外资股东退出威胁与股价崩盘风险

当代财经 ›› 2020, Vol. 0 ›› Issue (9): 127-137.

外资股东退出威胁与股价崩盘风险

林川

四川外国语大学国别经济与国际商务研究中心,重庆 400044

收稿日期:2020-03-22 修回日期:2020-06-15 出版日期:2020-09-15 发布日期:2020-12-10
作者简介:林川,四川外国语大学副教授,博士,主要从事公司治理研究,联系方式sisulc@sisu.edu.cn。
基金资助:
教育部人文社会科学青年项目“混合所有制改革动因下地方国企提升国际竞争力的机理与路径研究”(18YJC630087);重庆市自然科学基金面上项目“监管约束调节下大股东减持对股价未来崩盘风险的影响机理研究”(cstc2019jcyj-msxmX0731)

Foreign Shareholders' Exit Threats and Stock Price Crash Risks

LIN Chuan

Sichuan International Studies University, Chongqing 400044, China

Received:2020-03-22 Revised:2020-06-15 Online:2020-09-15 Published:2020-12-10

摘要/Abstract

摘要： 外资股东具有积极的监督动力,能够对上市公司产生良好的治理效应。以2007—2018年中国沪深A股主板前十大股东中有外资股东的上市公司为样本,实证检验了外资股东退出威胁对股价崩盘风险的影响,并考虑了制度环境、高铁开通的调节效应。研究发现:外资股东退出威胁对股价崩盘风险有抑制作用。进一步研究表明:在制度环境更好的地区,外资股东退出威胁对股价崩盘风险的抑制作用更强;上市公司所在地开通了高铁,外资股东退出威胁的抑制作用也更强。

关键词: 退出威胁, 股价崩盘风险, 外资股东, 制度环境, 高铁开通

Abstract: Foreign shareholders have positive supervision impetus, which can produce good governance effect on listed companies. Taking the top 10 listed companies with foreign shareholders from the A-share main boards of China's Shanghai and Shenzhen stock exchanges from 2007 to 2018 as the samples, this paper empirically tests the impact of the exit threat of foreign shareholders on the stock price crash risks, and at the same time, it considers the regulatory effects of the institutional environment and the opening of high-speed rail. The findings show that the exit threat of foreign shareholders has a restraining effect on the stock price crash risk. The results of further study show that in the regions with better institutional environment, the exit threats of foreign shareholders have a stronger inhibiting effect on stock price crash risks. If the high-speed rail service is opened in the place where the listed company is located, the inhibiting effect of the exit threat of foreign shareholders is also stronger.

Key words: exit threat, stock price crash risk, foreign shareholders, institutional environment, high-speed rail opening to traffic

中图分类号:

F275.5

林川. 外资股东退出威胁与股价崩盘风险[J]. 当代财经, 2020, 0(9): 127-137.

LIN Chuan. Foreign Shareholders' Exit Threats and Stock Price Crash Risks[J]. Contemporary Finance & Economics, 2020, 0(9): 127-137.

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