“監(jiān)督”抑或“掩飾”：連鎖股東與公司股價(jià)崩盤風(fēng)險(xiǎn)

[摘 要：文章以2007—2019年A股上市公司為研究樣本，考察了連鎖股東對(duì)公司股價(jià)崩盤風(fēng)險(xiǎn)的影響。結(jié)果表明：連鎖股東的存在顯著降低了股價(jià)崩盤風(fēng)險(xiǎn)，支持“監(jiān)督效應(yīng)”假說；影響機(jī)制分析發(fā)現(xiàn)，連鎖股東能夠降低管理層隱藏負(fù)面消息的動(dòng)機(jī)和機(jī)會(huì)，進(jìn)而降低公司股價(jià)崩盤風(fēng)險(xiǎn)；進(jìn)一步分析發(fā)現(xiàn)，產(chǎn)品市場競爭程度和行業(yè)地位能夠影響連鎖股東與股價(jià)崩盤風(fēng)險(xiǎn)間的關(guān)系，并且連鎖股東有助于提升公司的信息披露質(zhì)量。研究結(jié)論為理解連鎖股東這一角色提供了新的證據(jù)，同時(shí)對(duì)防范金融風(fēng)險(xiǎn)提供了有益啟示。

關(guān)鍵詞：連鎖股東；監(jiān)督效應(yīng)；掩飾效應(yīng)；股價(jià)崩盤風(fēng)險(xiǎn)

中圖分類號(hào)：F832.51；F272.91" " " "文獻(xiàn)標(biāo)識(shí)碼：A " " 文章編號(hào)：1007-5097（2023）05-0096-11 ]

Abstract：Taking A-share listed companies from 2007 to 2019 as research samples，this paper investigates the impact of cross-ownership on the stock price crash risk. The empirical results show that cross-ownership significantly reduce the risk of stock price crash，which supports the hypothesis of “supervision effect”；the analysis of influence mechanism shows that cross-ownership can reduce the motivation and opportunity of management to hide negative news，and then reduce the risk of stock price crash；further analysis shows that product market competition and industry position can affect the relationship between cross-ownership and stock price crash risk，and cross-ownership can also improve the quality of information disclosure of a company. The research conclusion provides new evidence for understanding the role of cross-ownership and provides useful enlightenment for preventing financial risks.

Key words：cross-ownership；supervision effect；masking effect；stock price crash risk

一、引 言

黨的十九大報(bào)告提出，要深化金融體制改革，增強(qiáng)金融服務(wù)實(shí)體經(jīng)濟(jì)的能力，健全金融監(jiān)管體系，守住不發(fā)生系統(tǒng)性風(fēng)險(xiǎn)的底線。近年來，我國股票市場的走勢跌宕起伏，極大地影響了投資者信心，也引起了監(jiān)管部門的密切關(guān)注。股價(jià)崩盤風(fēng)險(xiǎn)主要源自上市公司與投資者信息不對(duì)稱以及由此引發(fā)的管理層操縱信息披露行為。管理層出于獲取私利的動(dòng)機(jī)，隱藏不利于自身利益和企業(yè)發(fā)展的消息，當(dāng)這些負(fù)面消息爆出時(shí)便會(huì)對(duì)股價(jià)造成極大的負(fù)面影響，甚至導(dǎo)致股價(jià)崩盤［1-2］，從而進(jìn)一步弱化了資本市場的信息反饋機(jī)制，不利于資本市場穩(wěn)定發(fā)展。

連鎖股東即為同時(shí)持有同行業(yè)多家公司股權(quán)的股東［3］。有關(guān)連鎖股東的經(jīng)濟(jì)后果……