摘要
以创业板上市公司为样本,实证检验了国际化经营对股价崩盘风险的影响及创始人CEO所产生的调节作用。研究发现:国际化经营与创业板上市公司股价崩盘风险之间存在显著的负相关关系,即与处于非国际化经营的创业板上市公司相比,处于国际化经营的创业板上市公司的股价崩盘风险更低;创始人CEO与创业板上市公司股价崩盘风险之间也存在显著的负相关关系,即与非创始人担任CEO的创业板上市公司相比,创始人担任CEO的创业板上市公司的股价崩盘风险更低;而考虑创始人CEO的调节效应后发现,国际化环境对创业板上市公司股价崩盘风险的负向影响更强,即创始人担任CEO且处于国际化环境的创业板上市公司,其股价崩盘风险更低。
This paper takes GEM listed companies as samples to empirically test the impact of international operation on the stock price crash risk and the moderating effect of founder CEO.The study finds that there is a significant negative correlation between international operation and the stock price crash risk of GEM listed companies,that is,the stock price crash risk of GEM listed companies in international operation is lower than that of GEM listed companies in non-international operation.There is also a significant negative correlation between the founder CEO and the stock price crash risk of GEM listed companies,that is,the stock price crash risk of GEM listed companies with the founder as CEO is lower than that of GEM listed companies with the non-founder as CEO.Considering the moderating effect of the founder CEO,we find that the internationalization environment has a stronger negative impact on the stock price crash risk of GEM listed companies,which is,GEM listed companies with the founder as CEO and in the internationalization environment have a lower risk of share price collapse.
作者
林川
张思璨
LIN Chuan;ZHANG Si-can(Research Center for International Business and Economy,Sichuan International Studies University, Chongqing 400031, China)
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2019年第5期46-55,共10页
Journal of Harbin University of Commerce:Social Science Edition
基金
重庆市教委科学技术研究项目(KJQN201800906)
四川外国语大学科研项目(sisu201732)
四川外国语大学国别经济与国际商务研究中心创新团队项目(GBTY2019002)
