管理层权力、机构投资者与股价崩盘风险

Managerial Power,Institutional Investors and the Risk of Stock Price Crash

公司治理是影响股价波动的重要因素,故以沪深两市主板A股上市公司2005—2017年数据为样本,采用多元回归的方法分析了管理层权力对股价崩盘风险的影响,以及机构投资者对两者关系的调节作用。研究结果表明,管理层权力与股价崩盘风险正相关;稳定型机构投资者比交易型机构投资者更能缓解管理层权力对股价崩盘风险的正向影响。该结论为完善管理层权力制衡机制、降低股价崩盘风险提供了一定的参考。

Corporate governance can lead to the fluctuation of stock price, based on the data of A share listed companies in Shanghai and Shenzhen Stock Exchanges from 2005 to 2017, the multiple regression model is used to study the impact of managerial power on stock price crash risk. The empirical results show that the managerial power is positively related to the risk of the stock price crash, and the stable institutional investors have more positive impact of managerial power on the risk of stock price crash than speculative institutional investors. These results can provide some suggestions on enhancing the balance mechanism of managerial power and reducing the stock price crash risk.