股价崩盘风险、信息透明度与资本结构偏离度——基于沪深A股数据的实证分析

Stock Price Crash Risk,Information Transparency and Capital Structure Deviation——An Empirical Analysis Based on the Data of the Companies Listed in China's A-share Market

以中国A股上市公司为样本,文章考察了股票崩盘风险和信息透明度对资本结构偏离度的影响。研究表明:股价崩盘风险越大,资本结构偏离度越高;国有上市公司过度负债时,透明度越低资本结构偏离度越大;区分股权性质后的进一步研究表明,国有上市公司的资本结构受到股价崩盘风险和信息透明度的影响比非国有上市公司更加显著。上述研究说明在我国特殊的制度背景下,股价崩盘风险和信息透明度在资本结构的调整中起着重要的作用,稳定的资本市场和优越的信息环境有助于企业资本结构的优化。

Based on the sample of the Companies Listed in China＇s A - share Market, the paper re- searches the effects of stock price crash risk and information transparency on capital structure de- viation. The research shows that： the greater the stock price crash risk is, the higher the degree of capital structure deviation is, when state- owned listed companies have excessive liabilities, in- formation transparency has effects on the degree of capital structure deviation; after distinguis- hing the nature of company＇s property, the effects on state - owned listed companies are more significant than that on private listed company. The conclusion shows that under the special insti- tutional background in China, stock price crash risk, and information transparency plays an impor- tant role in the capital structure adjustment, and the stability of the capital market and the superior information environment can help optimize the enterprise capital structure.