公司地理分散度与股价崩盘风险

Geographic Dispersion and Stock Price Crash Risk

基于2009-2018年中国A股上市公司数据,本文实证检验了公司地理分散度对其未来股价崩盘风险的影响。研究发现,上市公司地理分散度与未来股价崩盘风险显著正相关。进一步分析发现,公司地理分散度越高,管理层持股比例与在职消费越高,审计质量越低,内外部治理水平的下降给管理层隐瞒坏消息提供了空间,加剧了股价崩盘风险的发生,说明公司内外部治理在地理分散度与股价崩盘风险之间起到了中介作用。本文的研究结论丰富了股价崩盘风险影响因素的研究,对完善投资者保护的治理机制具有一定的现实意义。

Using a sample of Chinese listed companies from 2009 to 2018,we empirically test the impact of corporate geographic dispersion on firms’future stock price crash risk.We find a positive correlation between corporate geographic dispersion and stock price crash risk.Further tests find that the higher the geographic dispersion,the higher managerial shareholding and on-the-job consumption,and the lower the audit quality,which indicates that the decreasing of internal and external governance level provides chances for managers to hide bad news and results in stock price crash,indicating that corporate internal and external governance play a mediating role in the relationship between geographic dispersion and stock price crash risk.Our findings enrich the research on the influencing factors of stock price crash risk,and have a certain practical significance to improve the governance mechanism of investor protection.