地区博彩文化会影响股价崩盘风险吗?——来自彩票销售的经验证据

Local Gambling Culture and Stock Price Crash Risk:Evidence from Lottery Sales

基于彩票销售视角研究地区博彩文化对上市公司股价崩盘风险的影响,发现博彩文化氛围浓厚程度会显著加剧公司未来股价崩盘风险,同时高质量审计能够有效降低博彩文化氛围浓厚程度与股价崩盘风险之间的正相关关系。在控制内生性等问题之后,上述结论依然成立。进一步分析发现,博彩文化氛围浓厚程度主要通过加剧信息不对称、增加税收规避、增加财务违规等途径影响公司股价崩盘风险。研究结论不仅有助于加深我们对博彩文化经济后果的认识,还拓展了股价崩盘风险决定因素的研究,为防范股价崩盘风险、促进资本市场健康有序发展提供了新的经验证据。

This paper investigates the influence of regional gambling culture on listed companies'stock price crash risk from the perspective of lottery sales and finds that gambling culture will significantly exacerbate the company's future stock price crash risk.Higher audit quality can effectively reduce the positive correlation between gambling culture and stock price crash risk relationship.These results are robust to controlling for endogeneity and alternative measure of gambling culture and stock price crash risk.Further analysis found that gambling culture mainly affects the company's stock price crash risk through information asymmetry,tax avoidance and financial irregularities.The results of this paper not only helps us to fully understand the impact of gambling culture,but also expands the research on the determinants of stock price crash risk,and provides new empirical evidence for preventing stock price crash risk and promoting the healthy and orderly development of the capital market.