摘要
本文选择2009-2015年全部A股上市公司作为研究样本,检验了现金持有、公益性捐赠与股价崩盘风险三者之间的关系,结果显示:公益性捐赠与股价崩盘风险负相关,即企业参与捐赠力度越大,其股价崩盘风险越低;并通过区分产权性质,发现相比于非国有企业,国有企业公益性捐赠与股价崩盘风险的负相关关系更显著。进一步考察企业现金持有对上述关系的影响,发现现金持有对企业公益性捐赠与股价崩盘风险的负相关关系具有抑制作用,这种抑制作用在国有企业尤为突出。
Based on all the A-share listed companies from 2009 to 2015, this paper verifies the relationship between cash holding, public donations and risks of stock price collapses. It shows that the public donations are negatively related to stock price collapses, namely, the more the companies participate in public donations, the lower the risks of stock price collapses are. By distinguishing the ownership, it finds that compared with non-state-owned companies, such a relationship is more applicable to the state-owned companies. Through in-depth investigation of the influence of cash holding on such a relationship, it finds that cash holding has an inhibitory effect on such a relationship, which is especially prominent in state-owned companies.
出处
《中国注册会计师》
北大核心
2017年第2期45-50,共6页
The Chinese Certified Public Accountant
基金
国家社会科学基金项目"资本结构波动与企业价值研究"(13BGL049)
国家社会科学基金项目"制度约束下的信息透明度对企业投资效率的作用机理研究"(14BJY015)
国家自然科学基金项目"内部控制对信贷资源配置效率的影响机理研究:基于货币政策与银企关系的双重视角"(71402001)
