股价崩盘风险研究述评与未来展望

Review on Stock Price Crash Risk and Future Prospects

资本市场是现代经济的资源配置中心,但股价崩盘严重损害了投资者利益,降低了其应发挥的资源配置功能。在对国内、外文献梳理基础上,文章总结了股价崩盘风险的形成机理与度量方法、系统回顾了股价崩盘风险的影响因素与经济后果,并在此基础上分析了现有研究不足与未来研究方向。研究表明对公司股价崩盘风险影响因素的研究仍需更为系统和全面化,要进一步加强对管理层“隐性”动机和非正式制度视角的关注。目前,对股价崩盘风险经济后果的研究还尚未引起足够重视,应进一步从微观层面进行深入探索。

Capital market is the resource allocation center of the modern economy,but stock price crash risk seriously damages the interests of investors and reduces the resource allocation efficiency of the capital market.By combing the existing literature,this paper summarizes the formation mechanism and the measurement method of stock price crash risk,systematically reviews the factors affecting stock price crash risk and its economic consequences.Then it analyzes the shortcomings of current researches and points out the directions in future researches.The research shows that the study on the factors affecting stock price crash risk needs to be more systematic and comprehensive,and should further pay attention to the hidden motivation and informal institutional.The research on the economic consequences of stock price crash risk has not yet attracted enough attention,and it should be further explored from the micro level.