摘要
实证检验企业战略差异度对股价崩盘风险的影响,研究发现,企业战略差异度越大,其股价崩盘风险越高。对战略差异度影响股价崩盘风险的作用机制和治理机制进一步研究发现,战略差异度可以通过信息路径(信息不透明度)和会计路径(盈余管理)对股价崩盘风险产生影响,较高的审计质量及信息披露评级可以有效缓解战略差异度导致的股价崩盘风险。
This paper empirically tested the impact of the strategic differences of corporations on the crashing risk of stock price,and found that the greater the strategic differences of corporations were,the higher the crashing risk of stock price was.This paper also further studied the mechanism of action and the governance mechanisms about the strategic differences affecting the crashing risk of stock price,and found that the strategic differences can have an impact on the crashing risk of stock price via information(information opacity)and accounting(surplus management);the higher audit quality and information disclosure rating can effectively relieve the crashing risk of stock price caused by the strategic differences.
作者
张兴福
ZHANG Xingfu(Anhui Technical College of Industry and Economy, Hefei 230051, China)
出处
《河南工程学院学报（社会科学版）》
2021年第1期20-24,共5页
Journal of Henan University of Engineering(Social Science Edition)
关键词
战略差异度
股价崩盘风险
盈余管理
审计质量
信息披露评级
strategic difference
the crashing risk of stock price
earnings management
audit quality
information disclosure rating
