我国高新技术企业高股价崩盘风险的前因模式及启示

Antecedent Mode and Enlightenment of High Stock Price Crash Risk of Chinese High-tech Enterprises

近年来,股票市场正逐渐成为高新技术企业融资的关键渠道,然而高新技术企业因遭遇股价崩盘事件而发展受阻的现象层出不穷,因此探究高股价崩盘风险的复杂前因刻不容缓。文章采用组态视角和模糊集定性比较分析(fsQCA),基于信息不对称理论和委托代理理论构建股价崩盘风险前因的组态理论模型,以2017—2019年我国高新技术企业为研究样本,归纳引发高股价崩盘风险的六类前因模式。结合案例发现,高成长企业的高股价崩盘风险主要源于内部治理缺失或激进高管所引发的委托代理问题,而低成长企业的高股价崩盘风险则源于内部治理问题、高管特质问题和市场压力问题共同形成的“联合效应”。对此,文章提出加强对企业高管的监督力度、提高投资者的警觉性、健全不实研报的惩罚机制三个建议。

In recent years, the stock market is gradually becoming the key channel of financing for high-tech enterprises. However, the phenomena of high-tech enterprises being hindered by stock price crash events regularly emerge. Thus, it is urgent to explore the complex antecedents of the high stock price risk. Using the configuration perspective and fuzzy set qualitative comparative analysis(fsQCA), this paper constructs a configuration theory model of the antecedents of stock price crash risk based on information asymmetry theory and principal-agent theory. Taking Chinese high-tech enterprises from 2017 to 2019 as the research sample, six types of antecedent modes that lead to the high stock price crash risk are summarized. Through case analysis, it is found that the risk of high growth enterprises mainly come from the principal-agent problem caused by the lack of internal governance or radical executives, while the risk of low growth enterprises is trapped in the “joint effect” formed by internal governance problems, executive characteristics and market pressure. On this basis, the following policy suggestions are proposed: strengthening the supervision of enterprise executives, improving the vigilance of investors, and improving the punishment mechanism for false research reports.