解难纾困还是温水煮蛙:控股股东对上市公司提供财务资助为哪般?

Helper or Shelter:Why Do the Controlling Shareholders Provide Financial Support to Listed Companies?

【目的/意义】企业内部资本市场可以通过“支撑行为”缓解危机对集团局部的冲击和对集团整体的潜在负面影响。【设计/方法】从窖藏负面信息能力的视角出发,对18303个公司–年样本数据的实证分析,聚焦财务资助对公司股价崩盘风险的影响。【结论/发现】控股股东提供的财务资助本质上发挥着“温水煮蛙”的作用,在帮助上市公司缓解困境的同时,可能让其面临更大的风险。并且,当上市公司外部竞争激烈和内部治理较差时,财务资助对股价崩盘风险的正向影响更强。最后,控股股东为股价崩盘风险较高的上市公司提供财务资助会提高其退市风险。

[Purpose/Significance]The internal capital market tends to alleviate the local and global impact of financial crisis to a group through so-called“support behavior”.However,this paper finds that such“support behavior”could also bring negative effects.[Design/Methodology]Specifically,this paper focus on the influence of financial assistance to the stock price crash risk from the aspect of a company’s capability of storing negative information,based on analysis on a dataset with 18,303 company-year samples.[Conclusions/Findings]The financial assistance provided by the controlling shareholders essentially plays role of“shelter”,which may make listed companies face greater risks while helping them alleviate their difficulties temporarily.Furthermore,when listed companies are facing fiercer external competition and poorer internal governance,their financial assistance brings an even stronger positive impact on stock price crash risk.Finally,such financial assistance to a listed company with a higher stock price crash risk might also increase its delisting risk.