同行公司股价崩盘风险影响公司投资行为吗?

Does Peer Corporate Stock Price Crash Risk Affect Corporate Investment?

本文采用2003年至2015年A股上市公司数据研究同行公司股价崩盘风险在公司投资方面的经济后果,研究发现:(1)同行公司股价崩盘风险显著增加了公司投资规模;(2)企业的国有属性增加了同行公司股价崩盘风险与投资规模之间的正向关系;(3)股价同步性越低,同行公司股价崩盘风险引起企业投资规模增加的程度越小;(4)产品市场竞争增强了同行公司股价崩盘风险与投资规模之间的关系。此外,本文还发现同行公司股价崩盘风险会加剧公司的过度投资水平。本文的研究丰富了股价崩盘风险经济后果和公司投资方面的学术文献,同时对深刻理解股价崩盘风险的恶劣后果和促进企业投资效率的提升具有重要启示。

Using a sample of A-share listed firm in China for the period 2003-2015,the paper mainly studies the relationship be-tween the peer corporate stock price crash risk and corporate investment.Our results show that,first,the peer corporate stock price crash increases the investment significantly.Second,the state-owned property increases the positive relationship between the peer corporate stock price crash and corporate investment.Third,low stock price synchronicity reduces the positive relation-ship between the peer corporate stock price crash risk and corporate investment.Forth,product market competition increases the relationship between the peer corporate stock price crash risk and corporate investment.In addition,the paper finds that the peer corporate stock price crash risk increases corporate over-investment.Our paper not only enriches the literature on the eco-nomic consequences of the stock price crash risk and corporate investment,but also has an important inspiration to deeply un-derstand the bad consequences of stock price crash risk and promote the efficiency of investment.