上市公司董事会行权素养与股价崩盘风险关系研究——以我国沪深A股批发和零售业上市公司为例

Research on the Relationship between the Board of Directors’ Executive Literacy and the Risk of Stock Price Collapse in Listed Companies—A Case Study of Wholesale and Retail Listed Companies in China’s Shanghai and Shenzhen A-Share Markets

摘要: 该文章以2010年~2023年我国沪深A股批发和零售业上市公司的面板数据具体分析了董事会行权素养对股价崩盘风险的影响研究。研究发现：董事会成员行权素养提高，则股价崩盘风险降低，即二者存在负相关影响，这些影响在国企中更为显著。研究结论及启示对我国上市公司批发和零售业董事会的职能及提高董事会行权素养方面具有一定的积极作用和借鉴意义，并对我国批发和零售业的健康长久发展提出借鉴性参考和建议。

Abstract: This article specifically analyzes the impact of board members’ executive literacy on the risk of stock price collapse based on panel data of wholesale and retail listed companies in China’s Shanghai and Shenzhen A-share markets from 2010 to 2023. The study found that an increase in the executive literacy of board members leads to a decrease in the risk of stock price collapse, indicating a negative correlation between the two. These effects are more significant in state-owned enterprises. The conclusions and implications of the study have a positive impact and reference value for the functions of the boards of directors of listed companies in China and the improvement of their executive literacy.