机构投资者股权集中度影响股价崩盘风险的传导路径研究

The impact of institutional shareholding on corporate governance has been widely concerned by supervisors and researchers. However, there are few concerns in the importance of institutional ownership concentration. This project aims at investigating the influence of institutions on stock price crash risk from a unique perspective of institutional ownership concentration. We propose and test four impacting mechanisms of institutional ownership concentration for stock price crash risk, including executive perks, auditors selection, earnings management and social responsibility information disclosure. In theoretical contributions, therefore, this study not only extends the existing research framework of institutional ownership, but also enriches the related literatures on stock price crash risk, executive perks, auditor choice, earnings management and corporate social responsibility. In practical value, on the one hand, this study provides a new idea to improve the governance effect of institutional investors, which optimizes the equity structure, rather than just raising the number of shareholdings. On the other hand, it is an important reference for investors in optimizing their investment decisions and reducing their investment risks.

机构投资者持股比例对公司治理的影响得到了监管层和学术界的广泛关注，然而鲜有注意到机构投资者股权集中度的重要意义。本项目从“机构股权集中度”这一独特视角研究了机构对股价崩盘风险的影响，并进一步提出和检验了机构股权集中度影响股价崩盘风险的四大传导路径（高管在职消费、审计师选择、盈余管理和社会责任信息披露）。在理论上，既扩展了现有关于机构投资者持股的研究框架，又丰富了股价崩盘风险、高管在职消费、审计师选择、盈余管理、企业社会责任等领域的相关文献。在实践上，一方面，为监管层提供了一个从股权结构（而非持股数量）安排上提高机构投资者治理作用的新思路；另一方面，为投资者优化投资决策，规避投资风险提供了重要参考。

个股股价的暴涨暴跌，尤其是暴跌所引致的股价崩盘风险一直是监管层和学术界关注的重点。如何防范和化解股价崩盘风险也是当前公司财务研究的重点问题。本项目以股价崩盘风险为主线，以机构投资者为抓手，以会计信息质量为着力点，多角度、全方位的探讨了股价崩盘风险的影响因素及其作用机制。针对股价崩盘风险的研究表明，商业信用融资、机构投资者实地调研、管理层讨论与分析披露信息含量、海外背景的高管等因素对股价崩盘风险存在显著影响。针对机构投资者在股票市场中作用的研究发现，机构投资者异质性对高管薪酬、会计稳健性、债务资本成本以及IPO报价等具有显著影响。此外，拓展性的研究进一步表明，控股股东股权质押、多个大股东、强制CSR披露等因素显著影响了会计信息质量。本项目的研究不仅有助于进一步揭示股价崩盘风险的影响因素及其作用机理，对政策制定者、监管部门和投资者都具有参考价值，而且在一定程度上弥补了股价崩盘风险、机构投资者和会计信息质量等领域文献的不足。