商业信用融资对股价崩盘风险的影响——基于债务治理效应视角

The Impact of Commercial Credit Financing on the Risk of Stock Price Crash——From the Perspective of Debt Governance Effect

以我国A股非金融行业上市公司为研究样本,考察了商业信用融资对股价崩盘风险的影响。研究发现:商业信用融资比重越高,公司股价崩盘风险越低;这表明商业信用融资能够显著降低股价崩盘风险,发挥债务治理效应。进一步研究表明,这种治理效应在外部法律环境较差、市场地位低的公司表现得更为显著。在稳健性检验中,考虑了内生性以及股价崩盘风险的时间窗口问题,结论依然成立。拓展了股价崩盘风险影响因素的研究,也深化了对商业信用融资的认识。

Using a sample of China's A-share listed firms in non-financial industry during the period of 2003--2014,this paper investigates the relationship between trade credit and stock price crash risk.The study finds that the higher the proportion of trade credit financing,the lower the stock price crash risk is,which states trade credit financing can significantly decrease the risk of stock price crash and play debt governance effect.Further study shows that the corporate governance effect is more obvious in companies with weaker external legal environment and lower market position.In the robustness test,with taking into account endogeneity and influence of time window of the stock price crash,the conclusions are still available.This paper extends the study of the risk factors of stock price crash and deepens understanding of commercial credit financing.