摘要
以1999—2015年A股上市公司为样本,考察了财务总监（CFO）兼任董秘对股价崩盘风险的影响,研究发现,CFO兼任董秘能够显著降低股价崩盘风险,并且这一效应在董秘任职年限较短、董秘性别为男性的公司中更为显著。研究结果表明,CFO兼任董秘有助于从信息沟通和风险规避方面改善公司的信息披露,进而提高资本市场效率。
Based on the sample of A-share listed companies in China during 1999-2015, we examine the impact of CFO serving as board secretary on stock price crash risk. The results reveal that, CFO serving as board secretary would significantly reduce the risk of stock price crash, which is more obvious in firms with shorter service term of male board secretary. Moreover, we have known that,CFO serving as board secretary effectively raises the quality of information disclosure through information communication and risk aversion, further improving the efficiency of capital market.
作者
彭情
郑宇新
PENG Qing, ZHENG Yu-xin(School of Accounting, Southwestern University of Finance and Economics, Chengdu 611130, Chin)
出处
《山西财经大学学报》
CSSCI
北大核心
2018年第4期49-61,共13页
Journal of Shanxi University of Finance and Economics
基金
中央高校基本科研业务费专项资金资助项目(JBK1707196)
关键词
董事会秘书
股价崩盘风险
信息沟通
风险规避
board secretary
stock price crash risk
information communication
risk aversion
