| 163 | 1 | 94 |
| 下载次数 | 被引频次 | 阅读次数 |
本文以2004—2013年所有A股上市公司为研究对象，分析独立董事在年报中的排序方式度量公司中是否存在论资排辈的现象，并考察论资排辈对股价崩盘风险的影响。研究发现：论资排辈和个股收益的负偏态系数显著正相关，说明论资排辈的传统文化增加了股价崩盘风险；论资排辈对股价崩盘风险的影响在第一大股东持股比例较低的情况下更加突出，揭示了大股东对管理当局的监督程度负向调节了论资排辈对股价崩盘风险的影响；利用配对样本和公司层面的固定效应模型对内生性问题进行控制后，结论依然成立。研究结论对全面认识论资排辈这一儒家文化具体维度的经济后果以及如何降低中国的股价崩盘风险具有重要的理论意义和现实意义。
Abstract：Using a sample of A-share listed firms over 2004-2013, this paper analyze independent directors in the annual report to measure whether there is a phenomenon of seniority ranking in the company, and then examines the impact of seniority ranking on stock price crash risk. The findings show that:(1) Seniority ranking is significantly positively associated with the negative coefficient of skewness, suggesting that the traditional culture of seniority ranking increases stock price crash risk.(2) The positive effect of seniority ranking on stock price crash risk is more pronounced when the largest shareholder has a lower ratio of shareholding, meaning that the large shareholder can monitor management effectively and thus reduce stock price crash risk.(3) The findings are still valid after using the matched sample and the firm-level fixed effect model to cmtrol the potential endogeneity issue. The findings contribute to the literature on the economic consequences of seniority ranking as a specific confucian culture dimension, which may have important theoretical and practical implications for reducing stock price crash risk in China.
[1] 曹丰，鲁冰，李争光，徐凯.机构投资者降低了股价崩盘风险吗?[J].会计研究，2015(11):55-61;97.
[2] 陈文平，段锦云，田晓明.员工为什么不建言：基于中国文化视角的解析[J].心理科学进展，2013(5):905-913.
[3] 杜兴强，殷敬伟，赖少娟.论资排辈、CEO任期与独立董事的异议行为[J].中国工业经济，2017(12):151-169.
[4] 樊纲，王小鲁，朱恒鹏.中国市场化指数——各地区市场化相对进程报告2011年报告[M].北京：经济科学出版社，2011.
[5] 古志辉.全球化情境中的儒家伦理与代理成本[J].管理世界，2015(3):113-123.
[6] 蒋德权，姚振晔，陈冬华.财务总监地位与企业股价崩盘风险[J].管理世界，2018(3):153-166.
[7] 江轩宇，许年行.企业过度投资与股价崩盘风险[J].金融研究，2015(8):141-158.
[8] 金智，徐慧，马永强.儒家文化与公司风险承担[J].世界经济，2017(11):170-192.
[9] 李小荣，刘行.CEO vs CFO:性别与股价崩盘风险[J].世界经济，2012(12):102-129.
[10] 罗进辉，杜兴强.媒体报道、制度环境与股价崩盘风险[J].会计研究，2014(9):53-59;97.
[11] 宋献中，胡珺，李四海.社会责任信息披露与股价崩盘风险——基于信息效应与声誉保险效应的路径分析[J].金融研究，2017(4):161-175.
[12] 王化成，曹丰，叶康涛.监督还是掏空：大股东持股比例与股价崩盘风险[J].管理世界，2015(2):45-57;187.
[13] 魏昕，张志学.组织中为什么缺乏抑制性进言?[J].管理世界，2010(10):99-109;121.
[14] 叶康涛，曹丰，王化成.内部控制信息披露能够降低估计崩盘风险吗?[J].金融研究，2015(2):192-206.
[15] BALL R,SHIVAKUMAR L.The role of accruals in asymmetrically timely gain and loss recognition[J].Journal of Accounting Research,2006,44(2):207-242.
[16] BLECK A,LIU X.Market transparency and the accounting regime[J].Journal of Accounting Research,2007,45(2):229-256.
[17] BROCKNER J,ACKERMAN G,GREENBERG J,et al.Culture and procedural justice:the influence of power distance on reactions to voice[J].Journal of Experimental Social Psychology,2001,37(4):300-315.
[18] CALLEN J L,FANG X.Institutional investor stability and crash risk:monitoring versus short-termism?[J].Journal of Banking and Finance,2013,37(8):3047-3063.
[19] CAO C,XIA C,CHAN K C.Social trust and stock price crash risk:evidence from China[J].International Review of Economics and Finance,2016(46):148-165.
[20] CHEN M K.The effect of language on economic behavior:evidence from saving rates,health behaviors,and retirement assets[J].American Economic Review,2013,103(2):690-731.
[21] CHOW C W,HARRISON G L,MCKINNON J L,et al.Cultural influences on informal information sharing in Chinese and Anglo-American organizations:an exploratory study[J].Accounting,Organizations and Society,1999,24(7):561-582.
[22] DU X.Does Confucianism reduce minority shareholder expropriation?evidence from China[J].Journal of Business Ethics,2015,132(4):661-716.
[23] DU X.Does confucianism reduce board gender diversity?firm-level evidence from China[J].Journal of Business Ethics,2016,136(2):399-436.
[24] GRAYS J.Towards a theory of cultural influence on the development of accounting systems internationally[J].Abacus,1988,24(1):1-15.
[25] HOFSTEDE G H.Culture's consequences:international differences in work-related values[M].Thousand Oaks:Sage,1984.
[26] HUTTON A P,MARCUS A J,TEHRANIAN H.Opaque financial reports,R2,and crash risk[J].Journal of Financial Economics,2009,94(1):67-86.
[27] JAGGIB L.The impact of the cultural environment on financial disclosures[J].International Journal of Accounting,1975,10(2):75-84.
[28] JIN L,MYERS S C.R2 around the world:new theory and new tests[J].Journal of Financial Economics,2006,79(2):257-292.
[29] KIM J B,LI Y,ZHANG L.CFOs versus CEOs:equity incentives and crashes[J].Journal of Financial Economics,2011,101(3):713-730.
[30] KIM J B,ZHANG L.Financial reporting opacity and expected crash risk:evidence from implied volatility smirks[J].Contemporary Accounting Research,2014,31(3):851-875.
[31] KIM J B,ZHANG L.Accounting conservatism and stock price crash risk:firm-level evidence[J].Contemporary Accounting Research,2016,33(1):412-441.
[32] KIRKBRIDE P S,TANG S F Y,WESTWOOD R I.Chinese conflict preferences and negotiating behavior:cultural and psychological influences[J].Organization Studies,1991,12(3):365-386.
[33] LI X,WANG S S,WANG X.Trust and stock price crash risk:evidence from China[J].Journal of Banking and Finance,2017(76):74-91.
[34] LIND E A,TYLER T R.The social psychology of procedural justice[M].New York:Plenum,1988.
[35] MESMER-MAGNUS J R,DECHURCH L A.Information sharing and team performance:a meta-analysis[J].Journal of Applied Psychology,2009,94(2):535-546.
[36] PETERSEN M A.Estimating standard errors in finance panel data sets:comparing approaches[J].The Review of Financial Studies,2009,22(1):435-480.
[37] PIOTROSKI J D,WONG T J,ZHANG T.Political incentives to suppress negative information:evidence from Chinese listed firms[J].Journal of Accounting Research,2015,53(2):405-459.
[38] SHLEIFER A,VISHNY R W.Large shareholders and corporate control[J].Journal of Political Economy,1986,94(3):461-488.
[39] WHITEH.A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity[J].Econometrica,1980,48(4):817-838.
[40] WILLIAMSS M.An international investigation of associations between societal variables and the amount of disclosure on information technology and communication problems:the case of Y2K[J].International Journal of Accounting,2004,39(1):71-92.
[41] XU N,LI X,YUAN Q,et al.Excess perks and stock price crash risk:evidence from China[J].Journal of Corporate Finance,2014(25):419-434.
[42]ZHU J,YE K,TUCKER J W,et al.Board hierarchy,independent directors,and firm value:evidence from China[J].Journal of Corporate Finance,2016(41):262-279.
基本信息:
中图分类号:G05;F832.51
引用信息:
[1]杜兴强,蔚锐,殷敬伟.论资排辈是股价崩盘的文化诱因吗？[J].金融学季刊,2022,16(03):24-45.
基金信息:
国家自然科学基金重大项目课题“制度变革、非正式制度因素与会计审计行为研究”(批准号71790602)的资助
2022-09-30
2022-09-30