盈余管理与股价崩盘风险——基于中国股票市场的证据

Earnings management and risk of stock price crash:evidence based on stock market in China

自2008年全球性金融危机爆发以来,股价暴跌现象在我国金融市场频频出现,股价暴跌尤其是股价崩盘越来越受到人们的关注。以中国A股上市公司2013—2017年数据为样本,研究盈余管理是否影响股价崩盘风险。研究结果表明:盈余管理显著影响股价崩盘风险;在其他条件不变的情况下,盈余管理与股价崩盘风险呈显著的正U型关系。这对全面认识盈余管理、降低我国上市公司股价崩盘风险、促进证券市场健康平稳发展具有重要意义。

Since the outbreak of the global financial crisis in 2008,the phenomenon of stock price collapse frequently appeared in the financial markets in China,and the collapse of share prices,especially the stock price crash has attracted more and more attention.Taking the data of the A-share listed companies from 2013 to 2017 in China as a sample,whether earnings management affects the risk of stock price crash is studied.The results show that earnings management has significant impact on risk of stock price crash;and there is a positive U-shape relationship between earnings management and risk of stock price crash when other conditions remain unchanged.It has important significance for the comprehensively understanding of earnings management,the reduction of risk of stock price collapse of listed companies in China,and the promotion of healthy and steady development of securities market.