基于制度环境视角的非效率投资与股价崩盘风险研究

陈嘉琪; 冯丽君

基于制度环境视角的非效率投资与股价崩盘风险研究

引用本文：陈嘉琪，冯丽君.基于制度环境视角的非效率投资与股价崩盘风险研究[J].财经理论与实践,2020,(6):43-50

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作者	单位
陈嘉琪，冯丽君	（江南大学商学院，江苏无锡 214122）

中文摘要:研究宏观层面的治理因子对企业非效率投资的调节作用，进而研究价格崩盘的成因。发现：较高的市场化进程、较低的政府干预程度和完善的法治环境都有助于抑制由非效率投资行为引发的股价崩盘风险。进一步的研究表明，企业非效率投资主要由代理成本而非信息不对称问题产生，进而影响价格崩盘；国有企业非效率投资对股价崩盘风险的影响大于非国有企业，但是制度环境的抑制作用对国有企业样本不明显。本文的研究结果为从宏观层面降低股价崩盘风险提供了经验证据，为维护我国股市稳定发展，推进国家治理体系建设提供了政策启示。

中文关键词:非效率投资股价崩盘风险制度环境

Inefficient Investment, Institutional Environment and Stock Price Crash

Abstract:We incorporate macro governance measures to further study the impact of institutional environment on investment inefficiency and stock price crash. We find that the level of corporate investment inefficiency has significant positive impacts on stock price crash. This means that the higher the level of inefficiency, the more likely the firms are motivated to hide negative information which eventually leads to price crash. After incorporating governance factors from institutional environment, we find that the more advanced level of marketization, less government intervention and healthier legal environment have significant effects on reducing stock price crash. Our study has provided both micro and macro explanations and evidences to reduce stock price crash and has potential implications for policy makers to further stabilize the capital market.

keywords:inefficient investment stock price crash institutional environment

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