管理层异常语调对股价崩盘风险的影响研究
Research on the Impact of Abnormal Tone of Management on the Risk of Stock Price Collapse
摘要: 本文选取了2007~2023年中国沪深A股上市公司为研究对象，探究管理层异常语调对股价崩盘风险的影响。研究发现，管理层异常语调会显著增加未来股价崩盘风险，这一结论在通过稳健性检验后仍然显著。通过异质性分析发现，管理层异常语调对股价崩盘风险的正向影响作用在高机构持股比例的企业、股权制衡度低的企业以及审计来自非四大的企业中更为显著。本文的研究丰富了管理层异常语调经济后果的相关研究，并为监管部门建设信息披露制度和企业实现可持续发展提供了一定启示。
Abstract: This article selects Chinese A-share listed companies from 2007 to 2023 as the research object to explore the impact of abnormal tone of management on the risk of stock price collapse. Research has found that abnormal tone of management significantly increases the risk of future stock price crashes, and this conclusion remains significant even after robustness testing. Through heterogeneity analysis, it was found that the positive impact of abnormal tone of management on the risk of stock price collapse is more significant in companies with high institutional shareholding ratios, low equity balance, and non Big Four audit firms. This study enriches the relevant research on the economic consequences of abnormal tone of management, and provides some inspiration for regulatory authorities to establish information disclosure systems and enterprises to achieve sustainable development.
文章引用：曾声旺, 王美娇. 管理层异常语调对股价崩盘风险的影响研究[J]. 运筹与模糊学, 2024, 14(6): 217-226. https://doi.org/10.12677/orf.2024.146524

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