多元化经营复杂度对股价崩盘风险的影响——基于信息不透明度和盈余管理的路径研究

Complexity of Diversification,Ownership and Risk of Stock Price Crash:Path Research Based on Information Opacity and Earnings Management

以2010—2020年沪深A股非金融公司为样本实证研究了多元化经营复杂度对股价崩盘的影响。研究结果表明:多元化经营复杂度和企业股价崩盘风险正向相关。相较于非国有企业,多元化经营复杂度对股价崩盘的促进作用在国有企业中更加显著。传导路径结果表明,信息不透明度和盈余管理在多元化经营对股价崩盘的影响中起到了部分中介的作用。研究结论揭示了多元化经营对股价崩盘的影响以及这种关系在不同产权性质中的异质性,丰富了多元化经营和股价崩盘的经济后果研究,为企业和监管机构提供了一定的经验证据。

This paper empirically studies the impact of diversification complexity on stock price collapse by taking A-share non-financial companies in Shanghai and Shenzhen from 2010 to 2020 as samples.The results show that the complexity of diversification is positively correlated with the risk of stock price crash.Compared with non-state-owned enterprises,the effect of diversification complexity on the stock price crash is more significant in state-owned enterprises.The results of transmission path show that information opacity and earnings management play a part of mediating role in the impact of diversification on the stock price crash.The research conclusion reveals the impact of diversification on the stock price crash and the heterogeneity of this relationship in different property rights,enriches the research on the economic consequences of diversification and stock price crash,and provides certain empirical evidence for enterprises and regulators.