摘要
股价崩盘会严重损害股东的利益,对资本市场的健康发展产生极大的负面影响。交叉持股是否会延缓股票崩盘的风险?本文以2008至2014年沪深两市A股上市公司为研究样本,考察交叉持股与股价崩盘风险的关系。研究发现,交叉持股对上市公司股价崩盘风险有显著抑制作用。同时,在盈利性较差、成长性较差的上市公司,交叉持股现象对其股价崩盘风险有显著抑制作用。本文为交叉持股在资本市场的作用做出了新的解释,也为交叉持股产生的经济后果提供了新的证据。
The stock market crash is harmful to shareholders and investors.Does crossholding relieve the risks of stock market crash?This paper tries to study the relationship between crossholding and market crash research with sample of A-shares listed companies in Shanghai and Shenzhen Stock Exchange from 2008 to 2014.The result shows that crossholding significantly alleviates the crash risks of listed companies.Moreover,in poor profitability,poor growth listed companies,there is also a significant negative correlation between crossholding and market crash.This paper makes a new explanation and consequence of the impact of crossholding in the market crash.
作者
杨松令
王淼
刘亭立
Songling Yang;Miao Wang;Tingli Liu(School of Economics and Management,Beijing University of Technology)
出处
《当代金融研究》
2018年第1期1-16,共16页
Journal of Contemporary Financial Research
基金
国家社科基金项目:"生态位理论范式下的股东关系及其经济后果研究"(项目批准号:13AGL003)该项目阶段性研究成果
关键词
交叉持股
股票市场
崩盘
公司治理
Crossholding
Stock Market
Crash
Corporate Governance
