政治诉求、社会责任与上市银行股价崩盘风险

Political Appeal,Social Responsibility and Listed Banks' Risk of Price Collapse

以2007—2016年间中国上市商业银行为样本,可实证检验上市商业银行高管政治诉求对股价未来崩盘风险的影响,并加入了对上市商业银行社会责任中间效应的考量。研究发现,相较于高管没有政治关联特征的上市商业银行,高管有政治关联特征的上市商业银行的股价崩盘风险更高,而相较于高管没有政治晋升特征的上市商业银行,高管有政治晋升特征的上市商业银行的股价崩盘风险更低;上市商业银行的社会责任对股价未来崩盘风险产生了明显的抑制作用,考虑社会责任的影响后,高管政治关联对上市商业银行股价未来崩盘风险的正面影响被明显降低,而高管政治晋升对上市商业银行股价未来崩盘风险的负面影响则被明显提升。

Using the commercial banks listed in China during the 2007-2016 period as samples,the paper empirically tested the impact of bank senior officials’political appeals on the risk of the banks’stock price collapse and examined the intermediate effects of these banks’social responsibilities.The study finds that the risk is higher with banks featuring officials having political connections than those without,but on the contrary,the risk is lower with banks featuring officials’political promotion than banks that do not have such features.The social responsibilities of banks have obvious inhibitory effect on the risk.With this effect,the positive impact of senior officials’political connections on the future risk is considerably lowered while the negative impact of the officials’political promotion on the risk is noticeably increased.