摘要
利用2012年至2019年我国A股上市公司的数据,研究CEO财务背景与股价崩盘风险之间的关系,并进一步探讨公司内外部环境即CEO权力与市场行情对二者关系的影响。研究发现:当上市公司的CEO具备财务背景时,其所在公司的股价崩盘风险更低,说明CEO财务背景能有效抑制股价崩盘风险;考虑内部治理环境,CEO权力较大时更有助于发挥CEO财务背景对股价崩盘风险的抑制作用;考虑外部环境,当市场为“熊市”时,CEO财务背景与股价崩盘风险的负相关关系越显著,即“熊市”期间,CEO的财务背景对股价崩盘风险的抑制作用更显著。
Based on the data of China's A-share listed companies from 2012 to 2019,this paper studies the relationship between CEO's financial background and the risk of stock crashing and further discusses the company's internal and external environment,namely the impacts of CEO power and market conditions on the relationship between the two.The result shows that the risk of stock crashing is lower when the CEO of a listed company has a financial background,suggesting that the financial background of the CEO can effectively restrain the risk of stock price crashing.Considering the internal governance,when the CEO has more power,it is more helpful to exert the suppress effects of the CEO's financial background on the risk of stock price crashing.Considering the external environment,when the market is a"bear market",the negative correlation between the CEO's financial background and the risk of stock price collapse is more significant,namely in a"bear market",the CEO's financial background has a more significant restrain effects on the risk of stock price collapse.
作者
王迅
WANG Xun(School of Foreign Languages,University of Shanghai forScience and Technology,Shanghai 200093,China)
出处
《兰州财经大学学报》
2020年第5期63-73,共11页
Journal of Lanzhou University of Finance and Economics
基金
教育部人文社会科学研究青年基金项目“异质性人力资本与我国FDI吸引力研究”(15YJC790109)。
关键词
CEO财务背景
股价崩盘风险
市场环境
CEO financial background
risk of stock crash
market environment
