银行竞争降低了公司股价崩盘风险吗?——来自A股上市公司的数据检验

Has Bank Competition Reduced Firms’Stock Price Crash Risk?Evidence from China’s A-share Listed Firms

以2006—2019年中国A股上市公司为研究样本,利用中国银监会公布的金融许可证信息,构建中国地级市的银行竞争指标,检验银行竞争与公司股价崩盘风险之间的关系。研究发现:银行竞争显著降低了公司股价崩盘风险;公司股价崩盘风险的降低主要得益于银行信贷和债权监督,而银行竞争能够显著提升公司信息质量,减少管理层隐藏坏消息的行为,降低股价崩盘风险。进一步研究发现:银行竞争降低股价崩盘风险的作用在国有企业、公司治理水平较差和金融市场化程度较低地区的公司更为明显,而互联网的发展降低了传统物理网点下的银行竞争对股价崩盘风险的影响。

Taking China’s A-share listed companies from 2006 to 2019 as samples and using the financial license information published by China Banking Regulatory Commission,this paper constructs bank competition indicators of China’s prefecture-level cities to examine the relationship between bank competition and firms’stock pricecrash risk.The results show that bank competition reduces firms’crash risk significantly,and the reduction of crash risk mainly benefits from the bank lending and external monitoring role of banks.Bank competition can significantly improve the quality of information,reduce the management’s behavior of hiding bad news,then reduce firms’crash risk.Further analysis shows that the role of bank competition in reducing the crash risk is more significant in state-owned enterprises,firms with a worse corporate governance and in a less marketized region.In addition,the development of the internet weakens the impact of bank competition under traditional physical branches on the risk of stock price crash.