高管变更、会计稳健性与股价崩盘风险

Executive Change,Accounting Conservatism and the Risk of Stock Price Collapse

文章根据2010-2019年A股上市公司数据,论证了高管变更与公司股价崩盘风险之间的关系。研究结果表明,高管变更能够抑制股价崩盘风险,中介检验发现会计稳健性在高管变更与股价风险之间发挥部分中介作用。进一步分组回归检验显示,高管持股过多会削弱高管变更对股价崩盘风险的治理效应。

According to the 2010-2019 A-share listed company data,the article demonstrates the relationship between executive change and the risk of the company's stock price collapse.The results show that executive changes can suppress the risk of stock prices by increasing accounting robustness.Further grouping regression inspection shows that the execution of the executive shares will weaken the management effect of executive change on the risk of stock prices.