企业海外扩张与股票崩盘风险——基于审计质量和企业创新渠道的实证分析

Overseas Expansion and Stock Crash Risks--An Empirical Analysis Based on Audit Quality and Enterprise Innovation Channels

以股票崩盘风险作为衡量中国资本市场稳定性的关键指标,选取2000-2022年沪深A股上市公司为研究样本,探究企业海外扩张与股票崩盘风险之间的作用机理。研究结果表明:海外扩张能够显著降低企业的股票崩盘风险;企业海外扩张能够通过有效提高审计质量的外部渠道和提高企业创新绩效的内部渠道降低股价崩盘风险;海外扩张对股票崩盘风险的抑制作用在制造业、房地产业和科学研究与技术服务业等行业以及大市值、信息不对称程度低和外部关注度低的企业中更为显著。

Abroad expansion of corporation is a significant tactical decision for the development of corporation.We selected the A-share listed companies in Shanghai and Shenzhen from 2000 to 2022 as research samples to deeply probe the mechanism of the relationship between overseas expansion and stock crash risks.The results show that:Overseas expansion can prominently choke the stock crash risk of enterprises.Corporations overseas expansion can restrain the probability of stock crash by external channels’improvement of audit quality and the internal channels’improvement of corporations innovation performance.The inhibiting effect of overseas expansion on the threat of stock crash is more crucial in manufacturing industry,civil engineering industry,scientific study and technology service industry,large market value corporations,corporations with low degree of information asymmetry and low external attention.