股票流动性与股价崩盘风险:公司治理和短期行为视角

流动性究竟能够稳定市场还是给市场带来危机？文章从股价崩盘风险的视角,探讨了股票流动性与股价崩盘风险的关系,研究发现:股票流动性促进了股价崩盘风险,因而并没有起到稳定市场的作用.随后,从“治理理论”和“短期行为理论”两个角度对影响机制进行探讨,研究发现:在二职合一、独立董事比例较低、短期机构投资者持股比例较高时,股票流动性对股价崩盘风险的正向影响更加显著.研究结论既丰富了股票流动性及股价崩盘风险的相关文献,也给管理层及上市公司从微观视角认识股价崩盘风险提供新思路及借鉴.

Stock liquidity and stock price crash risk: Corporate governance and short-term behavior perspective

Whether liquidity is able to stabilize the market or to bring the crisis to the market? The paper discusses,from the perspective of stock price crash risk,the relationship between stock liquidity and stock price crash risk. We conclude that:the stock liquidity may promote the stock price crash risk,and thus does not play a role in stabilizing the market. Subsequently,the paper discusses the influence mechanism from the "governance theory" and "short-termism theory". We conclude that:when the duality exists,the proportion of independent directors is low,the proportion of short-term institutional investors is higher,the positive relationship between stock liquidity and the stock crash risk is more significant. The conclusions enrich the literatures of stock liquidity and stock price crash risk,and discuss the influence factors of stock price crash risk from the micro perspective.