多元化经营与企业股价崩盘风险

被引：36

作者：

徐业坤

陈十硕

马光源

机构：

[1] 辽宁大学商学院

来源：

管理学报 | 2020年 / 17卷 / 03期

关键词：

多元化战略; 股价崩盘风险; 信息不对称; 经营风险;

D O I：

暂无

中图分类号：

F832.51 []; F272.3 [经营决策];

学科分类号：

摘要：

以2007～2017年上市公司为样本,实证考察了多元化与企业股价崩盘风险之间的关系。研究发现:多元化尽管有助于分散经营风险,但却会加剧股价崩盘风险,对于实施非相关多元化战略的企业尤其如此;作用机制的检验结果表明,信息不透明度和税收规避在多元化推高股价崩盘风险方面起到了部分中介作用。进一步地,国有企业两者正向关系更为显著;审计质量低、机构投资者持股比例较高时,企业多元化经营与股价崩盘风险之间的正向关系更显著;市场化程度较低、处于产业政策支持行业或者经济政策不确定性较低时,企业多元化经营更容易加剧股价崩盘风险。

引用

页码：439 / 446

页数：8

共 23 条

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