factors:corporate investment efficiency and market competition.Industrial policies reduce corporate investment efficiency,and inefficient investment leads to increased risk of stock price collapse.But industrial policies also reduce the risk of stock price collapse by promoting market competition.It is therefore recommended that an effective mechanism for resource reduction and enterprise withdrawal be established through industrial polities to promote rational and moderate investment of industries,markets with effective and healthy competition,and balanced application of government subsidies,credit support,tax incentives and the like so as to exert the positive impacts of business information transparency,high-tech industries and institutional investors'holdings on the effective implementation of industrial policies to enhance the intrinsic stability of China's capital market and reduce the risk of corporate stock price collapse.

industrial policiesstock price collapse riskinfluence mechanismsfixed-effects modelintermediary effects modelinvestment efficiencymarket competition

张晔、范敏芝

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厦门理工学院经济与管理学院,福建 厦门 361024

产业政策 股价崩盘风险 影响机制 固定效应模型 中介效应模型 投资效率 市场竞争

福建省社会科学基金一般项目厦门理工学院科研攀登计划项目

FJ2022B072XPDST20004

2024

10.19697/j.cnki.1673-4432.202404010

厦门理工学院学报
厦门理工学院

厦门理工学院学报

影响因子：0.196
ISSN：1673-4432
年,卷(期)：2024.32(4)