Raising short-term debt for long-term investment and stock price crash risk: Evidence from China

被引：86

作者：

Cheng, Feiyang ^{[1
]}

Chiao, Chaoshin ^{[2
]}

Fang, Zhenming ^{[1
]}

Wang, Chunfeng ^{[1
]}

Yao, Shouyu ^{[1
]}

机构：

[1] Tianjin Univ, Coll Management & Econ, 92 Weijin Rd Nankai Dist, Tianjin 300072, Peoples R China

[2] Natl Dong Hwa Univ, Dept Finance, Hualien 97401, Taiwan

来源：

FINANCE RESEARCH LETTERS | 2020年 / 33卷

基金：

中国国家自然科学基金;

关键词：

Short-term debt for long-term investment; Crash risk; China's stock market; MATURITY; LIQUIDITY; INCENTIVES; MANAGEMENT; OWNERSHIP;

D O I：

10.1016/j.frl.2019.05.018

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The purpose of this paper is to investigate the impact of raising short-term debt for long-term investment (SDFLI) on stock price crash risk. Using data from China's stock market, this paper provides insights not only on the consequences of SDFLI but also the underlying channels through which SDFLI affects crash risk. Evidence shows that SDFLI leads to less information disclosure, higher information risk, and lower information transparency, which eventually exacerbates future crash risk. Moreover, the effect of SDFLI on crash risk is affected by firm characteristics, monitoring mechanisms, and economic environment.

引用

页数：9

共 52 条

[1] Rollover Risk and Market Freezes [J].