儒家文化与股价崩盘风险

Confucian culture and Stock Price Crash Risk

本文从非正式制度视角考察了儒家文化对公司股价崩盘风险的影响效应及作用机理。研究发现,公司受到儒家文化的影响程度越强,其股价崩盘风险越低。渠道分析表明,儒家文化主要通过抑制管理者自利动机、改善公司信息质量及降低管理者过度自信三条路径影响股价崩盘风险。进一步研究发现,儒家文化对股价崩盘风险的抑制作用在公司治理较弱和外部信息环境较差的情况下更加明显。这表明,儒家文化作为正式制度的一种隐性替代治理机制,对于防范股价崩盘风险、促进资本市场健康发展具有重要积极作用。本文不仅丰富了股价崩盘风险影响因素的研究,也深化了对儒家文化现代商业价值的理论认知。

This paper examines the impact of Confucianism on stock price crash risk and its mechanism.We find that Confucianism is significantly negatively associated with firm-specific crash risk.Further channel tests show that Confucianism curbs crash risk through reducing agency conflict,improving financial information quality and restraining managerial overconfidence.We also find that the negative effect is more prominent in firms with weaker corporate governance and lower analyst coverage.These results suggest that Confucianism,as an alternative mechanism of formal institutions,plays a critical role in preventing stock price crash and promoting the healthy development of capital market.This not only enriches the literature on stock price crash risk but also deepens theoretical cognition of the positive value of Confucianism.